AP Department Benchmarks & Analysis 2011: Including Special P-Cards Benchmarks & Analysis Survey

icon Research Report on Department Management, Benchmarks, Best Practices, Case Studies, Charts and Graphs, Policies and Procedures  •  posted 05/30/11

This guide gives you clearly-defined benchmarks to set best practice goals for your Accounts Payable department and productivity statistics to gauge your staff’s proficiency,

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The #1 source of AP Department & Process Benchmarks and Research!  4^th edition.  Over the last 10-years, this report has enabled over 1,000 AP departments to benchmark their operations.

Whether you need clearly-defined benchmarks to set best practice goals for your Accounts Payable department or productivity statistics to gauge your staff’s proficiency, this is the guide for YOU!

This exclusive IOFM study, conducted bi-annually by Managing Accounts Payable newsletter’s research and editorial staff, reveals clear, concise benchmark data to help you set productivity goals and control AP costs.

This report also includes results from a separate study that focuses exclusively on the use of corporate procurement cards (p-cards).

In this newly updated, one-of-a-kind Report, you’ll learn:

• Benchmarks to use when setting best practice goals
• The right AP staff size for your size company
• The average median and best practice cost of processing an invoice – by size of company and level of automation
• What you should expect in terms of AP staff productivity and error rates
• The incidence of check fraud by industry and size of company
• Cost to process a T&E payment
• Benchmarks for vendor discount policies and use of P-cards
• How automation affects AP costs, error rates and productivity
• Benchmarks for days to process an invoice and frequency of check runs

You’ll get the industry’s most exhaustive research on AP department staffing, error rates, costs and productivity to help you compare your performance and costs and set goals for a more effective year.

The AP Department Benchmarks & Analysis Report 2011 breaks the benchmarks down by size of company and industry and how automation effects the key benchmarks.  It’s based on over 450 AP departments – 38% with 100-999 employees, 30% with 1,000-4,999 employees and 23% 5,000 and up.  In addition to the data, the report also provides case studies, and a list of over 250 charts & figures, for example:

Here’s a list of the many key AP performance metrics covered in this survey report:

• Number of Non-PO Invoice Payments Made per Month per AP Staffer
• Number of PO Invoice Payments Processed per Month per AP Staffer
• Number of T&E Report Payments Processed per Month per AP Staffer
• Days to Process a Vendor Payment
• Cost to Process a PO Invoice
• Cost to Process a T&E Expense Report
• Indication/Occurrence of Check Fraud
• Duplicate Payments—Percentage of Invoices Paid Twice
• Use of Positive Pay
• Use of AP Audit/Recovery Firms
• Number of Vendors in Master Vendor File
• Purging the Master Vendor File
• Immediate Error Detection
• Vendor Invoices with Errors
• T&E Expense Vouchers with Errors
• Vendor Checks Reissued
• Use of IRS TIN Matching Program
• Use of Evaluated Receipt Settlement
• Time Spent on Transactions Versus Analysis
• Forms of Payments
• Invoices Paid Within the Discount Period
• Preparation of Journal Entries
• Use of Electronic Invoicing
• Use of Invoice Scanning/Imaging
• Use of Electronic Payments
• Type of Card Issued
• Percentage of Employees with P-card
• Utilized Eligible P-card Spending
• Percentage of Active P-cards
• Types of Employees with P-cards
• Growth Factors for P-card Program

In addition, the AP Department Benchmarks & Analysis Report 2011 confirms that automation improves many of an AP department’s key performance metrics and provides you with metrics on:

• Average cost to process a PO invoice
• Average cost to process a non-PO invoice
• Average cost to process a T&E expense report
• Days to process a vendor payment
• Average number of PO invoice payments per month per AP staffer, by level of automation
• Average number of non-PO invoice payments per month per AP staffer, by level of automation
• Average number of vendor payments with errors
• Average number of T&E payments with errors
• Vendor invoices with errors
• T&E expense vouchers with errors
• Vendor checks reissued
• T&E checks reissued

This benchmark information will help you determine which applications to implement in your department now—and in the near future. These statistics on performance metric improvement will come in handy when you want to make a case to the “powers that be” for implementing new technology so your operation can reach the highest performance levels possible, and be considered a true best-practice AP department.

Click here to preview Table of Contents and a List of Figures.

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