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Finance Team metrics and KPIs

What are Finance Team metrics?

Identifying the optimal Finance Team metrics can be challenging, especially when everyday tasks consume your time. To help you, we've assembled a list of examples to ignite your creativity.

Copy these examples into your preferred app, or you can also use Tability to keep yourself accountable.

Find Finance Team metrics with AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI metrics generator below to generate your own strategies.

Examples of Finance Team metrics and KPIs

Metrics for Improve Financial Reporting

  • 1. Data Entry Error Rate

    Percentage of financial entries that contain errors, calculated by dividing the number of inaccurate entries by the total number of entries

    What good looks like for this metric: Less than 1%

    Ideas to improve this metric
    • Implement data validation rules
    • Provide regular training for staff
    • Utilise automated data entry tools
    • Conduct regular audits
    • Create a feedback loop for continuous improvement

  • 2. Reporting Cycle Time

    Time taken to complete the financial reporting cycle, measured from the end of the reporting period to when the report is finalised

    What good looks like for this metric: 15 days or less

    Ideas to improve this metric
    • Automate data collection processes
    • Implement efficient workflow software
    • Streamline approvals and reviews
    • Set clear deadlines for each stage
    • Regularly review and refine processes

  • 3. Report Revision Rate

    Number of times a financial report needs to be revised after initial completion, divided by the total number of reports

    What good looks like for this metric: Less than 5%

    Ideas to improve this metric
    • Standardise report templates
    • Enhance internal review processes
    • Use predictive analytics for forecasting
    • Incorporate real-time financial dashboards
    • Foster better inter-departmental communication

  • 4. On-Time Financial Close Rate

    Percentage of times financial reports are completed within the designated reporting period

    What good looks like for this metric: 95% or higher

    Ideas to improve this metric
    • Set clear and realistic closing deadlines
    • Ensure adequate staffing during close periods
    • Implement parallel closing processes
    • Monitor and address bottlenecks promptly
    • Use performance incentives to motivate staff

  • 5. Cost Of Financial Reporting

    Total expenses incurred to complete financial reporting activities, including personnel, software, and other resources

    What good looks like for this metric: 2-5% of total finance budget

    Ideas to improve this metric
    • Adopt cost-effective software solutions
    • Optimise resource allocation
    • Decrease manual interventions
    • Leverage cloud-based reporting tools
    • Regularly assess and adjust the budget
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Implement these metrics

Tracking your Finance Team metrics

Having a plan is one thing, sticking to it is another.

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to keep your strategy agile – otherwise this is nothing more than a reporting exercise.

A tool like Tability can also help you by combining AI and goal-setting to keep you on track.

Tability Insights DashboardTability's check-ins will save you hours and increase transparency

More metrics recently published

We have more examples to help you below.

Planning resources

OKRs are a great way to translate strategies into measurable goals. Here are a list of resources to help you adopt the OKR framework:

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