by Rob Joseph, Director, BeaconCFO Plus
Technology is an asset to every organization. Think of where we were before laptops and smartphones and 5G high-speed Internet. For those of us in the financial industry, technology has given us an alternative to the infamous spreadsheet. Many organizations have realized that while Excel has its place in the accounting world, there are far more dynamic and collaborative tools available that should be utilized.
Take what Mark Garrett, the former CFO at Adobe, Inc., said in the Wall Street Journal: “I don’t want financial planning people spending their time importing and exporting and manipulating data, I want them to focus on what [the data is] telling them.”
When you use an automated financial dashboard, you are better able to focus on the data and use it to your advantage. Think of a dashboard as your primary business intelligence tool. Unlike a static spreadsheet that cannot be collaboratively reviewed and edited, a dashboard is a live and visual representation of your organization’s financial landscape. On any given day, no matter how little time you have or how many fires there are to put out, you can look at the dashboard and get a pulse check on your company’s financial standing.
Most dashboards can be completely customized to your needs, but common metrics that can be tracked include revenue, expenses, net income, sales pipeline, operational cash flow, and more.
The benefits of having this information readily available include:
- Tracking and reporting on your key KPIs with ease
- Saving time and improving efficiency
- Detecting early warning signs of a problem
- Making more informed decisions in the moment
- Better informing your accounting team, controllers, and other employees
- Arming yourself with data in advance of meetings and key conversations
If your organization does not have an in-house CFO or does not currently use a dashboard, you are lacking a complete picture of your financial position. When you work with an outsourced CFO, he or she will utilize these tools to maximize your profitability, monitor cash flow, and help you work toward your financial goals. Reach out to our team to learn more and speak to one of our CFOs about our services.