Tracking the Right AP Benchmarks

Given the transactional nature of accounts payable (AP) processes, finance functions are on a perpetual quest to increase AP efficiency and effectiveness. One of the most powerful tools for improving those processes is benchmarking. Benchmarking is the practice of being humble enough to admit that others are better at something and being wise enough to learn to match and even surpass them at it. 

This article shares lessons learned from APQC’s experience benchmarking AP, including four key performance indicators (KPIs) that every finance function should track for the AP process.