While accounts payable gets the credit, or the blame, for on-time payment performance, your ability to achieve best-in-class metrics may be out of your control.
According to a report from The Accounts Payable Network, Beyond EDI: How a Smart Invoice Network Reorders P2P to Drive Global e-Invoicing and Collaboration with All Suppliers:
"In most companies, excluding inventory purchases, the person (requestor) who needs the goods and services is in control of what they buy, who they buy it from and at what price it is purchased. Once requestors receive the goods and service, they rarely remember to either forward the packing list to AP or enter the receipt into the company’s enterprise system. Lack of receipt is the number one mismatch problem in the three-way match that causes late payments."
This report is chock full of tips and insights into how you can streamline your accounts payable operations. To request a complimentary copy, send an email to firstname.lastname@example.org