--- title: Best practices for maintaining a financial dashboard description: Learn how to keep your dashboards relevant through continuous evaluation and ensuring the most important information is readily available and accessible. image: https://www.jirav.com/hubfs/blog/blog-best-practices-maintaining-financial-dashboards-feature.png --- ![](https://www.jirav.com/hs-fs/hubfs/Imported%20sitepage%20images/header-logo.png?width=98&name=header-logo.png) - [ Resources ](https://www.jirav.com/resources) - Menu / Resources - [Resource Center ](https://www.jirav.com/resources) Blogs and resources on all things finance, FP&A, and Jirav [Webinars ](https://www.jirav.com/webinars) Learn more about Jirav and FP&A from industry experts [Events ](https://www.jirav.com/events) See our upcoming calendar of events [Help Center ](https://help.jirav.com/) Guide on how to use Jirav - [ Company ](https://www.jirav.com/company) - Menu / Company - [About ](https://www.jirav.com/company) Learn about Jirav’s story and meet our leadership team [News Coverage ](https://www.jirav.com/news) See the latest news and highlights [Press ](https://www.jirav.com/press-releases) Recent company announcements and updates [Careers ](https://www.jirav.com/careers) View current job openings and learn how to join the Jirav Tower ![business_env](https://www.jirav.com/hubfs/business_env.svg) [ For Businesses ](https://www.jirav.com/reporting-planning-purpose-built-for-businesses) ![accounting_calc](https://www.jirav.com/hubfs/accounting_calc.svg) [ For Accounting & CFO Firms ](https://www.jirav.com/reporting-planning-purpose-built-for-accounting-cfo-advisory-firms) [ Get a Demo ](https://www.jirav.com/request-demo) [ Sign in ](https://app.jirav.com/) ![](https://www.jirav.com/hubfs/April2021/images/banner-shap.png) BLOG # Best practices for maintaining a financial dashboard [![](https://www.jirav.com/hubfs/April2021/images/fb-icon.png) ](http://www.facebook.com/share.php?u=https://www.jirav.com/blog/best-practices-for-maintaining-a-financial-dashboard/) [![](https://www.jirav.com/hubfs/April2021/images/tw-icon.png) ](https://twitter.com/share?url=https://www.jirav.com/blog/best-practices-for-maintaining-a-financial-dashboard/) [![](https://www.jirav.com/hubfs/April2021/images/in-icon.png) ](http://www.linkedin.com/shareArticle?mini=true&url=https://www.jirav.com/blog/best-practices-for-maintaining-a-financial-dashboard/&summary=&source=CeBIT) 4 minute read ![](https://www.jirav.com/hubfs/blog/blog-best-practices-maintaining-financial-dashboards-feature.png) In part three of our series on financial dashboards, we’re going to explore ways to ensure your dashboards stay relevant throughout the year. If you missed the first two parts, we outlined [how to build dashboards](https://www.jirav.com/blog/best-practices-for-building-financial-dashboards), and [how to use them to make more informed business decisions](https://www.jirav.com/blog/how-to-improve-decision-making-with-a-financial-dashboard). As a business owner or financial manager you probably already know that the only constant in life (and business) is change. Customer preferences change, markets evolve and businesses need to adapt. Sometimes those external changes can make your plans completely irrelevant.  As a result, your key focuses may also need to shift in order to reflect the [current challenges of the business](https://www.forbes.com/sites/cherylsnappconner/2013/03/04/the-8-great-challenges-every-business-faces-and-how-to-master-them-all/). For example, you may have started the year with a laser focus on growing sales to meet some ambitious targets. Fortunately, due to a shift in the market, you’ve now got a pretty intense backlog. Now you need to focus on making sure your record sales also means record profit.   [Keeping your dashboards relevant](https://www.jirav.com/guides/ultimate-guide-to-financial-dashboards) means always making the most important information readily available and easily accessible. This can only be accomplished through continuous evaluation of the state of the business and ensuring that the dashboards are accurately reflecting that state. ## Building a proper dashboard At its core, a great dashboard allows you and your team to see the big picture at a glance. In the not-so-distant past, this was sometimes easier said than done. Luckily, with modern [financial reporting tools like Jirav](https://www.jirav.com/product/connected-financial-dashboard), creating custom, real-time dashboards is no problem.  Having access to all the relevant data is one of the most important aspects of a great dashboard. As such, the first key criteria for setting it up is to link it to all of your key data sources with the dashboard.  Once everything is linked, you’ll be able to get started combining and visualizing your data. Because information serves as the backbone of your dashboard, it’s critical that your data gets regular, automatic updates. Having everything linked has the added benefit of eliminating manual data aggregation and massive copy/paste exercises.  In addition to the standard plan and actual comparisons, Jirav’s intuitive, point-and-click interface allows you to build your own custom tiles. You can even use multi-series tiles to present complex data and beautifully visualize any KPI.  