How Do You Calculate Your Cost Per Invoice?

One proven way to determine how well AP is functioning is to measure your cost to process an invoice. However, IOFM’s members often struggle with calculating this benchmark. For example, an AP manager recently inquired what costs and factors should be included when determining cost per invoice. She asked: When calculating cost per invoice, should I include travel and entertainment (T&E) transactions and T&E staff costs? Right now, we're calculating these metrics without the T&E data to help us…