Key Responsibility Areas (KRA) & Key Performance Indicators (KPI) for Head Of Accounting
1. Financial Reporting and Analysis
KRA: Ensuring accurate financial reporting and providing insightful analysis for strategic decision-making.
Short Description: Overseeing financial reporting and analysis processes.
- Timeliness of monthly financial reports submission
- Percentage variance analysis accuracy
- Adherence to accounting standards (GAAP/IFRS)
- Quality of financial insights provided
2. Budget Planning and Control
KRA: Developing and managing budgets to align with organizational goals and controlling expenditures effectively.
Short Description: Budget planning, monitoring, and control.
- Variance between actual and budgeted expenses
- Accuracy of budget forecasts
- Identification of cost-saving opportunities
- Budget compliance and adherence
3. Internal Controls and Compliance
KRA: Establishing robust internal controls to safeguard assets and ensure compliance with regulatory requirements.
Short Description: Ensuring internal control effectiveness and compliance.
- Audit findings resolution time
- Number of internal control deficiencies identified
- Compliance with tax regulations
- Effectiveness of fraud prevention measures
4. Cash Management and Treasury Operations
KRA: Managing cash flow efficiently, optimizing liquidity, and overseeing treasury activities.
Short Description: Efficient cash management and treasury operations.
- Cash conversion cycle duration
- Investment yield on excess cash balances
- Accuracy of cash flow forecasts
- Treasury risk management effectiveness
5. Financial Systems and Process Improvement
KRA: Enhancing financial systems and processes to streamline operations and promote efficiency.
Short Description: Driving financial systems improvement initiatives.
- Implementation of automation tools
- Reduction in manual processing time
- User satisfaction with financial systems
- Number of process improvement projects completed
6. Stakeholder Relationship Management
KRA: Building and maintaining positive relationships with stakeholders, including executives, auditors, and regulatory bodies.
Short Description: Effective stakeholder relationship management.
- Stakeholder satisfaction survey results
- Timely response to stakeholder inquiries
- Number of successful stakeholder engagements
- Feedback from external audits on stakeholder interactions
7. Team Development and Leadership
KRA: Providing mentorship, guidance, and development opportunities to the accounting team for professional growth.
Short Description: Fostering team development and leadership.
- Employee satisfaction and retention rates
- Training hours per employee per year
- Team performance against KPI targets
- Number of promotions within the team
8. Risk Assessment and Mitigation
KRA: Identifying financial risks, evaluating their impact, and implementing strategies to mitigate potential threats.
Short Description: Risk assessment and mitigation planning.
- Number of identified risks vs. mitigated risks
- Effectiveness of risk mitigation strategies
- Adherence to risk management policies
- Impact of risk mitigation on financial performance
9. Cost Analysis and Cost Control
KRA: Analyzing costs, identifying cost drivers, and implementing measures to control expenses.
Short Description: Cost analysis and control initiatives.
- Cost reduction initiatives implemented
- Variance analysis of actual vs. budgeted costs
- Cost-saving ideas generated and implemented
- Cost per unit of production/service trend analysis
10. Strategic Financial Planning
KRA: Contributing to the development and execution of strategic financial plans to support organizational growth and sustainability.
Short Description: Strategic financial planning and execution.
- Alignment of financial goals with organizational objectives
- Accuracy of financial forecasts for strategic initiatives
- Contribution to revenue growth targets
- Success in securing funding for strategic projects