Because different stakeholders have different needs and requirements, it’s also important to be able to customize the data and view of each person with access to the dashboards. Having all key data in one place, allows you to securely share the dashboards in seconds to only the people who should see it.  Beyond merely providing information, a dashboard provides real value when it’s used to drive action. Thus, in order for the dashboard to be truly effective, all relevant parties must have access to and understand their [key metrics](https://www.jirav.com/metrics-library).  Access to various dashboards in Jirav is fully customizable. For example, the [board and senior management teams](https://www.investopedia.com/articles/basics/03/022803.asp) have their dashboards, with a view of the overall company. At the same time, a lower-level sales manager can also have access to his team’s most important KPIs.  Each team can focus on deriving action plans from the relevant information in their dashboards. ### Continual evaluation Your business is constantly evolving. As it does, your focus needs to change along with it. As such, it only follows that your dashboards also need regular re-alignment to the needs of the business and the team.  If you’re responsible for implementing and maintaining your company’s dashboards, there are a few key questions you can ask yourself to ensure that your dashboards are serving their purpose optimally. Are there more important metrics? When it comes to metrics and KPIs, there are a few key mistakes that people sometimes make as they design their company’s [dashboards and reporting](https://www.jirav.com/blog/how-to-get-more-from-netsuite-reporting). They tend to try to include far too many metrics, crowding the view and causing the user to be confused about where the focus should be.  Or, they may stick to a few outdated KPIs that they’ve been using forever. Staying with what’s familiar means never asking if there might be other, more relevant KPIs. It could be that there are better metrics available that might drive more or different actions. Is the dashboard accurate on a timely basis? How often is the dashboard (or certain KPIs) updated? For your dashboard to have the best effect, it needs to drive timely action. Timely action requires data that is current. It’s important to be sure your dashboard is being updated to match the rate of change in the business.  For example, many financial metrics are most accurate when updated monthly. Major cost drivers like personnel costs and other operational expenses might only be booked monthly or bi-weekly. As such, it may make sense to look at the [P&L and balance sheet](https://www.investopedia.com/ask/answers/121514/what-difference-between-pl-statement-and-balance-sheet.asp) parts of your dashboard in the same rhythm.  On the other hand, there are other operational figures which may lend themselves very well to daily or even real-time updates. Sales, website visitors and conversion rates may change quickly depending on the type of business. As such, constant tracking of these KPIs may be beneficial, allowing for quick reflection and action as needed. Is the team using the dashboard? It’s also important to check in regularly with the dashboard’s users and get their input.  - What do they like?  - What do they dislike?  - Are they using all of the available features?  - What would they like to see that isn’t currently available? If key people aren’t using the dashboards, it’s crucial to dig in and find out why not. What do they say would need to change in order to encourage more frequent use? Remember, the biggest value of a dashboard comes from the team using it to [drive operational actions](https://www.efficientplantmag.com/2008/06/driving-operational-improvements-through-strategic-alignment/).   ### How to succeed with dashboards Getting your dashboards to succeed requires a few key things.  First, all relevant data sources must be properly integrated. This means no manual inputs and no copy and pastes to and from complex excel spreadsheets.  Since the data is being automatically integrated, it must also be automatically reconciled. This means data and figures are cross-checked automatically, ensuring plausibility and [accuracy](https://www.jirav.com/blog/precision-vs-accuracy-financial-modeling). In addition to this being critical for your dashboard, it’s also a big efficiency gain. Eliminating discussions about data accuracy and manually cross-checking large tables saves you and your team hours (or days!) each month.  Start simple. Don’t try to do it all in one shot or make the system overly complicated at the beginning. Start with small wins and [easy to understand KPIs](https://blog.swydo.com/2016/10/5-minute-guide-to-understanding-kpis/). When those are implemented and successful, slowly but continuously expand until the dashboard shows a comprehensive picture of the business.  