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Knowledgebase » Volume 2 (2009) » Update 5 Key Metrics for Reducing Errors and Cutting Costs in Accounts Payable
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Mark Twain famously wrote that the three kinds of mistruths were lies, damned lies, and statistics. If he were alive today and analyzing the enterprise business world, he may well have added metrics to the list. |
Categories: Accounts Receivable/Accounts Payable, Financials, Project Management
The problem isn’t that companies aren’t using metrics, according to Jonathan Casher of Casher Associates, an accounts payable (AP) and procure-to-pay expert and consultant. The problem is that many companies are using the wrong metrics — or using the right metrics incorrectly.
“People spend a lot of time spinning their wheels trying to satisfy some management reporting requirement without understanding why they’re doing what they’re doing,” says Casher. “If you’re doing a project, you need to know whether you’re on track. If you’re running a department or process, you need to make sure that department or process is under control. You also have to make sure you’re accomplishing your goals.”
Casher, author of a recent whitepaper called “Must Have Metrics,” shared his thoughts on developing appropriate metrics for AP team members at companies using SAP systems. In this article, based on portions of that white paper, he shares five “must-have” metrics for reducing errors and cutting costs from AP departments.
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