AP Tidbits from IOMA

Read below for some interesting details about the world of Accounts Payable:



- The best run A/P departments are 6 times more efficient than the average.
- Approximately 96% of A/P invoice processing involves keying data from paper.
- EDI and other document automation account for just 4% of A/P invoices.
- The average time it takes to process an invoice is 12 days.
- The incidence of anomalies (issues, SL) in A/P invoices range from 44% to 55%.
- Some 25% of all invoices are paid late.