The old adage is true: if you don’t measure it, you can’t improve it. Measuring success in accounts payable can be deceptively complex. Just because vendor invoices are getting paid doesn’t mean that your AP process is optimized for efficiency and value. Determining if your AP process is as successful as it could be requires monitoring some key performance indicators (KPIs), each uniquely weighted to reflect what matters most for your business.
This whitepaper highlights the importance of key accounts payable KPIs, including:
- Accounts Payable Cost per Invoice
- Average time to Approve Invoice
- % Spend by Payment Methods