New Resource: What Are the Drivers of AP Success?
In our latest white paper, we partnered with Treasury Webinars to ask 257 finance leaders, including accounting managers, finance managers, finance directors, VPs of Finance and CFOs, how they currently operate in regards to reporting, collaboration & departmental influence. Plus, we compiled recommendations to consider when investing in strategies and technologies to empower your AP department.
Download the free report here, or keep reading to get a quick overview of what the results of the report cover:
An Overview of What AP Success Metrics Are Being Used
One of the more important parts of this survey was to better understand what AP success metrics finance (specifically AP) professionals are employing at their respective companies. The top result, Compliance with AP Policies, was indicated by 40% of respondents, with Days Payable Outstanding (DPO) and Time to Process a Single Invoice next at 37 percent and 33 percent respectively. This suggests there is a lack of measurements when it comes to how companies assess AP success.
Given the diversity of the responses and that no single metric was marked by more than 40% of respondents, an additional analysis was done to see if any consensus for success metrics existed among similar-sized companies.
How Teams Assess & Communicate AP Success
In order for AP leaders to earn the resources needed to optimize their department’s value, they need to create metrics and reports that communicate their success. That’s why, as part of the survey, we asked questions that offer a high-level assessment of their resources and data, and if they are properly equipped to calculate and communicate that data into AP success.
The majority of responses agreed that they have the data and systems in place to assess their effectiveness, and respondents were generally satisfied with the metrics/KPIs they use. How they measured the metrics, however, left a lot to be desired.
Effective Ways AP Collaborates With & Influences an Organization
Collaboration done right mitigates timing issues across a number of AP activities, which is why we asked leaders to share how well AP professionals collaborate with colleagues in areas such as Procurement, Treasury, and Finance (internal), as well as supplier relationships (external).
In addition, we also wanted to uncover what degree of control and influence AP teams have on their C-suite. We found that 55% of respondents indicated they provide guidance to leaders outside of AP in some instances, and that only 33% of the respondents feel they are viewed as a transaction hub and consulted infrequently by leaders outside of AP. See the full details in the report.
Proven Best Practices & Recommendations for Gaining More Influence Within the AP Function
Once AP leaders understand how to define AP success and measure, manage, and communicate that success to the C-suite, they can maximize the impact their AP department has on the bottom line. To round out the report, we’ve provided best practices and recommendations you can use to make sure your AP team is operating as effectively as possible.
Download the Full Report – It’s Free!
To get full insight into the data, numbers and trends download the complete survey report here. For more Stampli resources, head over to our Resource Center where you’ll find our latest whitepapers, eBooks, insights, and more.
