Before you venture outside your organization to search for best practices, look in your own backyard. You may find that one of your departments is saving 50% on a particular process because they developed a faster way to get the job done. How valuable would that knowledge be to other departments and divisions?

Develop a system for identifying, communicating and implementing best practices you uncover within other parts of the company, using the following tips as your guide…

“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

What are your organization’s disbursement practices? How many disbursements do you make each year via check, ACH or wire? Do you use purchasing cards to pay vendor invoices for non-T&E-related expenses?

Take a moment to participate in The Accounts Payable Network’s newest benchmark survey, Disbursement Benchmarks Survey.

While getting rid of paper seems to be the mantra of the 21st Century for those in AP and accounting departments around the globe, “going green” and saving a few trees while we’re at it, is not only a worthy trend and good for the environment (a sheepish nod to Hollywood’s green brigade) it’s good for your department’s bottom line!

Self-help gurus as well as books that analyze the habits of highly effective people often focus on learning from the best and most successful in order to improve. That's the concept behind benchmarking. Benchmarking is a process to discover best practices by identifying the companies that excel within various business processes and functions and studying their practices, then determining how to apply those best practices to your own business. Companies that use benchmarking effectively discover ways to reduce costs, increase efficiency, profit, and performance.