Setting and Tracking Goals – Moving From Ordinary to Extraordinary

Learn how to transform your operation from ordinary to extraordinary:

• A low average cost to process a single invoice.
• More than 23,000 invoices processed annually per full-time equivalent.  
• A duplicate invoice rate of less than 1 percent. 
• An on-time payment rate of more than 96 percent. 
• An early-payment discount capture rate of more than 85 percent.

For many accounts-payable leaders, these best-in-class benchmarks may seem like science fiction.  But best-in-class accounts payable departments are achieving these metrics – and their peers at other accounts payable departments will face increased pressure to find ways to close the performance gap. 

Improving processes and automating manual tasks is a top goal of accounts payable departments.

But making those objectives a reality – and reducing costs, increasing staff productivity, eliminating errors, paying more suppliers on-time, and capturing more early-payment discounts, as examples – seems out of reach for many accounts payable departments. 

What does it take for an accounts payable department to achieve its goals for process improvement and move beyond a tactical back-office function?

IOFM’s latest paper, sponsored by Goby, offers a road map for setting and achieving goals for process improvement.

With the strategies outlined in this paper, you can transform your department from ordinary to extraordinary. 

This white paper is provided free of charge and underwritten by a sponsor. Following your download, you may be contacted by the sponsor with information about their products and services.