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AP AUTOMATION BLOG

IMAGINE THIS...1,000'S OF YOUR SUPPLIER INVOICES





PROCESSED TOUCHLESS AND IN MINUTES!

Benchmarking in Finance is More Critical Than Ever. 

4/1/2015

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With all Finance has to get done in a given day sometimes it’s hard to find the time to step back and track how efficient and effectively your department is running. Finance deals in numbers all day. But how often are you generating numbers to find out how efficient your finance team is?

But benchmarking is more critical than ever. By monitoring your functions’ performance you can determine where you can streamline, boost efficiency (and possibly cash flow) and incentivize staffers to do an even better job.

So what are the best metrics out there? Here are a few to get you started. How many of them are you currently using … and how many more could you be?

Accounts Payable
  • Cost per invoice (Total department spend [including allocated overhead] divided by the number of invoices processed)
  • Time to process invoices (Average time from when an invoice is received to when it’s ready for payment). Note: Don’t factor in actual payment time, since you probably do some strategic payment timing.
  • Percent of invoices paid within terms
  • Early pay discounts (percentage of invoices you can pay without paying the total invoice amount)
  • Percent of duplicate or erroneous payments
  • Days payable outstanding (accounts payable divided by cost of sales) * Days)
Accounts Receivable
  • Days sales outstanding (Total Accounts Receivables/Total Credit Sales) x Number of Days in the period that is being analyzed)
  • Best possible DSO (Best Possible DSO = Current Receivables/Total Credit Sales X Number of Days)
  • Collections Effectiveness Index
    Beginning receivables + Monthly credit sales – Ending total receivables  x 100
    Beginning receivables + Monthly credit sales – Ending current receivables
  • Average days delinquent (average number of days invoices go past due)
Payroll
  • Cost per payroll payment
  • Error rates
  • Number of manual checks cut
  • Days to process new hires
  • Cost per payroll inquiry
  • Days to resolve payroll inquiries (Note: You could also use this in A/P with days to resolve vendor inquiries and in A/R for customer questions.)
Whether you’re currently using a handful or the whole lot of these metrics, one thing’s a must: Let your staffers know what you’re using to track the department as well as their individual progress.

The last thing you want is for people to think you’re trying to “catch them” doing something wrong in their jobs. Better to position metrics as a way to raise the bar and a springboard to figure out what needs to most attention.

Please share any additional metrics you are using today!


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    Vision360 Enterprise  Accounts Payable Automation Solution by BlueCreek Software reduces time wasted chasing down paper invoices by automating invoice approvals, eliminating manual data entry, eliminating paper invoices and reducing processing costs.

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  • HOME
  • ACCOUNTS PAYABLE AUTOMATION
    • AP INVOICE SCANNING >
      • MAIL PROCESSING
      • AP INVOICE OCR
    • TOUCHLESS AP PROCESSING
    • PURCHASE ORDER MATCHING
    • ELECTRONIC PAYMENT PROCESSING
    • ERP INTEGRATION >
      • EPICOR INTEGRATION
      • INFOR INTEGRATION
      • JD EDWARDS INTEGRATION
      • LAWSON INTEGRATION
      • MS DYNAMICS 365 AP AUTOMATION
      • MS DYNAMICS GP AP AUTOMATION
      • MS DYNAMICS NAV AP AUTOMATION
      • MS DYNAMICS INTEGRATION
      • MEDITECH INTEGRATION
      • ORACLE INTEGRATION
      • PEOPLESOFT INTEGRATION
      • QAD INTEGRATION
      • SAGE INTEGRATION
      • SAP INTEGRATION
      • AS400 INTEGRATION
  • ACCOUNTING SYSTEMS
  • WEBINARS
  • GLOBAL SOLUTIONS
  • BLOG
  • RESOURCES
    • SOC AUDITED CONTROLS
    • FAQ's
    • NEWS
    • PARTNERS
    • WHITE PAPERS >
      • THE DECISION TO AUTOMATE ACCOUNTS PAYABLE
      • NOW IS THE TIME TO AUTOMATE ACCOUNTS PAYABLE.
      • WHY IMPROVE ACCOUNTS PAYABLE
      • PAYBACK & ROI
  • CONTACT
    • SUBMIT RFP
    • SUPPORT
    • ABOUT
    • GDPR >
      • PRIVACY ACCEPTABLE USE POLICY
    • CAREERS