Finance KPIs, Metrics & Benchmarks

KPIs & Metrics to Measure and Manage Finance Department Performance

Finance

What are Finance KPIs?

Finance metrics and KPIs for focus on measuring the efficiency and performance of the finance department in performing tasks such as financial close, reporting, invoice processing and treasury management. These are not to be confused with financial metrics, which measure the financial health of the business itself (e.g., Profit Margin, Current Ratio, Operating Expense, etc.).

Using KPIs to Manage Finance Department Performance

The finance department is responsible for monitoring the financial health and performance of the company – but how do you monitor the performance of the finance department itself? Poor inbound data quality, error-prone or manual invoicing processes and excessive, low value financial reporting -- among many other things – consume staff capacity and negatively impact cost, work quality and service levels. With the right KPIs in place though, you can effectively manage and improve the performance of any finance function.

KPI's & Data 

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Finance Benchmarking Report

This 48-page benchmarking report includes benchmarking data for 19 Finance Department performance metrics, or KPIs, including Days Sales Outstanding (DSO), Invoices Processed per Employee, a...

Type : Benchmarking Report Bundle

KPI's & Data 

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Finance KPI Encyclopedia

This document defines over 300 Finance Department KPIs, including metric definitions for Accounts Payable, Accounts Receivable, Accounting & Reporting, Budgeting & Forecasting, Expense Manag...

Type : KPI Encyclopedia

Finance Department KPIs: The Top 5

The right finance KPIs will differ based on strategy, audience and objectives. But if you had to select 5 metrics to assess finance department operations for an executive presentation, these would give you a great start:

  1. 1.Finance Staffing Ratio
  2. 2.Finance Expense as a Percentage of Total Revenue
  3. 3.Financial Close Cycle Time (Days to Close)
  4. 4.Cash Conversion Cycle
  5. 5.Accounts Receivable Beyond 60 Days

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KPI's & Data 

int(1)
Finance Benchmarking Report

This 48-page benchmarking report includes benchmarking data for 19 Finance Department performance metrics, or KPIs, including Days Sales Outstanding (DSO), Invoices Processed per Employee, a...

Type : Benchmarking Report Bundle

KPI's & Data 

int(1)
Finance KPI Encyclopedia

This document defines over 300 Finance Department KPIs, including metric definitions for Accounts Payable, Accounts Receivable, Accounting & Reporting, Budgeting & Forecasting, Expense Manag...

Type : KPI Encyclopedia

KPI's & Data 

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Cost per Invoice

The total amount of expense incurred by the Accounts Payable (AP) Department divided by the total number of invoices processed by the AP Department over the same period of time. Total AP Dep...

KPI Type : Cost

Formula : Total AP Department Expense / Total Number of Invoices Processed

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KPI's & Data 

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Collections Connect Rate

The number of outbound dials that are connected to a valid phone number divided by the total number of outbound dials attempted over the same period of time, as a percentage. A "valid" outbo...

KPI Type : Quality

Formula : (Outbound Dials Connected to Valid Phone Number / Total Number of Outbound Dials) * 100

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KPI's & Data 

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Collections Liquidation Rate

The dollar amount successfully collected by the Collections function divided by the total dollar value (i.e., the sum of account balances of new accounts in Collections) of new accounts in C...

KPI Type : Productivity

Formula : (Dollar Amount Collected / Total Dollar Value of New Accounts in Collections) * 100

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KPI's & Data 

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Percentage of Inbound Promises to Pay Kept

The number of promises to pay (PTP) made through inbound calls from delinquent customers that were actually paid/settled divided by the total number of customers who promised to pay on inbou...

KPI Type : Quality

Formula : (Inbound Promises to Pay Kept / Total Inbound Promises to Pay) * 100

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KPI's & Data 

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Percentage of Outbound Calls Resulting in Promise to Pay

The number of outbound calls to customers resulting in a promise to pay (PTP) divided by the total number of outbound right party contacts (RPCs) made by collectors over the same period of t...

KPI Type : Quality

Formula : (Outbound Calls Resulting in Promise to Pay / Total Right Party Contacts Made) * 100

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KPI's & Data 

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SG&A Expense as a Percentage of Revenue

The sales, general and administrative-related expenses incurred divided by the total sales generated by the company over the same period of time, as a percentage. SG&A are the costs that occ...

KPI Type : Cost

Formula : (SG&A Expense Incurred / Revenue Generated) * 100

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KPI's & Data 

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Days Sales Outstanding (DSO)

The number of days, on average, required for a company to collect their outstanding accounts receivable balance (the amount of money owed by customers/clients) from customers. Days Sales Out...

KPI Type : Quality

Formula : (Ending Accounts Receivable Balance / (Average Amount Billed to Customers per Day))

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KPI's & Data 

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T&E Payment Error Rate

The number of travel and entertainment (T&E) reimbursement payments that contain an error (not paid, incorrect amount, applied to wrong employee, not processed on-time, etc.) divided by the...

KPI Type : Quality

Formula : (Number of T&E Expense Payments Containing an Error / Total Number of T&E Expense Payments Processed) * 100

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KPI's & Data 

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T&E Voucher Error Rate

The number of travel and entertainment (T&E) vouchers submitted by employees that contained an error (e.g., insufficient documentation, wrong charge code, missing receipts, etc.) divided by...

KPI Type : Quality

Formula : (Number of T&E Vouchers Submitted with an Error / Total Number of T&E Vouchers Submitted) * 100

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KPI's & Data 

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T&E Expense Payments per Employee

The number of travel and entertainment (T&E) report payments (i.e., expense reimbursements) processed over a given time period divided by the average number of employees processing T&E reimb...

