If you’re a business owner, you know how important it is to have an accurate view of your financial performance. Traditional bookkeeping services may offer basic financial statements, but these alone can’t provide you with the insights you need to make informed decisions about your business. To gain a fuller understanding of your financial performance, you need to be able to track Key Performance Indicators (KPIs) that are tailored to your industry.
KPIs are metrics that help you assess the performance of your business concerning specific goals and objectives. Examples of common KPIs for different industries include:
- Retail – Gross Margin Percentage, Conversion Rate, Average Transaction Value
- Hospitality – Occupancy Rate, Average Check Size, Table Turns
- Manufacturing – Production Efficiency, Inventory Turnover, Cost of Goods Sold
- Technology – User Retention Rate, Customer Acquisition Cost, Churn Rate
- Professional Services – Project Completion Time, Client Retention Rate, Win-Rate
Using KPIs tailored to your industry allows you to measure and analyze the performance of your business in comparison to other companies in your sector. This data can give you valuable insights into where you can improve operations and optimize your growth.
At Docyt, we understand the importance of KPIs and have developed comprehensive reports that combine industry vertical KPIs with traditional financial metrics.
Multi-Location Business Reporting with Docyt
Advanced reports like Multi-Location Business Reporting allow Docyt customers unique insights into how their business(s) are performing. With Docyt’s Multi-Location Business Reports you’ll get to see your financials across your locations in one consolidated view. In addition, you can run a comparison P&L and Balance Sheet to see how each location is performing against the other, helping you make faster decisions that drive your profitability. When you are ready to share these reports with your team, they are all easily exportable.
Docyt can also produce Owner’s Reports, which allow the owner of the business to look at their profit and loss categories over specific time periods and compare them to the same time frame from the prior year. Knowing which profit and loss categories are performing yearly helps to generate insights into where you and your company need to focus to accomplish your goals and KPIs.
Take Control of Your Business
When you pair these kinds of advanced insights with the fact that Docyt can leverage the benefits of accrual basis accounting when looking at key financial metrics such as profitability, liquidity, revenue, and expenses you can start to understand the type of clarity Docyt can generate around your company’s financial health.
Take control of your business with Docyt’s Advanced Reporting and talk to us about your specific industry vertical needs as we are constantly enhancing our product to meet industry demands. Our goal is to help you start gaining more significant insights into your financial performance today!
If you’d like to sign up to learn more about how Docyt can help you manage your KPIs, visit the Docyt website to schedule a free consultation today.