Finally, build the visuals into your meeting cadence. Show the big picture and individual KPI tiles from the dashboards regularly in your meetings. This builds familiarity and a level of comfort in the organization. This also gives the team a chance to ask questions about the metrics and what they mean. Understanding what’s shown in the dashboards will help the team be able to visualize the effect of their inputs on the performance of the company. Remember, dashboards are only valuable if they are regularly used by the team. [Well-designed dashboards](https://www.jirav.com/product/connected-financial-dashboard) can help you ensure your team’s attention is focused on where it’s needed the most. ![Jirav](https://www.jirav.com/hubfs/logos-jirav/circle.png) ##### Jirav Published May 5, 2022 ###### Related topics - [Finance and fp&a](https://www.jirav.com/blog/topic/finance-and-fpa) - [Featured](https://www.jirav.com/blog/topic/featured) ## Related blog posts ![jirav-financial-dashboard-screenshot](https://www.jirav.com/hubfs/dashboard%20in%20laptop%20in%20circle%20012021.png) Finance and fp&a #### Best practices for building financial dashboards [ Read more ](https://www.jirav.com/blog/best-practices-for-building-financial-dashboards) ![](https://www.jirav.com/hubfs/BlogL-KPIDashboard-47-Title-V1.png) Finance and fp&a #### How to Build a KPI Dashboard for Accounting Firms [ Read more ](https://www.jirav.com/blog/how-to-build-a-kpi-dashboard-for-accounting-firms) ![](https://www.jirav.com/hubfs/blog/blog-how-to-connect-operational-data-in-financial-forecasting-models-feature.png) Finance and fp&a #### How to connect operational data in financial forecasting models [ Read more ](https://www.jirav.com/blog/how-to-connect-operational-data-in-financial-forecasting-models) ![](https://www.jirav.com/hubfs/How%20to%20Get%20More%20from%20NetSuite%20Reporting%20with%20Jirav.png) Finance and fp&a #### How to get more from NetSuite reporting [ Read more ](https://www.jirav.com/blog/how-to-get-more-from-netsuite-reporting) ![](https://www.jirav.com/hubfs/blog/blog-quickbook-forecacsting-best-practices-feature.png) Finance and fp&a #### QuickBooks forecasting best practices [ Read more ](https://www.jirav.com/blog/quickbooks-forecasting-best-practices) ![](https://www.jirav.com/hubfs/blog/blog-5-keys-to-meaningful-variance-report-feature.png) Finance and fp&a #### 5 keys to a meaningful variance report [ Read more ](https://www.jirav.com/blog/5-keys-to-a-meaningful-variance-report) ![](https://www.jirav.com/hubfs/blog/blog-budget-vs-actuals-how-to-do-variance-analysis-feature.png) Finance and fp&a #### Budget vs actual: how to do variance analysis [ Read more ](https://www.jirav.com/blog/budget-vs-actual-how-to-do-variance-analysis) ![](https://www.jirav.com/hubfs/sales-forecast-image.jpg) Finance and fp&a #### What is SaaS Sales Forecasting, and How to Perform It? [ Read more ](https://www.jirav.com/blog/what-is-saas-sales-forecasting-and-how-to-perform-it) ![](https://www.jirav.com/hubfs/financial-ratios.jpg) Finance and fp&a #### The Most Important Financial Ratios [ Read more ](https://www.jirav.com/blog/the-most-important-financial-ratios) [Load more](##) ## Let’s get started! [ Request a demo ](https://www.jirav.com/request-demo) ![](https://ws.zoominfo.com/pixel/GayWM7nWYSEC9X3nq2tn) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Jirav", "url" : "https://www.jirav.com/blog/author/jirav" }, "dateModified" : "2023-10-19T20:02:17.724Z", "datePublished" : "2022-05-05T18:59:36.000Z", "headline" : "Best practices for maintaining a financial dashboard", "image" : [ "https://www.jirav.com/hubfs/blog/blog-best-practices-maintaining-financial-dashboards-feature.png" ], "mainEntityOfPage" : { "@id" : "https://www.jirav.com/blog/best-practices-for-maintaining-a-financial-dashboard", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.jirav.com/hubfs/Jirav%20Logo%20-%20176x75%20(small%20logo).png" }, "name" : "Jirav" } } ``` ```json { "@context" : "http://www.schema.org", "@type" : "AccountingService", "address" : { "@type" : "PostalAddress", "addressCountry" : "United States", "addressLocality" : "San Francisco", "addressRegion" : "CA", "postalCode" : "94102", "streetAddress" : "25 Taylor Street" }, "description" : "Jirav is a business planning software powering financial planning and analysis in the cloud with all-in-one forecasts, budgets, reports, and dashboards", "geo" : { "@type" : "GeoCoordinates", "latitude" : "37.782585", "longitude" : "-122.411255" }, "image" : "https://www.jirav.com/hs-fs/hubfs/Jirav_SitePageAssets_Feb2018/Jirav%20Logo%20for%20top%20nav.png?width=1200&height=510&name=Jirav%20Logo%20for%20top%20nav.png", "logo" : "https://www.jirav.com/hs-fs/hubfs/Jirav_SitePageAssets_Feb2018/Jirav%20Logo%20for%20top%20nav.png?width=1200&height=510&name=Jirav%20Logo%20for%20top%20nav.png", "name" : "Jirav", "openingHours" : "Mo, Tu, We, Th, Fr 09:00-17:00", "priceRange" : "$100/month-$750/month", "sameAs" : [ "https://www.instagram.com/gojirav/", "https://www.linkedin.com/company/jirav/", "https://twitter.com/GoJirav", "https://www.facebook.com/GoJirav/" ], "url" : "https://www.jirav.com/" } ``` ```json { "@context" : "http://schema.org", "@type" : "Article", "articleBody" : "So, to get the best possible return on your investment, take advantage of your software’s automation capabilities. Your dashboard tool should have features like:

