Whiz consulting is a well-known name in the field of accounting and bookkeeping. They have marked their presence in countries like the UK, USA, Australia, etc. They have a team of experts who are proficient in accounting and bookkeeping. Their professionals have strong accounting backgrounds and relevant practical exposure among diversified industries. The team has maintained its expertise and excellence by providing top-notch services to small, medium and large businesses. In a recent interview with Whiz, the top executives stressed the importance of KPI reporting for companies. They added that business owners need to focus on business goals and the achievement of such goals. Without achieving business goals, all the time and efforts go in vain. 

What is KPI or Key performance indicator? 

To understand the true meaning of KPI reporting, it is essential to know key performance indicators. The key performance indicators serve as a quantifiable measure of performance over some time for a specific business objective. KPIs provide targets to businesses, milestones to gauge overall progress, etc. They demonstrate how effectively an organisation is achieving its key business objectives. The senior officials at Whiz added, “KPIs are the measurable values to evaluate the success of a business at reaching its targets”. A business may utilise high-level KPIs to focus on overall performance, whereas low-level KPIs are dedicated to processes across departments such as financials, human resources, sales, marketing, etc. 

Most business owners confuse KPIs and business metrics and use them interchangeably. While both are related, they are not the same. The two can be differentiated as: 

KPIs act as measurable benchmarks against defined goals or specific business objectives or goals or initiatives. On the other hand, business metrics are the measurements of overall business health and serve as good guides to see whether a business is on track. 
KPIs are made up of various metrics to give a full picture of the overall progress. On the other hand, metrics provide support to KPIs in achieving a specified business goal or objective. 

Although the two are quite different, they hold equal importance for businesses. With the above definition, it is clearly understood that KPIs are the measurable values that offer information about business targets, objectives and areas that need improvement. 

What is KPI reporting? 

KPI reporting or KPI report is a system or tool that helps track and analyse the evolution of all the key performance indicators on a monthly, quarterly or yearly basis. KPI reporting provides insights into the business simply and concisely. These reports help business owners to identify strengths, weaknesses and trends prevalent in the organisation. A KPI report is usually presented in the form of an interactive dashboard which provides a visual representation of the information related to the key performance indicators. The senior officials at Whiz added, “KPI reports or KPI reporting in the form of KPI dashboards provides critical insights in a clear and easy format, which makes it easy to extract the relevant information and act upon it”. 

KPI reports are not just associated with identifying strengths and weaknesses. And such reports also come with some extra benefits. Here are specific points of advantages of KPI reporting: 

The data provided by the KPI report highlights which parts of a strategy are working seamlessly and which part needs to be re-evaluated. Such reports challenge business owners’ strategic thinking and ultimately improve their decision-making. 
KPI reports can be used to empower employees by showing them positive results. This will help to boost their morale and improve overall performance. 
The exclusive data provided by KPI reporting or KPI reports gives the option to elaborate on the existing business goals. The business owners can make well-informed decisions regarding improvements. 
The KPI reports help to align the efforts across different departments by setting more explicit goals or objectives. With more precise goals, the employees focus entirely on achieving such goals. 

 

Conclusion 

KPI reporting talks about the core objectives of an organisation. With efficient KPI reports, a business can identify the hidden patterns that will propel the business. However, it can be time-consuming, diverting owners from their main tasks. We at Whiz Consulting can provide support by tracking KPIs and performing KPI reporting for your business. Our team of professionals have relevant expertise and experience and can help contribute to business growth. 
https://www.whizconsulting.net/uk/KPI-services/