Standards
Explore our standards, best practices, and measurements for each focus area.
Select a focus area below to view detailed information.
Accounts Payable (AP)
Our Accounts Payable (AP) standards, best practices, and measurements are designed to help organizations optimize AP operations, improve efficiency, ensure accuracy and compliance, and reduce costs.
AP Standards
Industry-defined standards that establish consistent processes, performance expectations, and quality benchmarks for accounts payable operations.
AP Best Practices
Proven best practices from high-performing organizations and industry leaders to help you achieve operational excellence.
- Invoice Processing Best Practices — Streamline invoice intake and processing to reduce cycle time and improve accuracy.
- Vendor Management Best Practices — Optimize vendor onboarding, communication, and performance evaluation.
- Payment Management Best Practices — Improve payment accuracy, optimize payment timing, and capture early pay discounts.
- Approval Workflow Best Practices — Design efficient approval workflows that balance control and speed.
- Exception Management Best Practices — Identify, prioritize, and resolve exceptions quickly and effectively.
- Automation Best Practices — Leverage automation and AI to reduce manual work and improve efficiency.
AP Measurements
Key metrics and benchmarks used to measure performance and drive improvement in accounts payable operations.
| Metric | Description | Industry Benchmark |
|---|---|---|
| Invoice Processing Cost | Total cost to process a single invoice | $2.36 per invoice |
| Invoice Cycle Time | Average time from invoice receipt to payment | 2.6 days |
| Straight-Through Processing Rate | Percentage of invoices processed without manual intervention | 68% |
| First Pass Match Rate | Percentage of invoices matched on first attempt | 92% |
| Exception Rate | Percentage of invoices requiring exception handling | 8% |
| On-Time Payment Rate | Percentage of payments made on or before due date | 96% |
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