Financial performance

Financial Statements: One way to measure the financial health of any company, including an
accounting firm is using financial statement. By using the financial statements, the firm can keep
record of the financial state of the firm (Kenton, 2023). By comparing each financial year to each
other, the firm will be able to measure if it has made progress toward the goals set by the firm or
not.

Customer service

Surveys: The accounting firm can use surveys given electronically (via email or portal) in conjunction
with a portal for complains on their website to gage the customer service of the firm. The surveys
would question the customer on their level of satisfaction or dissatisfaction on the quality of the
service, on how they were treated during their service and if they would use the service again or not,
with reasons given (Hyslop, 2022). The surveys and portal give the customer opportunity to be
honestly give grievances about the service. All the data from the surveys can be quantified into
specific periods for comparison and measuring customer service.

Internal business processes

Cloud-based accounting technology: The accounting firm can implement cloud-based accounting
technology to measure and increase the efficiency in the internal business process. By using this
technology, clients can submit their documents and receive feedback online and staff members can
share data with each other remotely, saving time and increasing efficiency (Watson, 2019). The firm
will be able to tract how much time each step takes in their service and able to tract if indeed
efficiency is increasing in accordance with their goals and standards.

Potential for learning and growth

Employee training hours: In the rapid changing industry like accounting, there needs to be constant
learning to keep up with the changing standards of accounting and the technological advances used
in accounting in order to better serve clients. This also contributes to the professional growth of
employees, consequently, growth of the firm(Gonsalves, 2022). By tracking the training hours of each
employee, the firm can measure the learning and growth of the employees and firm.

341 words

References

Gonslaves, A. (2022). Understanding a Balanced Scorecard with an example. Available from:

https://thegreygym.com/f/understanding-a-balanced-scorecard-with-and-example?
blogcategory=Training+and+Development (Accessed 09 June 2023)

Hyslop, C. (2022). Measuring Client Experience: 5 Tips For Accounting Firms. Available from:
https://www.glasscubes.com/measuring-client-experience/ (Accessed 09 June 2023)

Kenton, W. (2023). Financial Performance: Definition, How it Works, and Example. Available from:
https://www.investopedia.com/terms/f/financialperformance.asp#:~:text=Financial%20statements
%20used%20in%20evaluating,well%20a%20company%20is%20doing. (Accessed 09 June 2023)
Watson, J. (2023). Top Benefits of Cloud Computing for CPAs And Accounting Firms. Available from:
https://www.acecloudhosting.com/blog/cloud-computing-benefits-cpa-accounting/ (Accessed 09
June 2023)