Key Performance Indicators
The only way to truly measure your company’s performance, and that of your team’s, is to set up performance indicators that are specific and measurable. Key Performance Indicators (KPI’s) are the key to holding people accountable and are an integral part of performance management.
Every aspect of an accounting department should have a series of KPI’s that they work towards. For example, some of our clients aim to keep Accounts Receivable balances over 60 days old to under 5% of the total. Others look to maintain Days Sales Outstanding to under 35. We will customize a set of KPI’s specific to your business and set goals for your team that will hold them accountable to the business’ goals.
If you need help setting up appropriate goals for your staff to help keep them accountable, call us. For more information about effective KPI’s, please visit our blog posts.