2022 Benchmarks of Procure-to-Pay Best Practices

This technical report presents the 2022 benchmarks for procure-to-pay best practices, focusing on the significance of continuous recovery audits. It details findings from apexanalytix audits, which indicate that delaying audits results in a 23% reduction in recoveries for each year an audit is postponed. Internal teams reportedly recover 43% less in statement credits and duplicates when audits are delayed. The report includes statistics on the frequency of recovery audits performed by companies, revealing that 60% of respondents conducted an audit within the last year. Additionally, it highlights a case study involving Alaska Airlines, where a recovery audit identified significant recoveries in warranty credits, leading to improved collaboration between accounts payable and supply chain teams. The report emphasizes the importance of timely recovery audits in enhancing financial recovery and operational efficiency within organizations.