Andrew Bartolini | Founder & Chief Research Officer | Ardent Partners
February 2024

Underwritten by:

ARDENT PARTNERS’ ACCOUNTS PAYABLE METRICS THAT MATTER IN 2024

Sponsor Page
REPORT SPONSORSHIP
The views and opinions in this report represent those of Ardent Partners at the time of
publication. Sponsoring companies have had no measurable influence on the content andresearch in this report. The contents of this research report are the exclusive propertyof Ardent Partners. Please direct any comments or questions regarding our researchsponsorship policy to Ardent’s Chief Research Officer, Andrew Bartolini, at abartolini@ardentpartners.com and/or 617.752.1620.

Sponsor:

Tradeshift is the business e-commerce and fintech platform that redefines how B2B
buyers and suppliers connect, trade, and grow. The Tradeshift network connects over a
million companies, enabling them to transact seamlessly and digitally with customers andsuppliers anywhere in the world. Our unique blend of e-invoicing, marketplace commerce,
and embedded fintech services gives businesses the tools to streamline finance andprocurement processes, access new markets, source new suppliers, and optimise
working capital to suit their needs. All in one place. Find out more at: Tradeshift.com.
Sponsor Contact
Sales Phone: 1-800-381-3585
Sales Email: sales@tradeshift.com
Website: www.tradeshift.com

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ARDENT PARTNERS’ ACCOUNTS PAYABLE METRICS THAT MATTER IN 2024

About this Report
Metrics Matter! In 2024, they matter more than ever.
In today’s competitive business environment, having access to accurate andreal-time metrics can be a game-changer. Tracking metrics enables continuous
improvement programs to take hold and provides AP leaders with a better
opportunity to set proper goals and objectives and “course correct” whenachieving them is in doubt.
Over the past 15 years, Ardent Partners has conducted more Accounts Payable
market research than any other firm. In that time, Ardent has benchmarked
thousands of distinct AP organizations across all aspects of an AP department,
including invoicing and payment processing.
Ardent Partners’ AP Metrics that Matter in 2024 is a compilation of theindustry’s best and most widely-used accounts payable benchmarks captured
in Ardent’s most recent state of the market report: The State of ePayables
2023: Paving the Way for a Smarter Future.

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The State of AP in 2024
In 2024, AP finds itself in an increasingly complex and challenging businessenvironment. Inflation, tightening monetary policies, supply chain disruptions,and the threat of a looming recession are just a few of the recent market
conditions that have created significant uncertainty and posed sizable
challenges for businesses in all sectors and most geographies.
In tougher financial times like these, AP has the opportunity to step up andbecome more critical to operations and overall results by helping financeexecutives (i.e., CFO, treasurer, controller, etc.) better manage their cash flow
and optimize supplier payments. AP can also play a more strategic role insupporting the enterprise and the CFO, managing risk, driving efficiencies,and navigating regulatory complexity.
The research in this eBook represents the web-based survey responses of 190
AP, finance, and P2P leaders. Complete demographic information is included
at the end of this eBook.

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AP’s Star is Rising
Ardent Partners research has shown that a fundamental shift has occurredin how AP departments are perceived within an enterprise. This has been awelcome change, considering that perception has been a major issue holding
AP groups down within the enterprise organizational hierarchy. The trend
continues in 2024 where a robust 64% of AP leaders believe that their AP unit
is viewed by other enterprise stakeholders as either “very” or “exceptionally”
valuable to the enterprise.
The improved view of AP has delivered benefits in the form of larger budgets
and more support, but it has also created a rising set of expectations for overall
performance. No longer a bit player in the enterprise’s annual “play,” AP must
not only know its lines and hit its mark, but it must also be compelling andconvincing in its featured role on stage.

