Dashboard Reporting – What’s Driving Your Business?

best business accountants

By Ben Hitchings

best business accounting firmIf you’re not immersed in the accounting world, you’d be forgiven for thinking a dashboard is the thing housing your car’s steering wheel and speedometer. But in our world, a dashboard is a nifty business intelligence tool (aka report) that helps you monitor your business performance.

When it comes to business, you can’t manage what you don’t measure. That’s why us accountants get excited by the long list of benefits dashboard reporting provides. But in the interest of sanity, let’s keep it short and sharp.

Here are the top 5 reasons you need dashboard reporting:

1 – It’ll give you improved visibility over your business

It’s important to know exactly what’s going on in your business at all times, especially when you’re not there. Dashboard reporting will show you how you’re tracking in real-time by measuring actual performance against your targets and Key Performance Indicators (KPIs).  Common examples include:

  • Gross Profit ($ and/or %),
  • How quickly you are collection/paying debt
  • Revenue and Profit Trends
  • Year-to-date results

2 – You’ll save time

Forget spending hours on Microsoft Excel.  Dashboard reporting uses software that automatically draws data by synchronising with your accounting software.  Any business performance report you create more than once should go into your dashboard.  Once there, the report can be automatically updated. Goodbye work, hello spare time.

3 – Your results will improve

The true value of dashboard reporting is in its ability to change behaviour and drive (pun intended) business improvement. When you see real-time results, you’ll instinctively start trying to improve them. The dashboard should clearly illustrate successful performance, like a green arrow facing up when you’re doing well and a red arrow facing down when you’re not. When you see red you instinctively want to turn it green. Who said accounting was complicated?

4 – Quick action

When you review your dashboard, you’ll get a neat little one pager summarising your business performance.  This will allow you to compare actual results to targets or previous results to gauge your current position. This puts you in the driver’s seat to act quickly if there’s a problem.  Immediate action means small problems are less likely to become big problems!

5 – Clear insights for better decision making

That old one size fits all method isn’t the best approach, particularly when it comes to business and decision making. Why guess your way through important business decisions that affect your bottom line and success when the answers could be staring you in the face?  Dashboard reporting can help you make smarter, more strategic decisions by keeping you informed at all times.

Now for the exciting part..

Vincents has invested in a dashboard reporting platform that will give you with real time reporting.

This means we can now monitor your business more closely using customised KPI’s and metrics that’ll help you on a day-to-day and long-term basis.

We will be unveiling this product in the coming weeks on our website but wanted to let you in on this exciting news first!

So get driving.

Call us today and we’ll get you started.

Want to know more?

Should you have any questions in relation to dashboard reporting solutions for your business, please contact Ben Hitchings, Business Advisory Senior Manager, for assistance.

An Important Message

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.  Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

 

 

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