Benchmarking Study Points to an Increasingly Strategic Role for Accounts Payable

Orlando, FL and Greensboro, NC (PRWEB) August 08, 2011

Early results from a new benchmarking study show accounts payable professionals are playing an increasing important role in helping companies operate more efficiently ? from mitigating risk and managing cash to adopting new technologies and operating models.

The study is a joint initiative of the Institute of Financial Operations and APEX Analytix. More than 100 accounts payable, procure-to-pay and financial shared services leaders have participated to date. Sixty percent work for companies who do business globally, and 44 percent process more than 500,000 invoices annually.

?Preliminary results show accounts payable teams are taking on an increasingly strategic role,? says Steve Yurko, CEO of APEX Analytix. ?This is consistent with what we are hearing from our clients across the industry as they look to add value to their organizations by safeguarding disbursements.?

Nearly half of the respondents say their company?s accounts payable function has evolved to a centralized, shared services model that serves multiple business units. An additional 4.3 percent plan to move to shared services in the future. Other key findings: