“Key AP Benchmarks” study focuses on invoice processing costs, AP productivity and more. Click here to get your complimentary copy now!
Key Accounts Payable Benchmarks Study
Brought to you by The Accounts Payable Network and Kofax
Accounts payable is in transition. What was once a clerical and paper-based bill-pay function is evolving to a lower-cost, more efficient automated process that will also provide greater visibility and control, permit value-added analysis of spend, and improve forecasting and cash-flow management.
This study confirms that the more automated a company’s AP department is, the lower the cost to process invoices and the greater the number of invoices processed per FTE. It also shows that for highly automated companies, per-invoice processing costs continue to decline, while the costs for less automated companies are increasing. The TAPN study also shows that the best-performing companies achieve their results by implementing a number of technologies such as workflow, front-end scanning, e-invoicing, P-card usage, and travel and entertainment expense (T&E) reporting and processing automation. They also continue to operate the older technologies such as EDI, while increasing the usage of newer ones such as Web Portals and EIPP.
Receive your complimentary copy of the Key Accounts Payable Benchmarks Study and compare your invoice processing costs, technology improvements and AP productivity to those of other AP departments.
This information-packed benchmark study reveals:
- Total costs to process an invoice can reach as low as $1.77, depending on the level of automation, company size, industry and other factors.
- Use of purchase orders: The median percentage of invoices that are for purchases made with a purchase order is 50 percent. There is some variation according to company size, but the real distinctions in the use of purchase orders show up by industry rather than by size.
- The accounts payable functions that are outsourced most often are AP audit and recovery; and freight, telecommunications and utility bill audit and payment.
- The most widely used ERP/accounting systems identified by the respondents of the survey were SAP, Oracle and Peoplesoft (Oracle).
- Detailed metrics and analysis and more!
This study shows that the key to more cost effective and efficient invoice processing is automation. Whether you process all paper invoices manually or are gearing up for a paperless environment, this benchmark study will help you evaluate how your organization compares to others by company size and by industry.
This valuable study is available at no charge for a limited time. Get your copy today!
About The Accounts Payable Network
The Accounts Payable Network (TAPN), the complete resource for accounts payable, has helped more than 36,000 accounting and finance executives at organizations worldwide meet their commitments to accounts payable business process performance.
TAPN provides – in one easy-to-access, cost-effective, online location – insights, analysis, guidance, advice and best practices for AP strategies, technologies, controls, compliance, people and processes. Members have unrestricted access to critical information guaranteed to help them make smart accounts payable business decisions.
Focus areas include all AP functions, AP metrics and benchmarking; tax and regulatory compliance; proven solutions to real-world problems; AP automation; case studies; member Q&A networking forums and more than 250 downloadable, customizable AP policies, flowcharts, templates and internal-control checklists.
TAPN’s highly popular AP tools help compare technologies and AP solution providers, find new ways to streamline operations and enhance controls, and take advantage of extensive educational opportunities. Additional networking opportunities allow members to share problems and solutions with peers “in the trenches” through the public and private forums and discussion groups.
The Accounts Payable Network is completely independent and is not owned by or affiliated with any industry supplier. For further information, please contact The Accounts Payable Network, 2100 RiverEdge Parkway, Suite 380, Atlanta, GA 30328, 770-984-1184, www.TheAccountsPayableNetwork.com.
About Kofax
Kofax plc (LSE: KFX) is the leading provider of document-driven business process automation solutions. For more than 20 years, Kofax has provided award-winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost-effective manner.
Kofax offers unmatched scalability from central to highly distributed environments, from individual desktops to enterprise deployments and from basic scanning to powerful document classification and data extraction. Our market leading technology supports a wide variety of input devices and line of business applications, providing a strong enterprise wide platform on which to standardize all of an organization’s document-driven processes.
Kofax solutions provide a rapid return on investment to thousands of customers in financial services, government, business-process outsourcing, health care, supply chain and other markets. Kofax delivers these solutions through its own worldwide sales and service organizations, and a global network of more than 1,000 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific.
Kofax also provides technologies to scanner manufacturers on an OEM basis, and our EMEA hardware distribution network brings scanning and storage products to resellers in more than 40 countries.
Don’t miss out on this limited-time offer to compare your AP metrics with other AP departments.
Receive your no-cost copy of Key Accounts Payable Benchmarks now.
Are you AP certified? This report qualifies for 2 CEUs for the IOMA/TAPN Accounts Payable Certification Programs.
