FINANCIAL DASHBOARD ESSENTIALS




Published Apr 25 2018

In today’s digitalized world, business dashboards are becoming popular day by day.  Maybe you are unaware about the uses of the dashboard and the benefits of introducing a dashboard in your organization. Either you are running a small business or a startup company; dashboard helps you to improve the operations of your organization in many ways. In this article, we will guide you about the purpose of the dashboard and its advantage in improving your business.

Businesses actually adopted the term dashboard from automobiles. In automobiles, there is a Check-Engine symbol that helps you in visualizing how fast you are travelling, how much fuel you have in your tank and more. Similar to this, there are millions of factor in your business that helps in improving your organization’s performance. The purpose of dashboard is to provide real-time results by aggregating and extracting value from all the data, known as Key Performance Indicators (KPIs). It displays the data into more manageable chunks of visual information that lead to better decision making on the basis of what is going right or which area there is some improvement needed. Decision made after analyzing dashboard can make dramatically huge impact on your business performance. It’s a coming saying that Dashboard provides real-time results by extracting from all the data you collect.

Making decisions on the basis of multiple financial reports is a tough task. A real-time accounting dashboard aggregates all the accounting and finance metrics in one place. Dashboard turns traditional reporting into something more interactive that can stimulate tactical and strategic conversations with colleagues, owners, or managers.

If these features fascinate you then the next step is identifying the suitable tool from all the available tools. Here are few tips that assist you in selecting the best one.

  • What accounting system or packages are supported by the selected tool?
  • What sort of data sources are supported by tools? Depends on your demand are you looking only for standalone analysis for example; financial dashboard or you will need compile tools for non-financial KPIs alongside Sales pipelines, production volumes, web traffic, HR surveys.
  • Who are the dashboards being designed for, and how will they is consumed?
  • How accurate and immediate do the charts and graphs need to be? 
  • Will it be a performance-monitoring tool only, or are you looking for forecasting, budgeting and scenario planning tools?