Behind the Numbers Archives

26 Mar 2023

Mastering KPI Tracking: Essential Tips for Business Success

YourFrontEOffice Advisory, Behind the Numbers

By Your Front eOffice

Key performance indicators (KPIs) are essential performance measurement metrics for tracking progress towards business goals. They help in decision-making, setting strategic objectives, and evaluating business progress in real-time. To choose the right KPIs, you should ensure that your business goals are measurable, actionable, and have a reasonable time frame. A good KPI should enable you to track the critical success factors related to the goal. KPIs vary from business to business, but they should be actionable, accurately measurable, timely, and impact the bottom line.

Cash flow forecast and gross profit margin as a percentage of sales are two critical KPIs that can help track business growth. Cash flow projections help businesses assess whether sales and profit margins are appropriate, and savvy business owners perform regular cash flow forecasts to identify problems in the early stages and make necessary adjustments. Gross profit margin as a percentage of sales demonstrates total profits compared to revenue and helps quantify how much money a business is keeping against the amount paid out to suppliers.

Other KPIs that can help businesses grow include customer acquisition cost, customer lifetime value, return on investment, sales growth, net promoter score, employee turnover rate, and employee productivity. Businesses should choose KPIs that meet the four criteria of being actionable, accurately measurable, timely, and impactful to their bottom line.

24 May 2022

5 Easy Ways to Automate Your Business to Save Time and Money

YourFrontEOffice Apps, Behind the Numbers, QuickBooks

By Mandy Maas, Your Front eOffice

As a business owner, sometimes it feels like there is not enough time in the day. If you feel overwhelmed with the number of tasks that need to be completed daily, you are not alone.

There are many options to alleviate your workload, regardless of your business’ size. If you want to optimize your business, the first place to start is to decide what tasks you can automate to free up your valuable time and resources.

What is Business Automation?

Business automation is defined as the use of technology to assist in daily business tasks, processes, and projects, with little to no interaction from a business owner. Automating daily and routine tasks can cut operating costs, which is why you will find most business owners utilizing some form of business process automation software in some manner within their business.

30 Oct 2018

I’m Headed to QuickBooks Connect!

YourFrontEOffice Behind the Numbers, Uncategorized

The Bookkeeping Buds to Share Secrets to Success

Do you know when it’s time to grow your business? Is it a gut feeling, or are you going by the books? If you’re thinking about growth, there are very specific steps I’d recommend taking before you dig in.

How much time can you commit? Are you and your team ready for additional hours spent grinding away, and for the training required to learn new systems and processes… even new software or other technology? What about your policies and procedures?

If growth is on your mind, but you’re still not sure what the future holds for your business, you’re not alone. For many business owners, getting the money and bandwidth to turn their dreams into a reality is the hardest step toward growth.

This is where great accountants come in.

Business growth and so much more at QuickBooks Connect!

It’s my pleasure to join some of the greatest minds in the profession at QBC this Nov. 5-7 to discuss topics ranging from onboarding to creating boundaries, to from pricing, growth, and everything in between. I’m especially looking forward discussing insider secrets with my Bookkeeping Buds, and to make some new buds while we’re at it.

Look for us there, tweet at me, or go to YourFrontEoffice for more information about accounting in the cloud!