Process Fusion recently partnered with Ardent Partners to release their latest eBook on Accounts payable metrics that matter in 2021. The report gives a good overview on the current state of accounts payable in 2021 and its continuing evolution by drawing on the experience, performance, and perspective of AP and finance executives worldwide.
Many of the report’s findings are clear – the age of intelligent digital accounts payable is coming. The impact of COVID-19 has not just affected the enterprise, but also across the financial supply chain. As AP teams begin to adapt, they have a once-in-a-lifetime opportunity to revolutionize their work and amplify the value they bring to the enterprise.
However, many accounts payable teams continue to struggle with the basics. Many organizations are still plagued with manual processes, high exception rates, and slow approvals. Organizations and AP teams need to change, and quickly, if they want to continue to stay in business.
Some key takeaways from the AP Metrics That Matter in 2021 eBook:
- 53 percent of business planned to change how and when they paid suppliers
- 22 percent of accounts payables’ time is spent dealing with supplier inquiries
- $10.89 is the average cost of processing a single invoice
- 10 days is the average time taken to process a single invoice
- 6 percent is the average number of invoice exceptions accounts payable teams must handle
How does your AP department stack up compared to the best in class? Is your organization ready to take the next step and enter the age of digital accounts payable?