KPI Type : Productivity

Formula : Travel & Entertainment Voucher Error Rate, Travel & Entertainment Payment Error Rate

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KPI's & Data 

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Vendor Payment Error Rate

The number of outgoing payments processed by the Accounts Payable Department that contained an error (e.g., wrong address, incorrect amount, duplicate payment, etc.) divided by the total num...

KPI Type : Quality

Formula : (Number of Payments to Vendors Containing Errors / Total Number of Payments to Vendors) *100

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KPI's & Data 

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Vendor Invoice Error Rate

The number of invoices sent to the Accounts Payable (AP) Department by company vendors/suppliers that contain an error(s) divided by the total number of vendor invoices received by the AP De...

KPI Type : Quality

Formula : (Number of Vendor Invoices Containing an Error / Total Number of Vendor Invoices Received) * 100

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KPI's & Data 

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Percentage of T&E Checks Reissued

The number of travel and entertainment (T&E) checks distributed to employees that must be reissued (due to an error, dispute, etc.) divided by the total number of travel and entertainment re...

KPI Type : Quality

Formula : (Number of T&E Checks Reissued / Total Number of Checks Issued) * 100

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KPI's & Data 

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Vendor Payment Processing Cycle Time

The number of business days required to process an invoice from a company supplier, or vendor, from when the invoice is received by the Accounts Payable Department until it is approved and s...

KPI Type : Service

Formula : (Sum of Vendor Payment Cycle Times) / Number of Vendor Payments Approved and Scheduled to Pay

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KPI's & Data 

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Financial Close Cycle Time

The number of business days required to close the books and submit finalized financial reports to management and regulatory authorities at the end of the accounting period (monthly/quarterly...

KPI Type : Service

Formula : (Sum of Financial Close Cycle Time for Last 3 Months) / 3

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KPI's & Data 

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Finance Expense as a Percentage of Total Revenue

The total expense incurred by the company's Finance Department divided by total revenue generated by the company over the same time period, as a percentage. Total finance expense should incl...

KPI Type : Cost

Formula : (Finance Department Expense / Total Revenue) * 100

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KPI's & Data 

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Finance Staffing Ratio

The number of company-wide employees divided by the total number of Finance Department employees working for the company at the same point in time. Finance employees typically include any st...

KPI Type : Organizational

Formula : Total Number of Employees / Number of Finance Department Employees

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KPI's & Data 

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Invoices Processed per Employee

The total number of invoices processed (i.e., received, input and paid/pended/denied, or scheduled for payment) over a certain period of time divided by the total number of Accounts Payable...

KPI Type : Productivity

Formula : Number of Invoices Processed and Paid to Vendors / Average Number of AP Employees

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KPI's & Data 

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Percentage of Payments with Purchase Orders

The number of payments processed by the Accounts Payable (AP) Department that were accompanied by an approved purchase order (PO) divided by the total number of payments processed by the AP...

KPI Type : Quality

Formula : (Number of Vendor Invoices Paid with an Approved Purchase Order / Total Number of Vendor Invoices Paid) * 100

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KPI's & Data 

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Accounts Receivables Beyond 60 Days

The dollar amount of accounts receivable (i.e., money owed to the company) that are 60 or more days past due at a certain point in time divided by the total dollar amount of accounts receiva...

KPI Type : Quality

Formula : (AR Balance 60 or More Days Past Due / Total AR Balance) * 100

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KPI's & Data 

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Cost per T&E Report Processed

The total cost (labor, technology, processing fees, etc.) related to processing and paying out travel and entertainment (T&E) expense reports from company employees over a certain period of...

KPI Type : Cost

Formula : Total T&E Report Processing Expense / Total Number of T&E Reports Processed

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KPI's & Data 

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Percentage of Invoices Received on Paper

The number invoices received (from company vendors/suppliers) received on paper by the Accounts Payable (AP) Department divided by the total number of invoices received (electronic, paper, P...

KPI Type : Quality

Formula : (Number of Invoices Received on Paper / Total Number of Invoices Received) * 100

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KPI's & Data 

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Collections Revenue per Collections Agent

The total revenue generated (amount collected minus any amount paid back to original creditor) by the Collections function over a certain period of time divided by the number of collections...

KPI Type : Revenue

Formula : Total Collections Revenue Generated / Number of Collections Agents

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KPI's & Data 

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Collections Revenue per Account

The total revenue generated (amount collected minus amount paid back to original creditor) by the Collections function divided by the number of delinquent accounts managed over the same peri...

KPI Type : Revenue

Formula : Total Collections Revenue Generated / Number of Delinquent Accounts Managed

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KPI's & Data 

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Profit per Account in Collections

Gross profit (total revenue minus total operating expenses) earned by the Collections function, or agency, divided by the number of delinquent accounts managed over the same period of time.

KPI Type : Revenue

Formula : Profit Earned / Number of Accounts in Collections

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KPI's & Data 

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Accounts per Collections Employee

The total number of delinquent accounts managed by the Collections Department, or agency, divided by the total number of employees working in the Collections Department (includes administrat...

KPI Type : Productivity

KPI's & Data 

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Labor Expense as a Percentage of Total Revenue

The employee compensation-related expense incurred divided by the total dollar amount of revenue generated by the company over the same period of time, as a percentage.

KPI Type : Cost

Formula : (Labor Expense Incurred / Total Revenue Generated) * 100

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KPI's & Data 

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Percentage of Invoices Received as PDFs

The number invoices received (from company vendors/suppliers) in PDF format by the Accounts Payable (AP) Department divided by the total number of invoices received (electronic, paper, PDF)...

KPI Type : Quality

Formula : (Number of Invoices Received as PDF / Total Number of Invoices Received) * 100

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