30 May 2021
Money, it makes the world go round and it’s the lifeblood of your business. Without a positive cash flow, how will your business survive? At this very moment, do you know exactly what your business finances look like or how much is your war chest? Then you need a finance dashboard.
Most companies are working with massive financial data sets that are fragmented over several areas. This can include an ecommerce site, POS system, payroll software, and direct sales numbers. The finance department has to painstakingly correlate all of that information, which can potentially lead to serious errors.
Financial dashboards go beyond profit, loss, and turnover – providing a window into how your company is operating at any given time. The right insights at a glance.
There is massive pressure on finance departments to manage more than ledgers. Often, they are integral to the company’s forward financial planning, sales initiatives, and strategy. But with the weight of an entire business on their shoulders, how can they deliver the best insights possible?
That’s where data correlation and financial dashboards come into play. By using a system like Qlik Sense, the financial department and CFOs can easily pull through data from various sources into a single ledger. Instead of having them sift through countless spreadsheets to find a specific piece of data, it’s all in a central location.
Besides, centralising your financial data helps every single department. Your sales team might need to look at the June 2017 profit from those fidget spinners 🪀 your company decided to try and sell (spoiler alert: the stock is still in your warehouse) and won’t need to bug the financial department for the numbers or dig through dusty boxes of invoices.
A financial dashboard can display every piece of information you need, in near real-time, and in the way you want it. The best solutions are easy-to-use and shouldn’t require users to know any coding.
That doesn’t mean that a financial dashboard has to be a walled-off system, keeping the finance department safe and secure from middle management queries. With Vizlib Collaboration, every part of the company can interact, leave notes, and chat about the data without leaving their Qlik Sense dashboard. Who doesn’t want to cut down on endless meetings and video calls?
Once the team has gathered all the data together from every part of the business, they can create powerful visualisations from the information.
Vizlib Library helps the finance team, and those from other departments, display data in a more impactful way. Visualising financial data makes it easier to gauge the strengths and weaknesses of your business and where it needs improvement. By creating customised KPIs, such as for your MRR metric, your key finance insights become clearer and ready to spark fast decisions.
Are you ready to simplify and streamline your financial reporting? Book a demo with our helpful team today!
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