Vendor Invoice Error Rate
This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Vendor Invoice Error 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 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 Department over the same period of time, as a percentage.
Why should Vendor Invoice Error Rate be measured?
Vendor Invoice Error Rate measures the percentage of invoices sent to the Accounts Payable (AP) Department by vendors that contain an error of some kind. Common vendor invoice errors include incorrect amounts, missing vendor information (e.g., supplier number, tax identification ID, address, contact name, etc.), incorrect charge codes or incorrect bank account information (e.g., routing number, etc.). Clearly defined and communicated invoicing format and content standards can reduce the amount of inbound errors within vendor invoices. Electronic invoice submission methods may also reduce inbound errors. An excessive volume of invoice errors reduces AP employee productivity and, if left unchecked, may lead to time consuming, costly disputes with vendors.
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