Benchmarking - Measure your AP Performance

Before you make any changes to your processes, it’s crucial to know how your performance compares to your peers. The content in this section includes both measurement process and principles -- why measure, what to measure and how to measure – as well as our latest data. 

Female AP Professional processing an invoice on her computer working on a calculator

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IOFM's 2021 Maximizing Your Automation ROI Report

What separates world-class AP teams from everyone else is a simple concept: process consistency, enabled by automation. Yet the latest IOFM benchmarking data shows many AP departments have invested in automation without process standardization. This report focuses on fixing your processes first, enabling your IT department to make good processes even better.

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IOFM's 2021 World Class AP Performance: Efficiency Benchmarking Metrics Report 

The first step in making the business case for any improvement is measuring current performance and gauging how much of an improvement is realistic. IOFM's latest benchmarking data enables you to compare your department to others AP functions with similar levels of automation and organizational structures. And with the massive changes experienced in 2020, these new insights are more valuable than ever.

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IOFM's 2021 World Class AP Performance: Effectiveness Benchmarking Metrics Report

The goal of any top-performing AP team should be to strike a balance between efficiency and effectiveness measures. You don’t want to go so fast that you make lots of errors—duplicate payments are costly. On the flip side, you don’t want to be so preoccupied with avoiding mistakes that you process so slowly it raises your costs. This report highlights IOFM’s latest data related to accuracy, rather than speed.

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Most AP staff are working longer hours because invoice volume continues to climb – leading to burnout and a potential rise in resignations.… Read More

Most AP staff are working longer hours because invoice volume continues to climb – leading to burnout and a potential rise in resignations.

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by Royce G. Morse, IOFM Managing Editor - Often, the terms efficiency and effectiveness are used interchangeably, but they aren’t the same.… Read More
Q. Our accounts payable team is currently looking for ways to track the real-time, daily entry of invoices. How do you benchmark your performance at… Read More

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