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About

My name is Molly Stockton

Most Business owners view their accountant as a once-a-year necessity.  I view the relationship as a year-round partnership.  

With a background as both a CPA and an MBA with over twenty years of experience in the corporate world, I founded Beyond Bookkeeping to provide more than just tax returns.  I saw too many Cincinnati entrepreneurs struggling with high volume but low clarity.  

My mission is to provide on-demand guidance that supports your operations and fuels your strategy .  By combining technical tax precision with forward-looking business modeling, I help you stop looking at the rearview mirror and start looking ahead. 

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Unlocking Insights: How to Create a Customizable Dashboard When Your Financial Statements Fall Short

Financial statements are essential tools for understanding a company’s health. Yet, many business owners and managers find that these reports don’t always tell the full story. Numbers on a page can be dry, disconnected, or too complex to reveal meaningful insights quickly. When your financial statements fall short, a customizable dashboard can transform raw data into clear, actionable information.


This post explores why traditional financial statements may not meet your needs and how to build a dashboard tailored to your business. You will learn practical steps, examples, and tips to create a tool that helps you make smarter decisions with confidence.



Why Financial Statements Sometimes Don’t Tell the Full Story


Financial statements like the balance sheet, income statement, and cash flow report provide important data. However, they often lack context and flexibility. Here are some common reasons they might not deliver the insights you need:


  • Static format: Financial statements are usually fixed reports. They show historical data but don’t allow you to explore trends or drill down into specific areas.

  • Complexity: The language and structure can be difficult to interpret, especially for those without accounting backgrounds.

  • Lack of real-time data: Statements are often prepared monthly or quarterly, which means you might miss timely information.

  • Limited visualization: Numbers in tables don’t always reveal patterns or outliers that visual charts can highlight.

  • One-size-fits-all: Standard reports may not focus on the metrics most relevant to your business goals.


Because of these limitations, many businesses struggle to connect financial data with operational decisions. This gap creates a need for a more dynamic and customizable way to view financial information.



What Is a Customizable Dashboard and Why You Need One


A customizable dashboard is a digital interface that displays key financial and operational data in an interactive, visual format. It allows you to select which metrics to track, how to display them, and how often to update the data.


Benefits of a customizable dashboard include:


  • Real-time insights: Access up-to-date data to respond quickly to changes.

  • Tailored views: Focus on the numbers that matter most to your role or business area.

  • Visual clarity: Use charts, graphs, and gauges to spot trends and anomalies easily.

  • Improved decision-making: Make informed choices based on clear, relevant information.

  • Efficiency: Save time by having all critical data in one place instead of digging through multiple reports.


For example, a retail manager might want to see daily sales by product category, while a CFO might focus on cash flow forecasts and expense ratios. A customizable dashboard can serve both by adjusting the data and visuals accordingly.



Eye-level view of a computer screen displaying a financial dashboard with colorful charts and graphs
Customizable financial dashboard showing key performance indicators

Customizable dashboards provide a clear view of financial health through visual data.



Steps to Build Your Customizable Financial Dashboard


Creating a dashboard that truly helps requires planning and the right tools. Follow these steps to build one that fits your needs:


1. Identify Your Key Metrics


Start by deciding which financial and operational metrics matter most. These could include:


  • Revenue and profit margins

  • Cash flow and liquidity ratios

  • Expense categories and trends

  • Accounts receivable and payable aging

  • Inventory turnover

  • Budget vs. actual comparisons


Choose metrics that align with your business goals and decision-making needs. Avoid cluttering the dashboard with too many numbers.


2. Gather and Organize Your Data


Collect data from your accounting software, spreadsheets, and other sources. Ensure the data is accurate and updated regularly. Organize it in a way that supports easy integration into your dashboard tool.


3. Select a Dashboard Tool


There are many tools available, ranging from simple spreadsheet-based dashboards to specialized software like Tableau, Power BI, or Google Data Studio. Choose one that fits your budget, technical skills, and data sources.


4. Design the Layout


Arrange your chosen metrics logically. Group related data together and use visual elements like:


  • Bar and line charts for trends

  • Pie charts for proportions

  • Gauges for performance against targets

  • Tables for detailed numbers


Keep the design clean and avoid overwhelming users with too much information.


5. Set Up Data Refresh and Alerts


Automate data updates as much as possible to keep the dashboard current. Consider setting alerts for key thresholds, such as low cash reserves or high overdue invoices, so you can act quickly.


6. Test and Refine


Share the dashboard with stakeholders and gather feedback. Adjust the metrics, visuals, and layout based on what helps users understand the data better.



Practical Examples of Dashboard Use


To illustrate how a customizable dashboard can unlock insights, here are two examples:


Example 1: Small Retail Business


A small retailer struggled to understand why profits were declining despite steady sales. Their financial statements showed overall revenue but didn’t break down costs or inventory issues.


By creating a dashboard that tracked daily sales by product, inventory levels, and supplier payment terms, the owner discovered that certain slow-moving items were tying up cash. The dashboard also highlighted rising shipping costs. This insight led to better inventory management and renegotiated supplier contracts, improving profitability.


Example 2: Service Company


A consulting firm found it hard to monitor project profitability. Their financial statements lumped all expenses together, making it difficult to see which projects were profitable.


The firm built a dashboard that tracked revenue, hours billed, and expenses by project. Visualizing this data helped managers identify underperforming projects early and adjust resource allocation. This improved overall margins and client satisfaction.



Tips for Maintaining an Effective Dashboard


Building a dashboard is just the start. To keep it useful:


  • Review regularly: Update metrics and visuals as your business evolves.

  • Train users: Ensure everyone understands how to read and use the dashboard.

  • Keep it simple: Avoid adding too many metrics or complex visuals.

  • Focus on action: Use the dashboard to guide decisions, not just report data.

  • Secure your data: Protect sensitive financial information with proper access controls.



 
 
 

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