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01.26.10 Paying From Invoice Copies
Using invoice copies or statements to make payments has always been a fact of life in AP—but it appears to be becoming less so. Over a third (39 percent) of AP departments we polled say they issue payments without an original invoice, but this is down from 44 percent in 2007, and 53 percent in 2005, when the prior polls were done.
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01.19.10 Most Firms Use Positive Pay
Two-thirds (67 percent) of all companies we polled use positive pay as an internal control measure and to combat check fraud.
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01.05.10 Urge to Purge
A best practice in AP is the regular purging of the master vendor file. Inactive vendors should generally be eliminated periodically from the master vendor file in order to reduce the opportunity for duplicate payments and fraud. How often should a purge be done? It depends, but our research reveals the most common practices. more...
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12.23.09 Paper Checks Still Rule
The paper check remains the dominant form of payment in AP, according to our report, AP Department Benchmarks and Analysis 2010, which will be released soon. more...
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12.08.09 AP Metrics of Choice
The most popular AP metric tracked is the number of invoices processed per AP staff member--88 percent of AP departments use this metric. This is according to the preliminary results of our AP benchmarking survey of about 450 AP departments.
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09.15.09 FULL AP EXPO PROGRAM AVAILABLE
Schedules and descriptions of over 30 sessions and workshops—including many on AP automation--are now available for our upcoming 8th Annual AP Conference & Expo October 14-16 at the Loews Royal Pacific at Universal Orlando. more...
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09.08.09 AP Process Audits
In today’s cost-conscious environment, AP can wring out more savings by doing what’s known as a "process audit.” This is an examination of all of your AP processes to see which ones can be improved.
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08.19.09 Automation’s Inroads Into AP
Fewer than one in five (17 percent) AP departments we polled say they are at a “high” level of automation, according to preliminary results of IOMA’s AP benchmarking study. more...
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08.18.09 Benchmarking in AP Rises
Over half (52 percent) of the over 450 AP departments we surveyed do benchmarking—up from 46 percent when we did the survey two years ago. It’s not surprising to see an increase in the use of benchmarking. In order to effectively respond to today’s pressing need to cut costs and increase efficiency, you simply have to do some benchmarking. That is, measuring your AP processes, and tracking the results over time to see if you’re making progress.
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07.07.09 Benchmarking AP
Every AP department has probably gone through some form of cost-cutting initiatives in the recent past. Maybe you feel you’ve done all you can do. But how do you really know? How do you know there’s not something else that could be done to improve your AP processes even more? You can't know unless you benchmark. more...
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05.26.09 Put Your AP Dept. on the Map
Before you can improve any AP process, you must first “map” it. That is, create a picture—a visual story—of how the work flows and who does what. Only then can you analyze the process and discover its true potential. Used properly, an AP process map can be a powerful tool to help you increase efficiency, eliminate non-value-added activities, reduce cycle time, and simplify work flow. more...
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02.17.09 Benchmarking to Cut Costs
In order to effectively respond to today’s pressing need to cut costs, you’ve got to do some benchmarking, which is a “continuous improvement” tool. You can’t manage what you don’t measure. How can you tell if you’re making progress with cost reduction if you don’t measure what you’re doing? You can’t.
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02.03.09 Need to Cut Your AP Costs? Free Webinar!
AP managers have found many ways to cut costs and increase productivity. Some ideas are new and innovative. Others have stood the test of time. Either way, they work—and that’s all that matters. Learn all about them by attending a FREE 60-minute webinar. more...
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01.26.09 PRESS RELEASE: Controllers Eye AP
CFOs, Controllers and Business Managers now realize there are significant bottom-line savings to be found in accounts payable, savings they need to tap in 2009. You’ll find a precise roadmap to those savings at the 9th Annual Accounts Payable Operations conference (March 11-13, San Antonio), presented by the Institute of Management and Administration, BNA Subsidiaries, LLC and Casher Associates.
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11.11.08 Top Drivers of Success in AP Shared Services
We had a record turnout at our 7th Annual Accounts Payable Conference & Expo in Las Vegas, and one of the most popular speakers was Penny Weller, Ph.D., CMA,, a 30-year veteran of AP, formerly with Pfizer, and now a senior director with the Hackett Group. Weller spoke about how to bring about continuous improvement in AP. AP360 also talked with her about shared services, one of her special areas of expertise.
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10.29.08 Metrics Reveal How P-Cards Enhance AP
The average administrative cost of the traditional purchase order (PO) process (sourcing, purchasing, and payment activities) is $89. For purchasing card (p-card) transactions, that cost drops to around $19—a $70 savings per transaction. This is revealed in the 2007 Purchasing Card Benchmark Survey from RPMG Research Corporation.
