If you’re not sure whether your financial setup is actually helping your business grow, or just keeping the books, this checklist is for you.
Whether you’ve got an in-house CFO, a Controller, or a virtual CFO (like us), the goal of financial leadership should go beyond producing reports.
It should help you make better decisions, faster. And that’s exactly what key performance indicators (KPIs)are meant to do.
Not sure where you stand? This KPI checklist will help you take a closer look at how your finance function is performing.
Are Your Reports On Time?
Let’s start simple. Are your monthly financials showing up on time, every time? If you’re still waiting until the end of the following month—or later—to get your numbers, that’s a problem. You can’t make confident decisions without timely data. Your month-end close should be quick, repeatable, and improving over time.
Are Your Numbers Actually Clean?
Getting reports is one thing. Getting clean, reconciled, accurate reports is another. Are your balance sheet accounts reconciled every month? Do you see weird fluctuations or journal entries that don’t make sense? If your numbers are messy, your decisions will be too.
Do You Have Visibility Into Cash Flow?
Cash flow is where so many businesses get caught off guard. You need to be looking ahead, not just backwards. A rolling 13-week forecast can help you stay ahead of surprises. Even better if you can see how things change under different revenue or expense scenarios.
Is There a Budget… and Are You Using It?
You shouldn’t be flying blind each month. A solid budget (and a system for checking actual results against it) gives your team focus and accountability. If variances are popping up, your financial team should be flagging them and helping you understand why.
Are You Getting Strategic Advice or Just Reports?
A good CFO doesn’t just hand you numbers. They ask smart questions, spot patterns, and offer ideas. Maybe it’s time to rethink pricing. Maybe margins need work. Maybe you’re ready to hire, but not quite yet. Your financial partner should be part of the strategic conversation, not just the clean-up crew.
Are You Tracking the Right KPIs?
This one’s big. KPIs should be more than vanity metrics. They need to tie into your actual business model, like client retention, revenue per employee, or gross margin per job. And they should be reviewed consistently, not just dusted off for board meetings.
Are Your Systems Working for You or Slowing You Down?
If your close still relies on spreadsheets and manual entry, it might be time to upgrade. Automation and well-integrated tools save your team hours and reduce the risk of mistakes. A strong finance function is built on reliable systems, not duct tape.
Is There a Strong Team Behind the Scenes?
Even if you’re working with a virtual CFO, someone should be making sure your accounting team is trained, accountable, and supported. Is your bookkeeper getting guidance? Are tasks clearly assigned? Are people cross-trained in case someone takes time off?
Are You Protected From Risk?
Who’s keeping an eye on financial controls? Are there clear approval processes? Is someone reviewing vendor activity, watching for fraud risks, and preparing for audits? Your financial team should help protect the business, not just report on what already happened.
Is Communication Clear and Consistent?
And finally, how’s the communication? Are things being explained in a way you understand? Are your questions getting answered? Strong financial leadership doesn’t just show up in spreadsheets, it shows up in clarity, follow-through, and trust.
Here’s Your Shareable KPI Checklist
This is your quick-glance recap. You can copy, print, or save it for your next leadership meeting.
☐ Are your monthly financials delivered on time
☐ Are balance sheet accounts reconciled and clean
☐ Do you have a rolling thirteen-week cash flow forecast
☐ Are you tracking budget versus actuals each month
☐ Is your CFO offering recommendations, not just reports
☐ Are you consistently reviewing KPIs that matter to your business model
☐ Are your financial systems efficient, not manual or outdated
☐ Is your accounting team supported, structured, and scalable
☐ Are you proactively managing financial risk and internal controls
☐ Is your financial communication clear and actionable
If you’re not checking most of these boxes, it might be time for a change.
At Fleming & Associates, we offer outsourced CFO services that help small business owners make smart, strategic decisions without the pressure of hiring a full-time CFO.
Our KPI checklist is a great place to start.
Want to talk through what’s working and what’s not?
Let’s set up a consultation and see how we can help.
You can use the easy calendar over on our contact page here.
Until next time!
