One of the main reasons businesses fail is because of poor business reporting systems which don’t provide key warning signs, for example that the business could run out of cash. Setting up good business reporting systems and regularly analysing opportunities and threats is essential for continued business success.
Every business will have different requirements from a business reporting system. At Leenane Templeton we help with a variety of business reporting solutions and analysis from accounts based and key performance indicators (KPI’s) through to business dashboards and sales and marketing reporting. We are happy to regularly discuss with you the outcomes of these reports to ensure you’re in control of your business.
What’s a business dashboard?
Small business owners often struggle to keep on top of their business performance and get frustrated with the pages of figures from the average accountant. But, by using new dashboard technology you can quickly and easily identify the key drivers of your business and seek out new opportunities and minimise risks. It’s also a great tool to use when combined with industry benchmarks that help to monitor your companies position in relation to your industry norms.
A dashboard detailing the Key Performance Indicators (KPIs) of your business can be accurately and efficiently updated by using your current accounting software, such as MYOB, Xero or even excel. Having a regular dashboard review will provide you with a clear snapshot of where you are now and where you want to be, whilst raising alerts for any drift. This important decision making information is presented in a clear, graphical and accurate way, tailored to your business needs.
“You can’t manage what you don’t measure”
Most business owners will have a good gut instinct for their business even without financial reporting, however businesses are complex and it can be difficult to see the full picture, sometimes before it’s too late. Most businesses benefit greatly from a tailored dashboard, whether they have a small or large range of products or services being sold.
“Dashboards make business financials exciting. It quickly shows the trends and alerts and helps with decision making and exploring new possibilities”
A dashboard is your control centre, it’s similar to the dashboard of a car, showing you how much fuel, oil or battery life you have, whether everything is in working order and the speed you’re travelling at. All the vital decision making information you need at a glance.
A great example is Leenane Templeton Chartered Accountants & Business Advisors who have successfully set up clients dashboards to analyse profitability, cash flow, growth, what-if scenarios, trends, benchmarking and most importantly Key Performance Indicators (KPIs). KPIs are a type of performance measurement that helps to evaluate success across many areas eg number of item sales, customer satisfaction, employee efficiency. Working closely with the accountant helps to determine the financial and non-financial KPIs that need monitoring and improving.
Dashboards help to gain the competitive advantage by making decisions quickly. Quality data is king and the more useful data analysis available the better the decision making.
“Big businesses have teams of staff who analyse business data to make critical decisions…now anyone can have an effective dashboard solution”
Leenane Templeton works closely with businesses to provide effective business reporting solutions to help business owners achieve their goals. They help to define the financial and non-financial KPIs and then integrate the business accounting software with the dashboard. These reports are an excellent tool for business planning sessions and discussions with the accountant.