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KPIs (Key Performance Indicators) are a measure of the company’s performance. KPIs may be used to evaluate the company’s performance overall, or within a particular area.
KPIs are quantifiable and can be used to measure whether strategic goals are being met or not. There are no standard KPIs and these need to be customized according to the industry and the company’s strategy and policy as well.
Choosing the right KPIs is vital to be able to make an accurate assessment of performance. KPIs for finance will be thus different from those set for sales.
Defining KPIs involves a two-way process where the KPI is named along with the group or area that is to be evaluated. Process organization or formulating a business process is thus integral to setting KPIs in the first place. Once process is in place, operations can follow smoothly and performance measurement becomes easier.
Analyzing profitability through KPIs
KPIs are set according to different areas within an organization. As a result, an assessment of the KPI for that area, for example Sales, will provide a good idea of the performance within Sales.
Some common finance KPIs which can be used to review profitability are:
Financial data processing
Though this can be done manually by using spreadsheets, financial software can do a more accurate and reliable job. Furthermore, the right financial software also possesses efficient processing and analysis tools so you get accurate reviews from your business data.
At Analytix Solutions, we have significant experience in assisting companies in developing better business plans and boosting profitability through smart goal setting. For more information on our services, please visit us at https://www.analytixaccounting.com or email us at firstname.lastname@example.org.
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