64% of all AP Departments
are Viewed as “Very” or“Exceptionally” Valuable

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AP’s Age of Innovation
Has Begun
As the world enters a new era of technological innovation, the accounts
payable (AP) function is on the cusp of a major transformation. The emergenceof new technologies, such as artificial intelligence (AI) and predictive
analytics, has created a new wave of opportunities for AP professionals to
streamline processes, reduce costs, and provide greater strategic value totheir organizations.
Beyond the near-term promise of AI, it is vitally important to understand that
there is a bigger picture to AP’s innovation opportunity. AI and data science
have transformed various industries and professions in recent years. Similarinnovations will breathe new life into the AP profession. It is critical that AP
departments of every size and maturity in all geographies prepare theirstakeholders and ready their teams. The fun is about to begin!

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BIG AP Trend:
AI is Everything
Everywhere, All at Once
Perhaps only the newly-minted billionaire, Taylor Swift, had a bigger 2023 than
the widely acclaimed (but also, severely overhyped) technology known as
artificial intelligence. AI dominated both business and consumer discussions,with solutions like ChatGPT presenting a renaissance of automation that
represents to many the future impact of AI.
Nearly three-quarters of all AP, P2P, and financeleaders have identified smarter systems as
the new innovation that will drive theirorganizations to the next level of
performance. In 2024, it is clear that
AI will be a key technology inthose systems.

In 2024, AI Innovations Will
Place AP on the Path to a
Smarter Future.

AP Team
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AP’s Smarter Future
Starts Now
As the role of the accounts payable function continues to evolve, AP leaders
are increasingly prioritizing initiatives that will help them pave the way to asmarter future. Improving reporting and data analytics remains the top priority
for AP leaders, with 53% of respondents citing it as a key area of focus.
Visibility into key information is essential for executive planning and making
informed decisions. By capturing and analyzing the streams of data createdacross the function, AP professionals can gain valuable insights to help them
improve their operations and help support the intelligence needs of functional
partners in procurement, treasury, and the lines of business.

Improving reporting and data analytics is AP’s toppriority selected by 53% of all AP leaders.

Analytics

Reporting
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A More Strategic Agenda
in 2024
Beyond improved reporting and analytics, AP’s other top priorities for2024 include enabling more suppliers to submit invoices electronically,
implementing AP automation, eliminating paper and reducing manual tasks,
and minimizing processing costs.

AP‛s Strategic
Agenda for 2024
Improve AP reporting anddata analytics 53%
Enable more suppliers to
submit invoices
electronically 38%
Implement AP automation

36%

Eliminate paper invoicing andreduce manual tasks 35%
Reduce processing costs

29%

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Electronic vs. Manual
Invoicing
AP’s arc of innovation is long and it bends away from paper. In this year’s
annual survey, electronic invoices and payments once again trump their papercounterparts in overall volume. This is great news for AP staffers and stakeholders
because Ardent Partners research has shown that the primary obstacles toreducing processing costs and improving AP performance are paper-based
invoices and payments that require manual handling. These include invoices
received through mail, fax, PDF, and email attachments and manual/paper-based
checks. Overall, paper-based invoices account for 49.7% of all invoices received
by the average enterprise. Notably, 79% of all AP organizations saw an increasein the level of eInvoicing last year.

49.7% Invoices Received Manually
5:00 PM

8:30 PM

50.3% Invoices Received Electronically
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Electronic vs. Manual
Payments
In 2024, ePayments constitute 62% of all payments made by the average
enterprise. While paper checks are still common, they are gradually being
replaced by ePayment methods such as ACH, payment networks, commercial
cards, virtual cards, and wire transfers. These alternatives not only reduce
costs but also enhance visibility, control, and accuracy in the vendor payment
process.
More enterprises are now prioritizing their payment processes as part of AP/
P2P transformation initiatives. These efforts occur alongside the emergenceof new technologies, platforms, and strategies, highlighting the growing
significance and impact of ePayments in overall business operations. Notably,
72% of AP departments experienced a rise in ePayments last year.

38% Manual Payments Made

62% ePayments Made
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Invoice Processing
Cost
The average organization spends slightly less than $10 to process a single
invoice (the all-inclusive staff and operating costs that cover receipt,
processing, and approval as well as salaries, benefits, technology, overhead,etc.). This represents a reasonable decline over the past decade (Ardent’s
research showed that a decade ago, the average cost was more than $13 per
invoice). The average cost to process an invoice is lower than in recent years,
but there is still plenty of room for improvement.

