IOFM Releases AP Department Benchmarks and Analysis Report

News provided by

Diversified Business Communications

Aug 28, 2013, 10:00 ET


Portland, ME (PRWEB) August 28, 2013 -- The AP Department Benchmarks and Analysis is a newly released report published by the Institute of Finance & Management (IOFM) that provides key metrics and concise benchmark data to help AP Departments set productivity goals and control costs.

To view the report’s full table of contents, click here.

Based upon responses from AP professionals across the United States to the AP Benchmarking 2013 Survey, the report demonstrates what best-practice organizations are doing, where they are succeeding, and ideas for improving internal processes.

"The Accounts Payable landscape is ever-changing," said RD Whitney, IOFM Executive Director. "This survey is conducted in order to provide the best insights into what is going on in AP and current industry trends."

Survey respondents represented all sizes of organizations. By industry, the manufacturing sector has the highest level of representation in the study. Other sectors with high level of representation include: Healthcare; Financial Services, such as banking and insurance; Professional Services, including legal and accounting; and Educational Institutions. Well over one-third of respondents identify themselves as AP Managers and have an average of nearly 20 (19.9) years of work experience overall, with nearly 15 (14.8) years in AP.

Some highlights of the many key AP performance metrics covered in this survey report include:

  • Number of PO and Non-PO Invoice Payments Processed per Month per AP Staffer
  • Days to Process a Vendor Payment
  • Cost to Process a T&E Expense Report
  • Indication/Occurrence of Check Fraud
  • Duplicate Payments – Percentage of Invoices Paid Twice
  • Use of Positive Pay
  • Vendor Invoices With Errors
  • T&E Expense Report With Errors
  • And Many More

To purchase the report, visit IOFM’s Accounts Payable Exchange.

About IOFM

The Institute of Finance & Management (IOFM) is the leading source of events, peer networks, training/certification, information tools and resources for Controllers, Accounts Payable, and Payments professionals. IOFM runs the Senior Accounts Payable Leadership Network, a peer-based network providing insight, best practices and proprietary research through private, in-person meetings. IOFM also hosts the largest dedicated Accounts Payable events in the country, taking place each fall (10/21-10/23 in Las Vegas) and bringing together hundreds of AP professionals, and is launching the Controller’s Conference & Expo in 2014. With a rapidly growing membership, and a keen understanding of the issues and content of the most importance to finance professionals, IOFM is your partner to help improve your departments’ performance, and advance your career. For more information, visit http://www.iofm.com.

RD Whitney, Diversified Business Communications, +1 (207) 842-5601, [email protected]