Can you summarise the performance of a business on one page?
Most businesses are able to develop management information within a reasonable period following a month, quarter or maybe year end. The sophistication varies greatly and often the details are produced by a third party. No matter who is preparing the details, the value of the information to the senior management beyond its timely delivery, is its relevance to the day to day running of the business itself.
The goal for any accountant is producing management information that enables senior management to fully understand the performance of the key business activities, hence, the well-known acronym of KPI (Key Performance Indicator). Selecting or developing KPIs for a business requires a thorough understanding of the business and what really matters to its performance.
The challenge for the accountant is to produce a series of KPI results that are easy to understand and can be summarised onto a single page of A4 paper or one screen. The ultimate challenge for the accountant and the systems in place is to make this real-time. This can be achieved across a number of KPIs without too much work but many businesses still rely on some element of paper based processes and this can be the bottleneck in delivering real-time data.
Business dashboards have been around for some time and the software required presenting the business equivalent of a car speedometer, oil gauge and water temperature ranges from Excel to dedicate dashboard and KPI software applications.
The old adage of a picture painting a thousand words applies equally to well-crafted charts, gauges or infographics.
For more information about how KPI and Dashboard software using specialised applications or simply Excel, contact Maria West on 01268 494101 or use email@example.com