Procurement KPIs
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Invoice cycle time
Invoice cycle time
Invoice Cycle Time refers to the duration it takes from the receipt of an invoice to its processing and approval for payment.
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The average time for an Invoice lifecycle

KPI Definition

Invoice cycle time refers to the duration it takes from the receipt of an invoice to its processing and approval for payment within an organization's financial systems

Business Value

The Invoice cycle time is used by a business to evaluate the time it takes on average to complete an invoice cycle

Movement Direction

Sample Formula

AVG (Invoice_Payment_Date - Invoice_Issue_Date)

Should Aim For
1
This metric should move down ie., decrease with time
2
3
Track Similar KPIs
General Ledger accounts
General ledger accounts are individual accounts used to record financial transactions
Running Projects
The projects which are ongoing
Delayed PO Payment
the payment for goods or services provided under a purchase order (PO) is postponed
Payment
total amounts for all payments
Delayed Non PO Payment
the payment for goods or services provided without a corresponding purchase order (PO) is postponed
Delay in payment
time delay for payment
Contracts updated
the process of updating or renewing contracts is postponed beyond the expected or agreed-upon timeframe.
Cycle time for invoice posting
the duration from when an invoice is received to when it is processed and recorded in the organization's financial systems.
Preferred vendors
suppliers or vendors that have been designated as preferred
Project Amount
total monetary value assigned or budgeted
Unutilized Project Budget
the portion of allocated funds or resources for a procurement project
Target cycle time for project closure
ideal timeframe within which the procurement project should be completed
Projects
Projects refer to specific initiatives or endeavors undertaken
Project estimated saving
Project estimated saving
Project Cycle time
Project cycle time refers to the duration it takes to complete a specific procurement project
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