IOFM's 2021 World Class AP Performance: Efficiency Benchmarking Metrics Report
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Managing an AP team is challenging under normal circumstances. But with the massive changes brought on by the COVID-19 pandemic, knowing whether you’re driving “good” performance from your team is nearly impossible. Relying on prior-year benchmarks of common measures such as “Cost per Invoice” or “Number of Invoices per FTE” are misleading when all the variables that go into those measures (salary costs, number of invoices, number of team members) have all changed considerably since 2019.
And because you can’t manage what you can’t measure, AP leaders have had to navigate 2020 blindly. That is, until now. This report is designed to help AP managers identify whether your performance today is closer to your top- or bottom-performing peers. More specifically, the data on the following pages is designed to help determine where there’s room for improvement and how much improvement is realistic.
This report is the second in this year's series of Benchmarking Reports, which are an exclusive benefit of IOFM Membership. For a limited time only, we are offering only the first report in this year's series, IOFM's 2021 Maximizing Your Automation ROI Report, for free at the conclusion of a 5-10 minute demo.