IOFM's 2021 World Class AP Performance: Effectiveness Benchmarking Metrics Report
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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. Finding the right equilibrium is especially difficult when you add automation to the mix: It can supercharge your processes or, if you’re already error-prone, make bad worse faster.
In the last report, we focused on speed:
- How often invoices are paid on time;
- The costs of paying invoices;
- The staffing efficiency for paying invoices.
This report focuses on the other side of the equation, quality measures:
- PO first-pass match rates;
- Share of PO invoices with a mismatch;
- Share of AP transactions requiring a correction;
- Share of duplicate payments.
This report is the third in this year's series of Benchmarking Reports, which are an exclusive benefit of IOFM Membership. For a limited time only, we are offering this Members-only report for free at the conclusion of a 5-10 minute demo. Simply fill out the form on this page to get started — an IOFM Training Advisor will reach out to you.