Which KPI Goals Should You be Tracking In Your Close?

There is an old adage “What gets measured gets managed,” however, it is also true that if you are measuring the wrong things you will end up managing the wrong things.

What Finance & Accounting KPIs Should Be Tracked?

Ultimately, for accounting & finance teams, the financial close KPIs you track are up to you; however, there are a number of common KPIs that our customers use to help them manage their financial close processes. The biggest problem we often see is that many companies, especially ones with Shared Services Centers, start at the operational level naturally, but never make it to the strategic level to ensure proper alignment across the business.

A few questions to consider here:

• Do your financial operations have a business strategy for the financial close from the CFO?
• Are they tied to your current or future state?
• Are your metrics or the generation of such metrics aligned to the company plan to deliver on that strategy?

KPIs Measure Time, Effort and Quality of Work

For finance and accounting teams, we break down the key financial close KPIs for each part of the close process and show you how to effectively measure the time, effort and quality of your financial close. Once you have decided on the KPIs that matter most to you and your business, you need to ensure that you aren’t just spending all of your time collating and compiling this information. The information needs to be there for all the different steps of the close process when and where you need it.

In this eBook, we explore what is meant by KPIs, which KPIs you should be tracking, and how to achieve those with the use of automation. In other words, making sure you are measuring and managing the right information across your business.