KPI Benchmarks : First-Time Invoice Match Rate
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KPI Details : First-Time Invoice Match Rate
First-Time Match Rate measures the quality of documents (invoices, purchase orders and receiving documents) received by the Accounts Payable (AP) Department and the efficiency with which employees match them. A low value for this metric can be related to highly manual (i.e., error and rework prone) matching processes and procedures (e.g., manual oversight of the information presented in invoices, purchase orders and receipt of goods). A low value for this metric can also be indicative of inefficient departmental communication, poor quality and standardization of document information, and sub-par AP employee training and performance. The implementation of electronic invoicing systems can improve first-time matching rates and the efficiency of processing invoices in the AP Department while also preventing potential vendor price increases and discount losses. With that said, electronic invoicing systems must be well-designed and configured to achieve the promised gains in efficiency.
KPI Best Practices : First-Time Invoice Match Rate
KPI Calculation Instructions First-Time Invoice Match Rate?
KPI Formula :
Invoices Processed per Employee
The total number of invoices processed (i.e., received, input and paid/pended/denied, or scheduled for payment) over a certain period of time divided by the total number of Accounts Payable...
KPI Type : Productivity
Formula : Number of Invoices Processed and Paid to Vendors / Average Number of AP Employees
KPI Benchmark Range : 389 - 2,300
Cost per Invoice
The total amount of expense incurred by the Accounts Payable (AP) Department divided by the total number of invoices processed by the AP Department over the same period of time. Total AP Dep...
KPI Type : Cost
Formula : Total AP Department Expense / Total Number of Invoices Processed
KPI Benchmark Range : $1.99-$12.49
Vendor Invoice Error Rate
The number of invoices sent to the Accounts Payable (AP) Department by company vendors/suppliers that contain an error(s) divided by the total number of vendor invoices received by the AP De...
KPI Type : Quality
Formula : (Number of Vendor Invoices Containing an Error / Total Number of Vendor Invoices Received) * 100
KPI Benchmark Range : 2.2%-6.1%