First-Time Invoice Match Rate
This PDF report includes benchmarking data (in a visual, chart-based format), a comprehensive KPI definition, characteristics of high performers and technical details on measuring First-Time Invoice Match Rate. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is First-Time Invoice Match Rate?
The number of invoices that match (i.e., the information presented in invoices, purchase orders and receipt of goods are exactly the same) any related purchase order line items and receiving documents divided by the total number of invoices processed by the Accounts Payable (AP) Department over the same period of time, as a percentage.
Why should First-Time Invoice Match Rate be measured?
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.
Download a Sample First-Time Invoice Match Rate
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