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KPI Benchmarks : Percentage of Invoices Paid On-Time
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Percentage of Invoices Paid On-Time
KPI Details
Percentage of Invoices Paid On-Time measures the number of invoices paid before, or on the date listed within the terms of the invoice/contract as a percentage of the number of invoices paid by the Accounts Payable (AP) Department over the same period of time. A relatively low value for this metric is typically related to a few common factors including highly manual (i.e., error and rework prone) or inefficient invoice processing processes, cumbersome or unclear vendor invoice submission guidelines, and sub-par AP Department employee training and performance. Each of these factors can lead to increased vendor dissatisfaction which can reduce the likelihood of cost reduction or avoidance through sound vendor relationship management.
KPI Definition
The number of invoices paid by the Accounts Payable (AP) Department before, or on the date listed within the terms of the invoice/contract divided by the total number of invoices paid by the Accounts Payable (AP) Department over the same period of time, as a percentage.
KPI Calculation Instructions Percentage of Invoices Paid On-Time?
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