February 2021: Benchmarking

March 2, 2021

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APP2P Conference & Expo – NEW Dates

Due to the continued pandemic impact on travel and larger gatherings, IOFM’s Accounts Payable & Procure-to-Pay Spring Conference & Expo dates have changed, from May 16-18 to August 29-31. The event will still be held at Disney’s Coronado Springs Resort

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FREE Registration Now Live for Financial Operations Summit

This April 20-23, join IOFM’s 4-day virtual event connecting financial operations professionals in AP and AR with leading solution providers via daily town halls, demo presentations, workshops, invite-only sponsored luncheons, networking opportunities, and more.

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White Paper: Top 5 AR Trends for 2021

2020 was a year of tapping into creativity and ingenuity for AR/C&C departments. IOFM’s new AR white paper explores the top 5 AR/C&C trends expected in 2021. Departments that are able to learn and adapt are more likely to survive in difficult economic times.

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Benchmarking

Benchmarking is the process of evaluating your own performance by comparing it to that of top-tier peers. The idea is to establish areas where you can improve by learning how best-in-class AP departments operate. This month, we explore some benchmarking metrics and techniques that you may find helpful in your own organization.

And starting this month, we’ll also be featuring the IOFM Metric of the Month, a quick take on how your peers are performing, based on our most recent data.

Metric of the Month

2020 brought us more than a pandemic—it brought us significantly increased levels of AP automation. We expect to see that number continue to climb in 2021, as AP departments that had previously resisted automating suddenly discovered they had no choice. Next month, we’ll take a look at the trend toward electronic invoices.

Want more benchmarking data? Go to the Benchmarking section of IOFM.com. Members can download the IOFM 2020 Benchmarking Reports, and if you’re not a Member yet, schedule a demo to get free access. Or – register for our upcoming webinar: What You Can Learn From AP’s Best Departments

The Advisory Panel Weighs In

A recent question to our IOFM Advisory Panel yielded a remarkable number of responses, so much so that it generated some interesting benchmarking data. The Member asked about payment terms, due dates that fall on weekends, and check printing schedules. The answers were surprising, revealing AP process stability, even during COVID.

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Benchmarking Tips

One of the likely reasons many AP departments are reluctant to embark on a benchmarking project is that it seems a daunting and time-consuming task. We offer some tips to streamline your benchmarking process in order to yield actionable results more quickly.

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