Average Cost to Process an Invoice - $9.87
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Invoice Processing
Time
With the average time to process an invoice now at 10.1 days, the typicalAP function continues to trim the amount of time to complete the function’s
core duty. Nonetheless, many groups report that they experience significant
bottlenecks and value erosion because of delays across the overall process.
With greater financial pressure on enterprises due to inflation and higher
interest rates, AP teams need to push forward and reduce this metric over the
next 12 months.

Average Time to Process an Invoice

7

1

2

3

4

5

6

8

9

10 11 12 13

14 15 16 17 18 19 20

10.1
21 22 23 24 25 26 30
days
31

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Invoice Exception
Rate
It is incumbent upon AP leaders to understand their invoice exception rates
and develop a plan to reduce them. Invoices that are flagged due to missing
information, approval bottlenecks, coding errors, lack of PO data, among
other reasons, bog down the AP staff. Their time spent addressing invoice
exceptions can be better utilized pushing the function forward to become
more digitized and more strategic. Roughly one in five invoices is tagged as
an exception today. This number remains far too high.

Invoice Exception
Rate – 20.7%

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Straight-throughProcessing Rate
Processing invoices at an extremely high rate without human intervention is
the industry’s “holy grail” and desired future state for all AP organizations. On
average, AP teams see about one-third of their invoices processed “straightthrough.” AP groups that are pursuing (or have pursued) a digital transformation
should keep this metric front and center in how they define success.

Average Straight-throughProcessing Rate – 32.4%

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Enabled SupplierRate
The average enterprise has 48% of its suppliers that can submit an electronic
invoice. By encouraging suppliers to transition to digital invoicing, organizations
can significantly reduce manual errors, streamline invoice processing, andimprove overall operational effectiveness. Furthermore, enabling suppliersis critical to driving a digital transformation, while also serving to enhance
supplier relationships and fostering innovation across the P2P ecosystem.

ActiveInactive

Enabled Suppliers – 48%

Suppliers Submitting
Paper Invoices – 52%

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Staff Time Dedicatedto Supplier Inquiries
The allocation of approximately 20% of overall staff time spent managing supplierinquiries raises concerns about inefficiencies within the AP department. While
supplier relationship management holds significance, investing a considerable
portion of resources in invoice and payment-related inquiries is not ideal for
fostering strategic partnerships. Ideally, customers should focus on building
relationships at a more strategic level, rather than burdening suppliers withdoubts about invoice status and payment timing.

19.3%

Amount of AP
Staff Time Spent
Responding toSupplier Inquiries

IN A MANUAL AP DEPARTMENT, IT CAN TAKE DAYS TO RESPOND TO BASIC INQUIRIES...

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PO-Based
Invoice Rate
The decades-long call for “NoPO, No Pay” by procurement
and P2P leaders continues toresonate as the number of PObased invoices for the average
AP team approaches 60%.
This metric represents a win
for procurement by helping
to reduce or control maverick
spending and a win for AP bystreamlining the reconciliation
and approval process.

59.3%
PURCHASE ORDERINVOICE

Procurement

AP

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AP’s Biggest Hurdles
in 2024
While AP’s future burns bright, the barriers it faces today are sizable, but notnearly as large as they were during the pandemic. AP and finance professionals
believe that there are considerable hurdles ahead this year and that a myriadof challenges will demand their attention and resources. Topping the list is
the persistent issue of invoice and payment approvals taking too long, citedby 49% of respondents. A closely-related concern identified by 47% of all
AP and finance leaders is the high percentage of invoice exceptions, which
add both complexity and inefficiency to standard AP operations. Processing
delays expose operational inefficiencies atthe core of the department and highlightthe risk of negatively impacting supplier
relationships.
Addressing
thesechallenges requires a proactive
approach that leverages technology,
process streamlining, and crossfunctional collaboration.

