Finance

Finance word cloud

Time to update your finance information system

Your company has grown up and outgrown the existing methods, it needs:

  • new operational insights
  • new efficiencies
  • more modern process solutions
  • live financial records
  • data accessible from multiple locations
  • tighter controls

Accounting systems and the technologies that underpin them have developed significant advances in recent years. The ‘shared cloud service centre’ has dramatically reduced the cost of finance and accounting whilst enabling it to become quicker, with easier user interfaces and greater effectiveness at identifying and reporting on your key performance indicators.

Rather than seeing the finance as something that has to be done, as something you have to suffer, think of it as something which is there to help. It can perform the analysis and feedback the results in a clear, concise, easy to understand, live dashboard. These insights make it possible to always know what is happening and what needs to happen.

To design a business-specific, insightful dashboard:

  1. Identify the main areas of focus. Is its main use to monitor company financials, market trends or daily operations activity?
  2. Decide what type of data you need it to report:
    • Operations activity count, e.g. # of enquires; # of complaints etc.
    • Strategic ratios – KPI’s – high-level overview
    • Analytics, offering offer drill-down interrogation functionality
  3. Detail structural framework groupings. Ensure that statistical relationships are displayed
  4. Fit dashboards to their audiences; for example: departmental heads will require different information to executives and board members
  5. Strip it down to the bare bones. Don’t fill it with clutter, find the most important metrics and display only those
  6. Set the time table – real-time, daily, weekly, monthly?