Growing Your Business

Q & A: We asked 7 TaxBuzz accounting experts to share their most important financial key performance indicators (KPIs) for small business owners.

11/29/2016

The evolution of cloud and real time accounting has made it much easier for business owners to monitor the health of their business through financial KPIs. We posted a question to our network of TaxBuzz CPAs and accounting experts and they shared the following KPI advice.

Expat tax expert CPA Bret Willoughby shared -

"Cash in the bank is the most widely used KPI. If the owner is sweating bullets because cash is low it is because the bills are piling up and/or the customers are not paying or not buying. If the owner is able to pay a bonus or take a larger than normal draw and the owner has not just received a loan then typically profits are up or the busy season just ended."

Richland tax coach Pamela Mitchell shared –

"These are the most important KPIs:

Income: How much money are you generating? How can you increase sales?
Expenses: How much money are you spending? How can you decrease expenditures?
Profit/Loss: Are your expenditures more than your income? (We certainly don't want that!)
Liquidity: Do you have enough CASH on hand to pay your debts?

There are many million-dollar start-ups who had to close their doors because they couldn't pay the bills."

Fullerton accounting firm Tandy Consulting shared -

"Depending on the business, I think all KPI's as a whole are important and should always be tailored to fit your company. Restaurants need a different KPI setup than an Amazon seller or a Service Station. Use software to your advantage, activate those that have meaning, deactivate those that do not. Also, remove the KPI's the owner's don't understand. If nobody get's it, you are wasting valuable time. The most important indicator I feel is often overlooked is the "draw, distribution, etc." account. The first question clients always ask is, "where is my money, I show a profit". A profit is always great to see, don't forget about the balance sheet hiding the actual cash flow.

Kennesaw accounting pro Carey Gay offered -

"While each company is unique, the most important KPI to monitor is cash flows. The way a company manages cash flow can lead to the success or failure of the company. While monitoring the cash flows is important, it's vital that the business owner understands what the KPI's mean and how they stack up to similar companies. This is where accountants become invaluable to the small business owner. They can not only calculate the KPI's, but they can determine whether they are high or low based on industry standards."

Grand Prairie based Lorra Brown at LBE Consulting, LLC shared -

"The key performance indicators (KPIs) that I consider most important for small business owners to monitor are the following:

SALES FORECASTING - Start-up sales forecasts need to be reworked from the businesses actual operating performance, these sales forecasts need to be realistic.
GROSS PROFIT MARGIN - It's important to keep up with whether you're maintaining an adequate profit margin to sustain the business. Business owners need to calculate and track gross margins by product or service, by customer (or customer group) or by job.
CASH FLOW FORECASTING - Cash flow management makes the difference between success and failure for your business.
ACCOUNTS RECEIVABLE (A/R) - Accounts receivable forecast compare the business to trend and benchmark data of other businesses similar to theirs and industry benchmarks. This will help them identify needed adjustments to the businesses credit and collection policies.
ACCOUNTS PAYABLE (A/P) - Sometimes an accounts payable problem arises suddenly. But more often problems develop over time and can be corrected before they become crises. The business should review their accounts payable and develop a plan to resolve payment issues and prevent them from occurring.
INVENTORY - For many businesses, inventory is a major draw on operating capital and cash flow. Forecasting inventory needs and evaluate your inventory financing options from suppliers, local banks, and commercial lenders."

Duluth accounting expert Joshua Standley shared -

"Cash is king. You need to be able to understand your cash flow to be able to plan for the future."

Enrolled Agent Tony Proctor shared –

"Profit and Loss and Cash Flow. Just because cash is in the bank may necessarily mean that you can spend it, nor that your business is profitable."

These are just a few of the financial KPIs your business should get to know well. As mentioned, every business is different, and working with a qualified accountant can get you a clearer picture of where your business as been, where it is now, and where it will be the future.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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