Cycle time in days from receipt of invoice until approved and scheduled for payment
This measure calculates the number of calendar days (including weekends) that elapse from receipt of an invoice until it is approved and scheduled for payment. It is part of a set of Cycle Time measures that help companies analyze the duration of the "process accounts payable (AP)" process from beginning to end.
Benchmark Data
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Compute this Measure
Units for this measure are days.
Cycle time in calendar days from the receipt of an invoice to when it is approved and scheduled
Key Terms
Cycle time is the total time from the beginning of the process to the end. This includes both time spent actually performing the process and time spent waiting to move forward.
An invoice is a bill prepared by a seller of goods or services and submitted to the buyer. Generally, an invoice contains all pertinent information about the transaction including the date, price, quantity, item number, and credit terms. An invoice can be in either electronic or hard copy form.
The metric value which represents the 50th percentile of a peer group. This could also be communicated as the metric value where half of the peer group sample shows lower performance than the expressed metric value or half of the peer group sample shows higher performance than the expressed metric value.