What’s a ‘dashboard’ and why do I need one?? Simple question. Not so simple answer. Every business is different and internal reporting showing where you are and where you’d like to be is somewhat individualistic.
You’ve got the vision, you’ve got the model and the sales channels developed and growing. Most successful businesses have robust internal reporting or what are called ‘dashboards’ containing key metrics (otherwise known as Key Performance Indicators “KPI’s”) to give management the tools to make informed decisions in near or real time. These are important because they provide insight into the here and now of the business, and how it is directing what is to come – unlike a report on how a business has performed in the past.
Every business is different and different reporting is more critical at different phases of development. Knowing where you stand and where you are going is critical to medium- and long-term execution and success. You want indicators that flash ‘red’, ‘yellow’, and green as it relates to your business and particular situation. Some are obvious while others are not so obvious. Creating and incorporating these internal reports within your overall accounting function takes some planning but leads to a much more seamless effort on an ongoing basis.
This is incorporated in the following blog posts and comments as part of detailed discussion on a KPI development plan. Furthermore, TAP’s team of trained professionals provides SME’s with the tools and resources needed to develop a financial dashboard through our services offered under TAP Advise. To learn more about how TAP and our team can help you develop a comprehensive reporting dashboard and contextualize KPI’s specific to your business, please reach out to us here.