My key KPI is a weekly content series where we ask CFOs and FDs what metrics and measures they use to drive their businesses forward.
The aim is to understand how different finance professionals across a broad array of industries and sectors use data to inform their decision making.
In this week's edition, we speak to Tim Amey, global financial controller of Western Global.
My key KPI: Inventory levels
In his recent star turn for AccountingWEB’s international expansion webcast, Tim Amey of Western Global drilled into which metrics he monitors.
Western Global provides portable tanks and dispensing equipment for the safe storage and handling of fuels, lubricants, and other fluids. It’s the market leader in the UK and has recently looked overseas to keep growing.
For Amey, the global financial controller, operating in numerous countries offers a challenge: how to keep on top of Western Global’s finances across these different territories. Software helps, he explained, and specifically he uses NetSuite.
“On my home screen, I have dashboards featuring the key information I’m monitoring. I can see every single sales order generated that day by the business. I then have a general idea where my revenue will be for this month and the month after.”
Aside from sales, Amey also focuses on inventory levels. “We have a global supply chain, so we have to move inventory from China, India and Eastern Europe. We need to keep on top of inventory and what the demand is and what the sales are driving.”
And then there’s the classic: cashflow. “I need to know my team is on top of their cash collection. As our business has scaled, because we need stock on the ground in our locations, there’s a big working capital draw, so cash for our business is really key to grow.
“I have weekly cash calls going through my accounts receivable balances. Then I can speak with the general managers at the subsidiaries. If I wait until the end of the month, that’s another three weeks potentially where we won’t be getting money in from our customers.”