%
9
4

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Lat paym
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%
7
4

%

22

%
1
2

%
1
2

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ARDENT PARTNERS’ ACCOUNTS PAYABLE METRICS THAT MATTER IN 2024

AP’s Big Data Usage
in 2024
With the broad consumerization of AI technology over the past few months,
it has become clear that modern society is on the cusp of a large technology
breakthrough. Harnessing the power of data and intelligence is becoming
increasingly important for finance teams in today’s business landscape. When
this year’s survey respondents were asked how they currently utilize dataand intelligence for various aspects of their finance team, their responses
shed light on the evolving role of technology and analytics in driving strategic
decision-making and operational efficiency.

Invoice exception
handling 53%

Cash flow analysis 60%
Forecasting,budgeting, andplanning 71%

Fraud and compliancemanagement 56%

Improving ﬁnanceand procurement
collaboration 50%

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Best-in-Class Invoice
Processing Cost
Ardent Partners defines Best-in-Class performance as the 20% of enterprises
with the lowest average invoice processing costs, and the shortest average
invoice cycle times. Top-performing enterprises have taken their AP operations
to the next level by leveraging technology to streamline the AP process, makeit more efficient, and enable more strategic activities to be carried out.
Invoice-processing costs, as simple and fundamental as they may be, remaina major benchmark for AP performance because the metric reflects thelevel of efficiency present within the program. Ardent Partners’ research has
shown that Best-in-Class enterprises focus on core processes and leverage
ePayables solutions at a very high rate, which results in invoice processing
costs that are 79.5% lower.

$2.81

InvoiceBest-in-Classost
Processing C

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Best-in-Class Invoice
Processing Time
Best-in-Class organizations leverage the power of automation and efficiency toimprove processes related to invoice receipt, approval workflow, and payment
scheduling. Their ability to master the art of tactical financial operations results
in an average 81% faster time to process an invoice This not only allows Bestin-Class AP groups to take advantage of more early payment discounts andimprove working capital management, but also frees this staff to assist or
support in more strategic financial activity.

3.4
Days

InvoiceBest-in-Classime
Processing T

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Best-in-Class Invoice
Exception Rate
Best-in-Class organizations have long realized and taken steps to mitigate theinvoice exception problem, with only 11.1% of their overall invoices flagged for
issues (60% lower than their peers). Top-performing businesses are actively
spending less of the group’s time hunting down additional information andfilling in critical data gaps for invoices. This has a cascading effect on otherfinancial measures, including and most importantly, a faster time-to-processrate, lower costs, and reduced exposure to payment risk.

11.1%

Invoice
s
s
la
C
in
t
s
e
B
te
Exception Ra

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Best-in-Class Straightthrough Processing Rate
Straight-through processing rates are emblematic of the overall maturity ofan AP operation and the impact of any AP transformation initiative. Invoicesthat avoid human intervention generally speed through all phases of the APprocess with ease. Best-in-Class enterprises have leveraged technology andautomated manual processes with amazing results and report a 2.15x higher
rate of “touchless” invoices as one major advantage.

48.9%

Straights
s
la
C
in
t
s
e
B
ing Rate
s
s
e
c
o
r
P
h
g
u
thro

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Five Pillars of Best-inClass AP Performance
Best-in-Class AP organizations enjoy a compelling advantage over their peers
across all major performance benchmarks. They also achieve a significantly
higher ROI. They align themselves more closely with executives, think about
their processes more holistically, and adopt and utilize technology to a greater
degree, driving better visibility and superior performance. Wherever possible,
Ardent Partners recommends modeling these key pillars as a direct way to
improve performance.

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Continuous improvement

Technology mastery

Process efficiency

Holistic approach

Strategic vision

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Best-in-Class AP Pillar:
Strategic Vision
Best-in-Class AP organizations have a clear strategic vision aligned withbroader organizational goals. They prioritize initiatives that contribute to longterm success, such as optimizing cash flow, enhancing supplier relationships,
and leveraging AP data for better decision-making. Top performers achieve
this by actively engaging with executives to understand business priorities
and align their strategies accordingly. Poor performing AP organizations canattain a strategic vision by fostering communication with finance (and where
possible, executive leaders), regularly validating and updating AP goals andobjectives, and proactively seeking opportunities to align AP activities withoverarching business needs strategies.

