November 2020: Benchmarking Insights

December 9, 2020

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How 2020 Has Affected AP Staffing

IOFM’s recent benchmarking series looked at the effect of declines in invoice volume due to COVID. Many AP departments felt the pain, both in terms of staff numbers and compensation, and depending on their role, staff were either more vulnerable to layoffs or to pay cuts.

 

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What’s Your Paid-on-Time Rate?

With many AP teams working remotely in 2020, making timely payments and capturing available discounts became more challenging than ever. IOFM benchmarking revealed how automated and non-automated organizations stacked up when it came to paying PO invoices on time.

 

See The Data

 

 

 Benchmarking for Improvement

Benchmarking isn’t just a measurement exercise—the data is meant to be used by progressive AP professionals to improve their operations. We asked the IOFM Advisory Panel what their plans are for the recently-published 2020 Benchmarking Reports. Here’s what they told us.

 

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 Join us for the AP Automation Summit This Dec. 1-4

IOFM’s 2020 Benchmarking Reports make it clear that AP departments are rapidly implementing automation solutions. Our AP Automation Summit will provide the opportunity to learn from industry experts, network with peers and evaluate the latest solutions.

 

Register For Free

 

 

How AP Creates Value in Times of Change

2020 has ushered in a new era of remote working and accelerated adoption of automation. For many AP teams, just keeping up with payments and 1099 changes amid that turmoil was a daunting challenge. But for some, this year created an opportunity for AP to add tremendous value to their organizations.

 

Learn How

 

 

Compliance Webinar: Year-end Form 945 Filing

Failure to file a timely, accurate Form 945, Annual Return of Withheld Federal Income Tax, exposes your organization to monetary penalties – and is the focus of an intensifying campaign of compliance enforcement by the IRS.

 

Register Today 

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