The accountant timesheet is a very important tool used in the operations of any business. This is why evaluating this comes as a must as well.
If there is one thing that all sorts of businesses have in common,
it would be the fact that all of them would have a systemized method to keep track of all of their financial records. No matter the industry that a business would find itself trading in, bookkeeping would definitely be an inevitable part of its operations. This strongly indicates how the accountant timesheet serves as a very important tool in the success of any business.
Since time immemorial, businesses have had their own ways of keeping tabs with their books or financial records. However, with the advent of technology, with analog phones going mobile and digital media format surfacing all over the market, it no longer comes as a surprise how accounting has also become “techie”, in its own way. Still, despite how far off the technology used by a company is, it is still imperative to keep track of the whole system's progress.
You have to remember that the system was developed in such a way that its operations and mechanisms would be aligned with the corporate goals and objectives of the company. Thus, you still need to maintain the progress of the system, to make sure it is still aligned with goals and objectives. You also have remember that with the fast pace the business world moves at, these goals and objectives could fluctuate and change in the blink of an eye. Thus, changes would have to be made accordingly in the bookkeeping process as well.
Accounting KPIs or key performance indicators are then needed to ensure success here. This way, marginal errors – inevitable as they are – can be maintained at a minimum. If you are not really too sure which key performance indicators to use, do not worry too much. Yes, high-end technology may have changed a lot, but all of these are just surface changes. The underlying concept that involves calculations of figures is all the same. Thus, some of the KPIs used for the more techie system of bookkeeping today just might be similar to those used with the traditional method. One of the essential ones is revenue.
Defined in the context of bookkeeping, revenue is the net income of a company when all the overhead expenses and other costs have already been subtracted from the gross income. Including revenue as a KPI, managers just have to check the figures and revenue is then determined conveniently. The higher office can then determine the proper courses of action, should improvement be needed.
Another KPI to consider is yield. A common misconception of managers is that sales figures are the only ones important, that yield is not all too important to look at. Imagine you are a web content writer who needs to complete seven articles in a regular 9-5 shift. You can easily do this because you have found a comfortable pace to work at. However, what if your computer crashes because your company did not really invest in installing antivirus software in your PCs and a virus somehow corrupted the whole network? No matter how productive you are, this productivity remains hypothetical because your computer did crash. Implementing precautionary measures ensures more yield, which should then be another KPI.
These are just some of the important KPIs in evaluating the efficiency of your company’s accountant timesheet. Be sure to have a good set of KPIs so bookkeeping could never go wrong, no matter how techie the system you are using now is.