Best-in-Class
AP

Continuous improvement

Technology mastery

Process efficiency

Holistic approach

Strategic vision

Strategic Vision

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Best-in-Class AP Pillar:
Holistic Approach
Best-in-Class AP organizations take a holistic approach to AP operations,considering the entire invoice-to-pay process from end to end. They streamline
workflows, eliminate silos, and foster collaboration to optimize efficiency andeffectiveness. This is achievable by managing AP as an integrated function
rather than a collection of isolated tasks. Poor performing AP organizations
can adopt a holistic approach by conducting comprehensive process reviews,
utilizing Ardent Partners’ ePayables Framework, and implementing teams todrive process improvements.

Best-in-Class
AP

Continuous improvement

Technology mastery

Process efficiency

Holistic approach

Strategic vision

Holistic Approach

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Best-in-Class AP Pillar:
Process Efficiency
Top AP performers excel in process efficiency, leveraging automation andexecuting best practices to streamline workflows. They minimize paper
and manual intervention to reduce cycle times and prioritize accuracy andcompliance throughout the process. Achieving process efficiency involves
investing in technology solutions, streamlining workflows, and continuously
monitoring the AP metrics that matter. Poor performing AP organizations canimprove process efficiency by deploying ePayables solutions and driving theiradoption as well as investing in training to enhance employee productivity.

Best-in-Class
AP

Continuous improvement

Technology mastery

Process efficiency

Holistic approach

Strategic vision

Process Efficiency

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Best-in-Class AP Pillar:
Technology Mastery
Best-in-Class AP organizations embrace technology to enhance visibility,
control, and results. They leverage advanced AP automation tools, including
invoice processing software, electronic payment systems, and data analytics
platforms to streamline operations and drive intelligence. Achieving
technology mastery requires selecting the right tools, integrating systems,
and investing in employee training. Poor performing AP organizations canenhance the mastery of solutions by providing training and support to AP
staffers, driving adoption, and selecting modern solutions that offer an intuitive
user experience.

Best-in-Class
AP

Continuous improvement

Technology mastery

Process efficiency

Holistic approach

Strategic vision

Technology Mastery

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Best-in-Class AP Pillar:
Continuous Improvement
Continuous improvement is a hallmark of Best-in-Class AP organizations
that regularly evaluate performance, identify opportunities for improvement,
and implement them quickly. They foster a culture of innovation, encourage
employee feedback, and adapt to evolving business needs and market
dynamics. Achieving continuous improvement involves establishing formal
improvement processes, setting measurable goals, and communicating
successes. Poor performing AP organizations can embrace continuous
improvement by implementing a feedback loop across all key areas.

Best-in-Class
AP

Continuous improvement

Technology mastery

Process efficiency

Holistic approach

Strategic vision

Continuous Improvement

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AP’s Smarter Future Will
Require Bold, New Steps
An AP department’s ability to drive process standardization and generalefficiencies across the entire operation has been a defining characteristicof Best-in-Class performance for the past decade. Another key attribute has
been the ability of top AP teams to digitize their processes and convert a highpercentage of paper invoices and payments to electronic formats. Certainly,
most AP leadership teams view their department’s work on a performancecontinuum, and the transformations they lead are typically multi-year journeys
with clearly-defined milestones, but generally, no final destination — continuous
improvement, after all, is a standard business practice.
Nonetheless, most AP teams have room for immediate improvement this year.
And, what has worked in the past is no longer good enough in 2024; it will
be even less so in the future. This means that AP teams must take bold new
steps if they are to maintain their momentum and pave their way to a smarter
future.

