6 Attributes of a Best-in-Class Accounts Payable Operation
Most Accounts Payable departments are still struggling with manual invoice processing. The root cause is that businesses receive most of their invoices in paper, e-mail, PDF, or fax format which is no better than paper. Some have an automated solution in place to automatically identify and extract data and convert it to a digital format, but that’s not the ideal most scenario either!
So what are the traits of a truly best-in-class AP organization? Accounts payable departments can be sure they are getting the most from their automation investments by measuring themselves against their peers in six critical areas: 1) invoice approval cycle times, 2) invoice processing costs, 3) staff productivity, 4) the number of supplier inquiries they receive, 5) the percentage of invoices posted straight-through, and 6) the percentage of discounts captured.
A Few Stats from this Whitepaper:
Download this whitepaper if process improvement is your accounts payable department’s key agenda.
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