In today's business world, having key information at your fingertips is critical for making quick decisions. Dashboard reporting is the ideal solution, providing all the relevant information you need in one place.
Dashboard reports are a one-page snapshot of the live results of a business and how it is performing against the key metrics that your business is measured against. They provide business owners and managers with quick and easy to understand real-time insights and analysis that help with better decision making. They also provide a review of the bigger picture of business operations, while highlighting the key issues, risks and trends in the business.
For dashboard reporting to be meaningful, it is important to understand which information should be included on the dashboard. When planning your dashboards you should decide whether you need more than one dashboard. Which key areas should be monitored? For example, do you need to measure your stock? etc.
What to include in a dashboard report will vary for each business, but there are some fundamentals that should be included for every sector:
Often you can link your dashboard reporting directly to your cloud accounting software such as Xero and this will display your real-time financial results such as revenue and expenses.
Work in progress
Customer orders received, orders in progress, etc. This can include the amount of stock on hand and business efficiency such as stock turnover, debtor days, creditor days and inventory days.
A good dashboard report will show you how quickly you are spending your cash and enables you to make the right decisions at the right time, to help with liquidity.
Key business drivers
Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common examples of business drivers are salespeople, website traffic, marketing leads, lead conversions, number and price of products and/or services sold, etc.
Key business risks
Identifying areas of weakness within your business and displaying it in an easy to understand format, will allow you to take control of the areas of your business that are putting you at the biggest risk.
Businesses often require the expertise of their external accountants to assist in the planning and designing of a dashboard report. To discuss the dashboard options for your business, please contact us.