Benchmarking is an important tool that finance organizations use to stay competitive. It allows them to determine the value of adopting best practices and changing business processes. To assess the trends in the finance function and identify best practices, APQC (formerly known as The American Productivity and Quality Center) has evaluated the performance of over 130 finance organizations. The study included these key processes:
- Financial strategy and planning
- Internal controls
- Treasury
- Revenue accounting (order to cash)
- General accounting
- Fixed assets and project accounting
- Accounts payable and expense reporting
- Tax
- Payroll
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