Business Benchmarking Tools Accountants Use

Accountants use various forms of  business benchmarking tools in their role as business advisors. We did a telephone survey of the top 250 accounting firms in NZ to get an understanding of what accountants are using for business benchmarking and the problems they have.

It’s been interesting to see the comments…

• We use Waikato benchmarking but it’s too bulky, would like to get it electronically
• Always looking for systems that make it easier to extract information and easy for clients to understand
• Using Ranqx but it could do to be more granular

The results certainly show that there is an appetite for some better options.

Here is a summary of the business benchmarking survey results:

 

The leading source of benchmarking data is the University of Waikato Benchmarking Survey, with other sources a long way behind. However, it is clear from comments that many don’t like bulky format the University of Waikato Survey as a thick volume of sheets of data.

Another key finding is that many accountants responded that they don’t do benchmarking. In a time when most are saying that they are business advisors!

Great news! Here are some better solutions for business benchmarking…

1. We have digitised the available data from the IRD’s benchmarking and Statistics New Zealand. This is publicly available data, so we are making it available to you in a friendlier format. Click here to view
2. Even better, for those who subscribe to the University of Waikato’s Survey, on request, and for a fee, we can supply the key data in a similar visual format online for 2015 and 2016.

Use this easy-to-understand visual tool to illustrate to clients where their business sits. Then start the conversation about how to improve their position.

Then quantify the financial benefits of potential improvements of key KPIs by teaming this with SMEtric’s Business Value Calculator.

With this tool you can input the most recent financials and, from the benchmarking sources, input the identified key KPIs for the client’s industry. Then you can watch the interactive calculator work out the profit, cash flow and improved business value that should result from improving margins, sales productivity and working capital.

To see an example for a client Click Here

Just think how a real-time demo with a client can open up the conversation for business advisory opportunities!

For further information, call Warwick on 021 951 076 or email warwick@smetric.co.nz