Last updated on Mar 14, 2024
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Identify your key accounting metrics
2
Calculate your results
3
Compare your performance
4
Communicate your value
5
Here’s what else to consider
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As an accountant, you know how important it is to show your value and impact with numbers. But how do you translate your accounting skills and achievements into financial data that employers can understand and appreciate? In this article, you will learn how to quantify your accounting achievements with financial data in four steps: identify your key accounting metrics, calculate your results, compare your performance, and communicate your value.
Key takeaways from this article
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Monetary impact metrics:
Showcase your financial prowess by pinpointing the exact dollar amount or percentage your actions added to the bottom line. This makes your contribution tangible, like saying "I boosted quarterly profits by 30%."
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Cost-saving specifics:
Translate efficiency into numbers by detailing how your recommendations cut costs. For example, "My revamp of the expense tracking saved us 20% in overhead costs." It's a concrete way to prove the value of your work.
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1 Identify your key accounting metrics
The initial step is to recognize the essential accounting metrics that are pertinent to your role and industry. These are the figures that gauge your accounting proficiency, precision, adherence, and contribution to the business objectives. Examples of common accounting metrics include revenue, expenses, and net income; accounts receivable and payable turnover; cash flow and working capital; budget variance and forecasting accuracy; audit findings and recommendations; tax savings and compliance; financial reporting and analysis. Select the metrics that best demonstrate your accounting duties and accomplishments, taking into account that they should be in line with the employer's expectations and priorities.
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Pro Tip: It doesn't matter what industry or profession you are pursuing, adding metrics will strengthen your resume.Try quantifying your accounting achievements with financial data by specifying the monetary impact of your contributions. For example, highlight percentage increases in revenue, cost savings, or efficiency improvements resulting from your strategic financial management.Use specific numbers, such as "increased quarterly profits by 30%" or "implemented cost-cutting measures leading to a 40% reduction in expenses."
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Provide specific examples of how your financial strategies or recommendations led to increased revenue.Example: "Implemented cost-saving measures that resulted in a 15% increase in net profit within the fiscal year."Highlight instances where you successfully reduced costs or improved efficiency in financial processes.Example: "Streamlined expense tracking system, resulting in a 20% reduction in
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- Sheraz Baqar Finance C-Suite Leader | I Help Technology, BPO, Consulting, and Software Companies Leverage Financial Data To Drive A 150% Increase In Profitability | xAfiniti | xArthur Lawrence | xAbbott
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In my experience, a Financial Controller prioritizes financial stability and efficiency, monitoring Budgetary Variances for planning, analyzing Gross Margins for profitability, and managing Working Capital for liquidity. Aligned with daily operations, these metrics define the Financial Controller's role.Conversely, a CFO, with a strategic focus on pivotal metrics like Revenue Growth, ACV/CLV, Cash Flows, Shareholders Return, Debt/Equity, and Profitability, drives financial strategy, optimizes resources, and maximizes shareholder value. This dual perspective ensures a balanced financial approach within the organizational framework.
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Monthly tracker of your financial accounting data through means of seeing planned % of the sales or operational profit increase or decrease (eg see your sales targets are met depending on your customer orders or the factory output) ,see savings achieved through available financial project monitoring trackers when you have find cost optimization in your production and planned to give back to the business. (For example "sourcing a reliable yet cost saving raw material to use to convert what you have to the same finish product to see" Gradually each month tracking will lead to your planned financial year close to see how well your business has performed.
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Highlight achievements with percentages, ratios, or dollar amounts.Show how your work boosted revenue, saved costs, or improved efficiency.Use relevant financial metrics like accounts receivable turnover or profit margins.When possible, compare results before and after your contribution.If you surpassed targets, quantify the achievement.
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2 Calculate your results
To calculate your results, you must quantify how much you improved, increased, reduced, or saved in terms of financial data. This can be done by using percentages, ratios, dollar amounts, or time frames. For example, you could have improved revenue by 15% year-over-year by implementing new accounting software and processes. Alternatively, you could have reduced accounts receivable turnover from 60 days to 45 days by streamlining invoicing and collection procedures. You could even have saved $50,000 in tax liabilities by identifying and applying eligible deductions and credits. Additionally, you could have prepared and submitted financial reports and statements within 10 days of month-end, exceeding the industry standard of 15 days. It is important to use reliable and verifiable sources of data such as financial statements, reports, audits, or software to calculate your results. Moreover, it is best to avoid vague or exaggerated claims that are not supported by evidence.
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Showcase your ability to manage budgets effectively, and highlight any instances where you met or exceeded financial targets.Example: "Managed a budget of $X million, consistently achieving budgetary goals with a variance of less than 5%."Quantify your success in minimizing financial risks or preventing financial losses.Example: "Implemented a risk management strategy that reduced financial exposure by 25%."
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- Sheraz Baqar Finance C-Suite Leader | I Help Technology, BPO, Consulting, and Software Companies Leverage Financial Data To Drive A 150% Increase In Profitability | xAfiniti | xArthur Lawrence | xAbbott
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Following a comprehensive financial analysis, the initial focus is to establish tangible objectives and Key Performance Indicators (KPIs) guided by the principle that what can be measured can be achieved. For instance, one may target expanding the Subscription-based customer base to 1500 by September 2024 or increasing the Per GB data price by 0.5% to consumers in a Transaction-based module. Concluding this process, compile and compute business ratios such as Liquidity, Efficiency, Profitability, Leverage, and Market metrics. This approach not only ensures measurable targets but also provides a robust framework for strategic decision-making, underscoring its pivotal role in the financial planning and analysis process.
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3 Compare your performance
The third step is to compare your performance with your previous or expected levels, or with your peers or industry benchmarks. Doing so can help demonstrate how you have exceeded goals, added value, and solved problems with your accounting skills and achievements. Relevant and realistic comparisons should be used, such as increasing net income by 20%, while the industry average was 10%; achieving 100% compliance with tax regulations, while the previous accountant had 5 audit findings and penalties; reducing budget variance by 5%, while the company target was 10%; and outperforming 90% of your peers in financial analysis and reporting accuracy. It's important to refrain from making unfair or negative comparisons that could damage credibility or professionalism.
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Demonstrate improvements in financial processes that led to time or resource savings.Example: "Introduced automation in the reconciliation process, reducing the monthly closing time by 30%."Quantify improvements in cash flow management or working capital.Example: "Implemented cash flow forecasting, resulting in a 15% improvement in working capital efficiency."
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4 Communicate your value
Communicating your value is the final step for showcasing your accounting achievements with financial data. You should tailor your communication to the target audience, such as recruiters or potential clients, and use the appropriate format, like resumes or portfolios. To do this, use action verbs, keywords, and numbers to demonstrate your value. For example, you could say that you “managed and reconciled accounts for over 100 clients, generating $1.5 million in revenue and maintaining 98% customer satisfaction” or that you “coordinated and supervised accounting staff, improving productivity and quality by 25%.” Make sure to use specific and relevant examples that showcase your accounting achievements with financial data; don’t make generic or irrelevant statements that don’t highlight your value. Through these four steps, you can quantify your accounting achievements with financial data and demonstrate your accounting skills and impact to employers.
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Highlight achievements related to successful audits, compliance, or regulatory adherence.Example: "Led the team through a successful external audit, achieving zero findings for two consecutive years."Provide figures on tax savings achieved through effective tax planning or compliance measures.Example: "Implemented tax planning strategies that resulted in a 10% reduction in overall tax liability."
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5 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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