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Accounts Payable Best Practices Yield Best-In-Class Performance

AP Best Practices

Implementing procedures for accounts payable best practices produces Best-in-Class results. Don't take our word for it, look at the difference between best-in-class and average performance as measured by the Aberdeen Group. While variations are, of course, expected, the range in the variation is astounding.

Characteristics of Accounts Payable Best-in-Class Performers*

  Industry Best in Class Industry Average
Invoice Processing:    
Average cost to process an invoice $2.18 $9.38
Average cycle time to process an invoice 2.8 days 15.8 days
Percentage of Companies:    
Have enterprise-level visibility into Accounts Payable processing 70% 53%
Segment their vendor base for electronic and manual payments 80% 47%
Use automated invoice imaging and workflow solutions 55% 49%
Have the ability to measure process cycle times 44% 39%
Use online/web-based reporting 50% 14%
Have comprehensive Accounts Payable automation
(single solution)
44% 34%

*AberdeenGroup: The E-Payables Benchmark Series: AP Strategies for Success (September 2008)

NOTE: Best-in-Class represents the top 20% of aggregate performers in any given category with Industry Average representing the middle 50%.

 

 

 

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