A financial dashboard is a useful tool for entrepreneurs to keep track of their company’s financial status. It allows users to have a quick view of the organisation’s data by offering graphic comparisons and representations.
Financial dashboards help executives understand the company’s financial situation without wasting so much time going over books and spreadsheets. While they are useful, dashboards are often not the same for all companies, as some have different dashboard needs than others.
To help analyse your company’s financial outlook, here are some of the best financial dashboard ideas.
Cash Flow Dashboard
Not having enough cash is often a problem for businesses, especially for small companies. It mostly happens due to mismanaged cash flow leading to companies using their cash at the wrong times and having none when they need it. Due to this, the company will be at a crossroad.
If your business is suffering from poor cash flow, you can develop a cash flow dashboard that allows you to get a quick view of all your assets, payables, and receivables. With a cash flow dashboard, you can have a better idea of where your money is going.
Actual vs Forecast Expense Dashboard
Business costs can rise and fall over time, depending on many factors. This variance in business costs can be used to forecast expenses. Forecast expenses help companies have a good understanding of how operations will cost in the future.
However, forecast expenses aren’t always accurate, as operating costs such as wages, transportation, equipment, and materials, can change quickly. An actual versus forecast expense dashboard can help companies understand how they are doing in terms of operating costs and find ways to make better decisions for a more efficient operation.
Profit and Loss Dashboard
Without proper accounting and data analysis, companies might struggle to understand where they are gaining or losing. A profit and loss dashboard can help companies understand how their profit varies each month, and which areas they lose profit.
A good profit and loss dashboard will also include all operational expenditures, which can help businesses find ways to reduce operating costs. It’s also useful because it can include tax as a factor.
With a profit and loss dashboard, companies can better understand when their business thrives, which investments are paying off, and if the expenses you pay are helping the company earn profits.
Financial Performance Dashboard
A financial performance dashboard reflects how well a company uses its capital, and if the investments you make are paying dividends for the company. It provides an overview of all the company’s current, short-term, and long-term assets. Of course, it also provides an overview of the company’s liabilities.
It lets you and the company’s shareholders understand how the assets are being managed and judge if any changes are necessary for a better return on assets (ROA) and return on equity (ROE).
Advanced Data Visualisation
Your company’s data can reveal many tricks that can make business better when properly understood and presented. However, analysing data can be tough, especially if you’re not an expert. Data visualisation and storytelling services can help you view your data in a better light and have the wisdom to make smart business decisions. Find a reliable agency that offers these advanced financial services to keep track of your company’s financial status and performance.