Tracking Accounts Payable Metrics That Matter

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Many AP Departments still struggle with manual invoice processing and feel the impact of inefficient paper-based processes. Specifically, they lack visibility to track metrics and determine how to benchmark themselves relative to higher performers in their industry.

As written in metric of the month at CFO.com, the importance of accounts payable process costs becomes clear:

There’s a large gap between top performers and those companies that are spending the most to process accounts payable. Benchmarking surveys help CFOs to understand how their various finance processes compare to other organizations in terms of cost-efficiency, labor productivity, activity speed, and error rates. 

Understanding metrics that matter is the difference between what CFO.com refers to as Top Performers and Bottom Performers or Laggards. Overall, the Top Performers, or what we at DocStar call Best-in-Class, have differentiated themselves from all others with superior performance across all key invoicing benchmarks:

  • Best-in-Class have a cost per invoice that is 86% less than all other organizations.
  • AP staffers on Best-in-Class teams process three times more invoices per month while also processing those invoices in a 78% shorter time frame.
  • The Best-in-Class exception rate is less than half that of all other AP teams.

In our executive brief, How CFOs Build World Class AP Departments with AP Automation, we identifyCFO-ExecBrief-form the top challenges CFOs face, and how AP automation allows AP departments to work more efficiently, provide better cash flow visibility and cut costs – positively affecting the bottom line.

Download the brief and learn how to work smarter!