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Home ›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%.