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  • Connection to multiple data sources: Financial modeling can be intensive, but accessing your data shouldn’t be. Exporting your financial data manually, copying and pasting tediously and struggling to interface with Excel should be things of the past. Use your financial dashboard software as a middle man for all of your company’s data sources.
    • \n
  • Mechanisms for sharing repeat reports: Even the most accurate and insightful financial analysis means nothing if it’s not received timely. Whether you’re looking to keep your financial clients in the loop or collaborate with members of your team, you should take advantage of your dashboard’s ability to automatically generate periodic statements. Your software should be able to set up monthly, quarterly, and annual reports then transmit them seamlessly to the necessary parties.
    • \n
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  • Calculation and monitoring of KPIs: Your key performance indicators (KPIs) can help you break down even the loftiest of goals into achievable steps. In your financial dashboard software, set up your custom KPIs to monitor your progress toward your financial targets. Save yourself from having to create or update formulas by hand at each new reporting period.
    • \n
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The key to effectively utilizing each of these features lies in the quality of your data. With financial reporting, you get out what you put in. Make sure to keep both your general ledger and your customer relationship management (CRM) data clean and up to date. Then your financial dashboard can do the rest of the heavy lifting for you.

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2. Keep it simple

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Avoid trying to use your financial dashboard as an exhaustive description of every aspect of your operation. It should function as a quick pulse-check for only the most important parts of your business. No more, no less.

