Learn About Key Performance Indicators (KPIs) to Help Manage Your Business - QuickBooks Enterprise

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Call brief
Kathryn from Fourlane discussed the importance of tracking key performance indicators (KPIs) for businesses, including both financial and non-financial metrics. She demonstrated how to generate and analyze various financial reports in QuickBooks, such as the balance sheet, profit and loss statement, and inventory turnover, to identify trends and make informed management decisions. The webinar highlighted the value of understanding relevant KPIs and using them to monitor business performance and drive strategic decision-making.
Key points
1. Discussed the importance of using Key Performance Indicators (KPIs) to measure and manage business performance, rather than relying on vague hunches.
2. Explained the difference between financial (lagging) KPIs and non-financial (leading) KPIs, and how they can provide valuable insights.
3. Demonstrated how to use QuickBooks reports to analyze the balance sheet, profit and loss, sales, and inventory data to derive meaningful KPIs.
4. Reviewed the calculation and interpretation of the current ratio (1.93), quick ratio (0.83), revenue growth rate (55%), gross margin (46%), and net margin (24.9%).
5. Discussed the importance of tracking the cost of customer acquisition ($47 per customer) and average sale per invoice.
6. Emphasized the need to align KPIs with the company's core business objectives and use them to guide management decisions.
7. Recommended structuring the chart of accounts to provide better visibility into financial data and facilitate KPI analysis.
8. Suggested using the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) metric to meet the needs of banks and investors.
9. Encouraged the use of both quantitative and qualitative KPIs to gain a comprehensive understanding of business performance.
10. Emphasized the importance of regularly reviewing and adjusting KPIs to ensure they remain relevant and actionable.

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