What KPIs do Accountants Need?
Traditionally, many accountants have relied on broad revenue indicators to track their firm’s success. This can make it difficult to identify areas for growth. By implementing specific key performance indicators, accounting practices gain a multi-faceted view on their firm’s performance and potential.
In short, there are 3 main KPI areas that accountants need to watch in order to succeed and grow:
- Engagement KPIs: Including churn rate and other measures of client satisfaction and community engagement.
- Revenue KPIs: Accountants should carefully track their ratio of advisory fees against compliance fees and use this to accept the right high-value clients.
- Team KPIs: Including Resourcing, delivery, and efficiency.
Spotlight Reporting CEO Richard Francis has written a comprehensive guide on establishing key performance indicators for your accounting firm. Read the full whitepaper now and learn to measure the metrics that matter.
FCA, CEO of Spotlight Reporting, ex GM of Workpapers for Xero and a Trusted Advisor with over 20 years of advisory experience. As the director of a boutique professional practice, Richard saw a need to improve analysis and forecasting for his clients. This led to the development of Spotlight Reporting, which is now the #1 Reporting and Forecasting App in the Xero Ecosystem.