Day: March 9, 2013

What are your KPI’s and why did you choose them?

Key Performance Indicators diagram

Key Performance Indicators (KPI) are used by organisations to evaluate success and when you choose KPI’s you should follow the smart approach:

S pecific – a well defined goal that is clearly understood by everyone.
M easurable – can you track your progress towards the goal?
A greed – both employer and employee must agree on what the goals are.
R ealistic – can you achieve the goal with the resources provided?
T ime related – will there be enough time to complete the task?

Here are some examples of E Commerce KPI’s

Sales Key Performance Indicators:

  • Hourly, daily, weekly, monthly, quarterly, and annual sales
  • Average order size (sometimes called average market basket)
  • Average margin
  • Conversion rate
  • Shopping cart abandonment rate
  • New customer orders versus returning customer sales
  • Cost of goods sold
  • Total available market relative to a retailer’s share of market
  • Product affinity (which products are purchased together)
  • Product relationship (which products are viewed consecutively)
  • Inventory levels
  • Competitive pricing

Marketing Key Performance Indicators:

  • Site traffic
  • Unique visitors versus returning visitors
  • Time on site
  • Page views per visit
  • Traffic source
  • Day part monitoring (when site visitors come)
  • Newsletter subscribers
  • Texting subscribers
  • Chat sessions initiated
  • Facebook, Twitter, or Pinterest followers or fans
  • Pay-per-click traffic volume
  • Blog traffic
  • Number and quality of product reviews
  • Brand or display advertising click-through rates
  • Affiliate performance rates

Customer Service Key Performance Indicators:

  • Customer service email count
  • Customer service phone call count
  • Customer service chat count
  • Average resolution time
  • Concern classification
Read more: http://www.shopify.co.uk/blog/7365564-32-key-performance-indicators-kpis-for-ecommerce#ixzz2N2vmGuLL

What do UK Businesses use?

  1. Tesco
  2. RBS
  3. BAE Systems
  4. Argos
  5. Centrica

What are your KPI’s and why did you choose them?

steve@bicknells.net

 

 

 

How small companies can comply with RTI for Free

Close up of payslipFrom 6 April 2013 employers will have to start reporting PAYE information to HMRC in real time. This is referred to as Real Time Information – or RTI.

Lin Homer, the Chief Executive of HMRC, said:

“RTI delivers on all fronts. Business costs will be cut by £300 million a year, employees will be taxed more accurately and fraud and error in the tax credit system will be reduced by hundreds of millions of pounds every year.”

If you have 9 employees or less you will be able to use Basic PAYE Tools to comply with RTI for larger business you will need to purchase a payroll system or use a bureau.

Basic PAYE Tools will:

  • record your employees’ details
  • handle mid-year tax code changes
  • work out and record your employee’s pay, tax, NICs and any Student Loan deductions every payday
  • generate the payroll data that you need to send to HMRC in real time, including starter and leaver information
  • produce an Employer payment record that works out how much you need to pay HMRC
  • contain integrated calculators to help you to work out statutory payments such as Statutory Sick Pay and Statutory Maternity Pay
  • transfer employee details from one year to the next so you don’t have to re-enter their details

Basic PAYE Tools does not provide a payslip so here is a template you can use.

A key feature of RTI is to link RTI data and payment information together where employees are paid by direct Bacs. This will reduce errors and improve accuracy, particularly when Universal Credits is introduced. Employers need to use employee bank details to generate the hash cross reference. HMRC appreciate that this may result in a change to business processes for some employers.

The payroll and payment will be linked with a hash created by your payroll solution which contains:

A four character random string which is inserted in field 7 of the Bacs payment record• The sort code of the originator’s bank (6 digits);• The sort code of the recipient’s bank (6 digits)• The amount of payment in pence (-Tax and NI) (11 digits).

This will be sent alongside the tax information to HMRC.

Currently the use of the Hash Cross Reference only applies if you use Direct Bacs

The High Street Banks have not enabled Hash Tags for online banking yet, although this may well change at a later date.

See further discussion on Hash Tags on www.accountingweb.co.uk

steve@bicknells.net