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10.14.08 More AP Depts. Use Benchmarking
Just over half (52 percent) of all AP managers benchmark their AP department’s operations, according to preliminary results of our recent AP Benchmarking Survey. This percentage is up from the 46 percent in our last survey conducted two years ago. more...
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09.10.08 >>>Last Chance for Free AP Metrics!<<<
How much does it cost AP departments to process an invoice? How many invoices should AP staffers be able to process in a month? What is the average error rate for payments? You will get the answers to these questions--and a lot more—if you take part in our AP Benchmarking Survey. We’ll send you the results so you can see how your AP department stacks up against hundreds of others.
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09.03.08 First Step in Invoice Automation
Transforming paper invoices into electronic form is the dream of many AP managers. But where do you start? You need to have an overall framework that can guide your thinking and ensure success. The first step in the evaluation process is to conduct an internal assessment. Surveys we have done reveal that AP managers have a long way to go in this process. While they acknowledge the importance of thorough analysis, there is a gap between belief and action.
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08.28.08 How to Avoid a Mandate to Cut Heads
If you’re given a mandate to cut heads, pitch the idea of cutting hours instead. You’ll end up with the same amount of cost reduction, but it could be easier on everyone.
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08.25.08 >>>Benchmark Your AP Operations<<<
How much does it cost AP departments to process an invoice? How many invoices should AP staffers be able to process in a month? What is the average error rate for payments? You will get the answers to these questions--and a lot more—if you take part in our survey. more...
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08.21.08 Managing AP Productivity
Everyone is under pressure to cut costs. And AP is no exception. One area to target is overtime—especially if your invoice volume rises and falls during the year. “The normal number of invoices jumps from 2,800 to 4,500 a month during our busy season,” said Ellen DeWeerdt, AP manager with a staff of five at The Vermont Country Store, a mail order and e-commerce specialty retailer. more...
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08.19.08 Get a W-9 from Tax-Exempts
Although you are not required to do Form 1099 reporting for payments you make to tax-exempt organizations, a best practice is to get a W-9 form from them just the same. Why? For one thing, the Internal Revenue Service regularly pulls the tax-exempt status of organizations that no longer meet the tax-law rules for these types of organizations. Also, many charities have for-profit subsidiaries that operate their commercial businesses. You could also have organizations that say they are tax-exempt but are not legitimate. Charity scams are very common.
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08.15.08 Test Your AP IQ: AP Performance Metrics
What is the primary reason for developing and using performance metrics in accounts payable?
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08.14.08 >>> AP Benchmarking Survey Now Open <<<
How much does it cost AP departments to process an invoice? How many invoices should AP staffers be able to process in a month? What is the average error rate for payments? You will get the answers to these questions--and a lot more—if you take part in our AP Benchmarking Survey. We’ll send you the results so you can see how your AP department stacks up against all the others.
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07.08.08 Take a P2P Slant for World-Class Results
For AP departments to achieve “world-class” status in terms of costs and efficiency, they need to look beyond the walls of AP and into the entire process, from initial purchase through to payment. “We have discovered there is a lot of value, particularly on the AP side, in looking at what is variously called an end-to-end, purchase-to-pay, or P2P, process,” said Kurt Albertson, director of advisory service for The Hackett Group, at our recent RECAP/IOMA AP conference in Ft. Lauderdale. Hackett benchmarks corporate functional operations, including at the process level, such as accounts payable, purchasing, and payroll.
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03.25.08 Key Elements to Success of Metrics
To manage any kind of operation, you need to measure its performance. Without measurements, you simply can not assess how you are doing today versus yesterday—and how to improve for tomorrow. This may seem very philosophical, but it does work in practice—as one seasoned AP manager discovered.
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03.18.08 P-Card Blocks and Limits
As part of a program of internal controls for purchasing cards (p-cards), most organizations block transactions to certain Merchant Category Codes (MCCs). According to preliminary results of our latest survey on p-card usage, 63% of organizations polled use MCC blocking. A quarter of respondents block specific vendors. And almost all (95%) block ATMs to prevent access to cash. more...
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02.27.08 Centralization Key to AP Automation Benefits
AP departments in North America spend almost $5.00 less to process a single invoice than their counterparts in the Europe, Middle East, and Africa (EMEA) region, according to a report from the Aberdeen Group. To close this gap, one thing EMEA AP operations need to do is to centralize AP before automating. More AP departments (58%) in North America are centralized than in the EMEA region (50%), says the report.
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02.21.08 Productivity in AP Shared Services
Three-quarters (76%) of AP shared services departments we recently surveyed process an invoice within a business week. This is revealed in our new research into AP shared service center (SSC) operations that forms the basis of a new report, AP Shared Services Benchmarks and Analysis.
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