Category: Finance

The payroll function handles high transaction volumes for repeatable activities making it a great target improvements in accuracy, efficiency, and productivity. And as a cost center, these improvements can have a direct impact on an organization’s bottom line. Best in class Payroll metrics can highlight the areas in the payroll function that can benefit from automation, process improvements, and employee training. What is a Payroll Metric?    The payroll function is responsible for more than just issuing paychecks to employees. Payroll departments interacts with other business functions; keeps track of…

The finance function—which can include general accounting, accounts payable, accounts receivable, budget and analysis, cost accounting, financial reporting, payroll, internal controls, treasury, and more—is evolving. In the past, the finance function focused mostly on historical transactional financial reporting such as the balance sheet or profit and loss statements. But the role that the finance department plays in banks is changing. The work is becoming more complex, in part due to regulatory burdens and complex business models. Banks increasingly view the finance function as a true partner to the CEO and…

This article will walk you through the basics of the Financial Close process, also known as the Month-End Closing process, Finance Statement Close process, Accounting Close process or the Financial Reporting process. All of these terms mean the same thing: at the end of the month, quarter and year you count how much money the business made, what it spent and what the bottom line is. The process always consists of the same inputs and outputs no matter what you sell.

The Accounts Payable Department manages and pays the bills of a company. From processing incoming invoices, and ensuring that all of the company’s suppliers are paid in full and on time, the Accounts Payable Department does it all.

So how can your company make sure your Accounts Payable Department is working at tip top shape? By measuring accounts payable productivity and performance metrics, of course! Let’s take a look at a few important examples of accounts payable metrics.

Ultimately, for finance department managers, executives, and senior management, it’s always about the bottom line. The Key Performance Indicators for the Finance Department that matter most to them always involve money – revenue, expense and net income. They get paid to count and analyze the flow of the mighty dollar through their businesses.

In reality, however, the modern Finance Department more closely resembles a factory than a giant money counter with dollar bills raining down from the ceiling.