The top 5 most useful accounts payable KPIs  

13 April 2021:

“What cannot be measured, cannot be met” is a saying often used to refer to your specific business goals and the metrics that highlight where you stand in the process of achieving them, and how you improve, or diminish, over time.

This statement applies to the accounts payable process that has many moving parts, potentially manual process steps, and multiple people across the organization involved. Identify metrics and measure performance against these indicators or it is likely something will fall through the cracks.?Nearly all business functions use key performance indicators to measure their performance and contribution to the overall business success. And accounts payable should not be any different.

While a modern finance executive is usually aware of the term key performance indicators (KPIs), for a quick overview, a KPI for accounts payable should be a quantifiable data point, closely tied to the success of a specific business project. A good accounts payable KPI should be specific, agreed upon by all project members, and time-bound. KPIs should be measured on a regular basis, at least quarterly, to ensure the accounts payable process is in line with goals and to identify areas of improvement.

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Source: Medius

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