Business

4 Reasons Why Accounting Dashboards Are Essential To Your Business

An accounting dashboard is the front-end view – or a summarized view – of all your key accounting data from your books of accounts, your inventory logs, and perhaps your CRM. In other words, an accounting dashboard centralizes – on the cloud – all key data to give you better business insights and better control.

These key data points or key performance indicators were chosen for the dashboard differ from one company to the next. For example, financial KPIs that some companies are likely to include in their accounting dashboard include net profit margin, gross profit margin, and operating profit margin. Another company might focus on the current ratio, working capital, and cash conversion cycle.  You get an accounting dashboard as part of an accounting software package.

If you are wary of change and have concerns about the accounting software trend being just a gimmick gone viral, worry not because you can test it for yourself. Simply opt for a free UK accounting software trial. After your free UK accounting software trial has concluded, you can opt for a pay-as-you-go model that does not call for large upfront investment or tie you down in any way.

Here are 4 compelling reasons to start your free UK accounting software trial right away. We’ve also thrown in tips on how to test if the software will bridge these 4 gaps while you are amidst your free trial before you sign up.

Conveniently organized data

If you are going to be making fully informed decisions all the time, you need access to the three to five business KPIs that guide your decision-making. Accounting software can give you this much-needed summarized view, of just the highlights, that you can utilize while thinking big and plotting your business’ course of action.

When you begin your free UK accounting software trial you should focus on the following

  • Do you like the interface? Does it work for you? Ideally, a less cluttered interface with a few KPIs ideally represented is preferable. But choose what works for you.
  • When we say ideally represented, we mean in a manner that actually offers some insight. A standalone sales figure doesn’t offer much insight but a graph depicting historical sales figures offers a much better idea of the business’ health.
  • Invest due consideration while selecting a handful of KPIs that are essential to your decision-making (and the decision-making of any departmental heads or other stakeholders if your business is large enough to have these).

Live, on-the-go access

Most accounting dashboards can be remotely accessed. In addition, your accounting software allows you to link your business bank account and even your PayPal or Amazon Seller account so that data flows seamlessly from these sources. That means that data is always live and updated. Couple this with the mobile app and you have any time, anywhere access to your company’s key data as of now. For a lot of business owners and company bosses, this is a pet feature of accounting software.

When you begin your free UK accounting software trial you should definitely focus on the following

  • Does the software come with a partner mobile app that lets you access your accounting dashboard?
  • Does the interface show up suitably on your device?
  • Does the app function optimally?

Customizable to your needs

At the start of this blog post, we talked about how the KPIs chosen for company A’s accounting dashboard might differ from Company B and so on.  No matter what niche sector you operate in or how uncommon your KPIs are, you can customize your accounting dashboard to display exactly the KPIs that are relevant to your product or service, your manner of operations, and your decisions.

You choose the headers and subheads that show up, the type of graphs (or other visual representations), and other features of your accounting dashboard.

Amidst your free UK accounting software trial be sure to verify its efficacy by

  • Toggling the various features to arrive at a dashboard that actually gives you the information you desire
  • Inviting others on your team who will use the software for decision making to similarly play around with the dashboard
  • You can also do your research (view dashboard examples online) and try dashboard formats you might not have thought of – step out of your comfort zone.

Forecasting perfected

Every business can use forecasting. An apparel company could use a forecast of fabric costs and style trends. A pharma company could use a forecast of health and diet trends. A digital marketing agency could use forecasts of like SEO keywords.  Forecasting is no crystal ball fortune-telling but data science that relies on historical figures to make calculated predictions. Plan your business’ future better with forecasting representations included on your accounting dashboard.

You must test your accounting dashboard’s forecasting abilities during your free UK accounting software trial, by

  • Putting in a few relevant forecasts and seeing how they play out.
  • Setting up forecasts for events in the very near future so that you can verify their accuracy (like how you might test an alarm by setting it to ring a minute from now).

Related Articles

Leave a Reply

Back to top button