A dashboard is an At-a-Glance Snapshot of the economic reality of the numbers inside your company. The benefits of a Financial Dashboard are:
- Provides a better and more effective visual overview
- Integrates all financial statements into a one page report
- Helps identify and analyze trends, particularly in the area of receivables and payables
- Non financial people get it right away when they see info presented in this format
- Results improve because you integrate info from financial statements into operations
Key Performance Indicators or KPI’s are the building blocks of a dashboard. A KPI is a measure of performance to help an organization evaluate how successful it is towards meeting its long term goals. What is important to measure depends on the department. There are two types of KPI’s, financial and operational.
- Accounts receivable percentage over 90 days old versus prior month
- Average days outstanding for receivables versus prior month and year
- Average payable period versus prior month
- Average sales per employee current month & year to date
- Profit per employee
- Sales for current month versus last year
- Number of new customers this month versus last
- On time delivery percentage
- Days without an accident
- New accounts gained versus accounts lost
- Sales call per week
- Cause of loss of customers
Choosing the right KPIs is reliant upon having a good understanding of what is important to the company.
YOUR CFO CAN HELP YOU MAKE THE RIGHT CHOICES
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