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Appendix
About the Author

Andrew Bartolini, Founder & Chief Research Officer,
Ardent Partners
With 25 years in the industry and 15 years leading the charge at
Ardent Partners, Andrew Bartolini is a globally-recognized expert
in sourcing, procurement, supply management, and accounts
payable. As the Chief Research Officer at Ardent Partners,
Andrew oversees all research and client programs, including
the annual State of the Market and Metrics that Matter eBook
Series’, Technology Advisor Reports, Ardent’s monthly webinar series, as well as its inperson and virtual CPO Rising Summits. Andrew is also the publisher of CPO Rising, thenews and research site for Chief Procurement Officers and other procurement leaders(www.cporising.com).
Advisor to corporate executives and leading solution providers alike, Andrew is a soughtafter presenter, having lectured and presented more than 700 times in ten different
countries. Over the past decade, Andrew has benchmarked thousands of enterprises
across all facets of their sourcing, procurement, supply management, and accounts
payable operation, and his research is currently part of the Supply Chain/Management
curriculum at several US universities. He actively covers the technology marketplace
as well as trends in sourcing, procurement, supply management, and accounts payable
and has been published or quoted in leading business publications including The WallStreet Journal, Business Week, Investor’s Business Daily, Forbes, and Fortune, as wellas the major trade publications focused on accounts payable and supply management.
Prior to becoming an industry analyst, Andrew developed, packaged, deployed, andused supply management solutions on behalf of enterprises in the Global 2000 whileworking for several prominent spend management solution providers. Additionally, his
experience in strategic sourcing (where he managed sourcing projects totaling morethan $500 million in aggregate client spend), business process transformation, andsoftware implementation provides a “real-world” context for his research and writing.
Andrew’s post-MBA work started in management consulting and investment banking
where he structured, managed, and advised on large capital market transactions.
Andrew began his professional career running a homeless family shelter in Los Angeles.
He welcomes your comments at abartolini@ardentpartners.com or 617.752.1620.

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Demographics andMethodology
Report Demographics

Research Methodology

The research in this report is drawn
from 190 respondents representing
the following demographics:

Ardent Partners follows a rigorous
research process developed overyears spent researching the accounts
payable market. The research in thisreport represents the web-based
survey responses of 190 AP andfinance leaders captured between
March and May 2023, and includes
direct interviews with several survey
respondents. These 190 participants
shared their strategies and intentions,as well as their operational andperformance results to help us defineBest-in-Class AP performance andunderstand what levers the leadinggroups pull to obtain their advantage.
This primary research effort was also
informed by the experience andanalysis of the report author and theentire Ardent Partners research team.
Complete respondent demographics
are included to the left.

Job
Function:
47%
accounts
payable; 14% finance/accounting; 13%
procurement; 12% P2P; 10% information
technology; 4% treasury
Job Role: 37% VP-level or higher; 15%
director-level; 28% manager-level;
20% staff-level
Company Revenue: 53% Large(revenue > $1 billion); 29% Mid-market(revenue between $250 million - $1
billion); 18% Small (revenue < $250
million)Region: 62% North America; 31%
EMEA; 7% Asia-Pac
Industry: More than 20 distinct
industries
arerepresented.
Manufacturing, Healthcare, Financial
Services, Technology, and Retail are
the largest industries in the survey
pool; no industry represents more than
15% of the overall survey respondents.

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Ardent Partners:
Research with Results
NETWORKING & BEST PRACTICESRESEARCHRESEARCH WITH RESULTS

SELECT THE BEST TECHNOLOGYADVISORY

MAKE SMARTER DECISIONSBENCHMARK PERFORMANCE

Ardent Partners is a next-generation analyst firm that leverages its data-driven research to help
business executives make smarter decisions and achieve better results. Ardent’s clients (and global
community) understand and appreciate that when we publish research and guide our clients, we do sobased upon literally thousands of data points collected and analyzed over the past two decades. Our
unique primary research methodology, high-impact research publications, and deep domain focus
set Ardent apart from its competition. Our community is expansive, our influence is extensive, and our
research is unrivaled. Visit www.ardentpartners.com.
We deliver Research with Results™. Let us show you what we can do.

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Industry Standard “Fine Print:” The information
contained herein has been obtained fromsources believed to be reliable. Ardent Partners,
Ltd. disclaims all warranties as to the accuracy,completeness, or adequacy of such information.
Ardent Partners, Ltd. shall have no liability
for errors, omissions, or inadequacies in theinformation contained herein or for interpretations
thereof. The contents expressed herein represent
Ardent Partners’ best analysis at the time and are
subject to change without notice.

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