Español

LCW CPAs
  • Home
  • Accounting
    • Cash Flow Forecasting
    • PPP Loan Forgiveness Assistance
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Assurance
  • Tax
    • Tax Preparation and Planning
    • Tax Resolution
    • Help with Your IRS Audit
    • Filing Prior Years Returns
    • Owing the IRS Money
    • Behind on Payroll Taxes
    • When Your Spouse Owes the IRS
  • Software
    • SAP Consulting Services
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
    • Xero Cloud Accounting
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Resources
    • Resources
    • Organizers
    • Mobile Accounting
    • Blog
  • Testimonials
  • About
    • About Us
    • Senior Management
    • Our Team
    • How to Get Started
    • Memberships
  • Contact
    • Contact Us
    • Contact Form
  • Client Login
978.689.8822
978.682.9873
August 30, 2018

Should You Have a Financial Dashboard?

Mark Alaimo Accounting, Management Tips

Tweet
Share
Share
Pin

A quick glance is all you need to check your fuel gauge, speed limit, engine temperature, and RPM when you’re driving down the road. Your car’s dashboard is designed to focus you on what’s important and what you need to know to have a safe trip.

Your car’s dashboard items, if they applied to business, would be called key performance indicators or KPIs. Unlike a car’s, the KPIs of your business vary depending on your business goals and what’s important to you. Common ones might include your cash balance, how fast you get paid, how much revenue is coming in, and whether you’re making plan. There are literally hundreds of them to choose from, and many of them are not derivable from your financial statements, such as number of orders, client satisfaction levels, and employee turnover. 

Would it be useful to have a dashboard of KPIs for your business so you can know what’s working and get alerted to what needs focus? Here are the steps to creating a dashboard for your business:

  1. Decide on the KPIs you want to track.  Selecting 6-10 to create and track is a good place to start. 
  2. Select a tool that will provide you with the KPIs in the format you desire. There are many great add-ons to your accounting software that will instantly crunch the financial KPIs for you and present them in insightful formats, including charts, graphs, dashboards, and reports.
  3. Create any new processes to calculate the new KPIs and get them entered into the dashboard app.
  4. Hold a review meeting to go over the KPIs and determine any action based on the review. 

There are many great KPIs available right in your accounting system, which might be plenty to get started with. And there are some real gems outside your accounting system that will take a bit of work to calculate. In any case, we can help you through this process.  Feel free to reach out to us any time to discuss the possibilities of having a dashboard in your business.   

 

Tweet
Share
Share
Pin
How to Survive a Worker’s Comp Audit 5 Ways to Make Your Business More Efficient

Related Posts

Accounting, Accounting Software, Blog, Business Tips

30 Reasons Why It’s Better to Have Professional Help with Your QuickBooks® Software

Customer Service Tips, Management Tips, Personal Development

The Importance of Customer Communication

Accounting, Business Tips, Tax

A 39-Item Tax and Accounting Year-End Checklist for Your Small Business

Monthly Archives

Categories

  • Accounting
  • Accounting Software
  • Blog
  • Bookkeeping
  • Bookkeeping Tips
  • Business Development
  • Business Growth
  • Business Tips
  • Cool Tech Tools
  • Cost-Saving Tips
  • Cost-Savings Tips
  • Customer Service Tips
  • cybersecurity
  • Decision-Making Tips
  • Expense Reduction Tips
  • Finance Management
  • Latest News
  • Management Tips
  • Marketing Tips
  • Money Management
  • News
  • Payroll Tips
  • Personal Development
  • Profitability Tips
  • Tax
  • Tax Resolution
  • Technology
  • Time Management Tips
  • Uncategorized

Español

  • Home
  • Accounting
  • Assurance
  • Tax
  • Software
  • Industries
  • Resources
  • Testimonials
  • About
  • Contact
  • Client Login

Contact Us

Tax Services, Accounting Services and Services for QuickBooks®

LCW Certified Public Accountants

130 Parker Street, Suite 20
Lawrence, MA 01843
United States

Phone: 978.689.8822
Fax: 978.682.9873

Client Login


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
Copyright LCW Certified Public Accountants 2020 | Website Disclaimer | Privacy Policy | Site Design by Accelerator Websites