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Free Webinar

Join me for "AI for Accounting"

​📅 Date: June 18, 2024
🕔 Time: 5:00 PM to 6:00 PM (UK Time)

​Hosts:

• ​David Kearney, CEO of Numra
• ​Nicolas Boucher, AI Finance Club

​Why Attend?

• ​Learn how AI can help in accounting
• ​See real-world examples of AI in action
• ​Get tips on starting AI in your accounting practices
• ​Discover the future of accounting with AI

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Top 20 KPIs You Must Know

KPIs provide valuable data that can be analyzed to make informed decisions about resource allocation, strategy adjustments, and other critical aspects of business management.

In my 15 years working for big companies like PwC and Thales, I have used different KPIs to measure the performance of the processes, and I've seen which one can bring the most value to your organization.

Here, I will reveal 3 underrated KPIs.
I also added why, and when you need to use them.

1. Inventory Turnover

Description: The number of times inventory is sold and replaced during a period
​Formula: Cost of Goods Sold / Average Inventory​
Why you need to use it: To optimize inventory levels and reduce holding costs​
When you need to use it: Review it at least quarterly or when you see your cash flow being tight and you are looking for ways to improve your liquidities

2. Invoice Processing Time

Description: How efficiently accounting is at processing invoices
​Formula: Total invoices processed / Total time spent on invoice processing​
Why you need to use it: To improve operational efficiency and reduce processing costs​
When you need to use it: When you need to give a target to your Accounts Payable team and monitor their performance

3. Employee Productivity

Description: Overall productivity and efficiency of the workforce
​Formula: Total Productive Hours / Total Worked Hours​
Why you need to use it: To identify areas for improvement and boost productivity​
When you need to use it: Continuously monitor and improve workforce efficiency, especially in response to significant changes in workforce structure, such as restructuring, hiring, or layoffs. Moreover, when planning training programs to identify areas needing development and after implementing new processes or tools to measure their impact on productivity.
​

You can read the whole article and learn about the remaining 17 KPIs, such as the Working Capital Ratio or lesser-known ones like the Innovation index.

Also, in the article you will learn about the differences between KPIs and OKRs on my website.

I am curious to know if you have already applied some KPIs in your organization and what the results were.

Let me know!

I hope you enjoyed this email.
I felt it was important to share these practical insights with you.

Looking forward to reading your questions and responses!

Nicolas

P.S.: Accelerate your career and secure your job by becoming irreplaceable with my self-paced course. The promotion will end on Thursday, so don't wait any longer and take control of your career. Save 25% and get my course!​