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To do that, include only the KPIs that are most relevant to your goals. Avoid accumulating too much nonessential information and obscuring the more important points.

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Doing so can have the added benefit of unifying your business’ direction. When you pull your team in too many different directions, you’ll end up going nowhere. But defining your highest priorities helps provide clarity to both your managers and your staff.

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Instead of trying to work towards and monitor a dozen missions at once, select 1-3 high-level goals and break each one down into 3-5 KPIs. For example, many companies’ highest priority is to increase profitability. Here’s how you might break that goal down into KPIs for your financial dashboard:

\nGoal: Grow profitability by 10% in 2022
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    \n
  1. To grow your profitability, there are only two real levers you can pull: increasing your revenues and decreasing your costs. For service businesses, in particular, it can be helpful to study these issues on a per-customer basis.
    2. \n
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Monitoring these KPIs with your dashboard can help you discover new ways to increase the revenue received from each customer, avoid expensive lead generation sources and keep track of the impact your efforts have on your profitability.

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3. Tell a comprehensive story

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When building your financial dashboard, there’s a balance to strike between simplicity and thoroughness. While you should focus largely on the metrics that are most relevant to your business goals, you should still be sure to create a holistic representation of your company.

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To do this without letting your dashboard become too messy, try not to focus exclusively on financial statement analysis. Present your key information through other windows to create a multi-layered context for your financial metrics.

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Let’s use the goal of increased profitability as an example one more time. If your business is currently geared towards aggressively increasing net income, here’s how you could represent your company with different types of data in your financial dashboard:

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  • Sales data: Whatever business model you choose to run, monitoring and optimizing your sales pipeline is a prerequisite for any profitability growth. Everything begins with your lead generation and pitching efforts. Your financial dashboard should include relevant sales-related KPIs to provide insight into that vital business function. You should know how fluctuations in your profitability coincide with your sales team’s conversion rates, leads generated each month, and the total length of your sales cycle.
    • \n
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  • Marketing data: To increase your bottom line, you’ll almost definitely have to engage in some form of marketing. This could be anything from building a network via word of mouth or paying for targeted ads on Google. Whatever tactic you pursue, make sure that you include tangible marketing data alongside your financial results in your dashboard.
    • \n
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    \n
  • Operational data: Your business is driven by a lot more than just the members of the company. It has external relationships and circumstances that can greatly impact its success over time. No financial dashboard would be complete without the inclusion of important external factors like your competitors’ activities, key economic circumstances and industry pricing trends.
    • \n
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There are endless tricks you can use to organize your dashboard’s data in ways that are far more visually stimulating than anything Excel is capable of. You could even assign color groups to each of your data sources and keep that consistent across all of your customized charts.

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4. Keep your audience in mind

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Last but not least, make sure you cater effectively to your audience. Your financial dashboard software is flexible and customizable for a reason. You purchased it to help visualize your data and share it across multiple groups. It would be a waste not to tailor your reports for each audience.

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If you’re an outsourced CFO working with multiple clients, don’t use the same templates for each of your clients. Take the time to understand each one’s goals, pain points, and preferred formats.

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If you’re a business leader working within an organization, you should present each of your teams with unique financial reports and dashboards as well. Your sales department and your support department will have significantly different KPIs to hit, even though they’re both ultimately working towards the same goals.

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Consider your audience’s expertise, their familiarity with the information presented, and their goals when you create unique dashboards to communicate with them.

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If you haven’t yet started to build financial dashboards for your business and are currently looking for the best software, Jirav can help. Whether you’re an accountant or a CEO, we have pricing and product solutions that will fit your needs.

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Chat with an expert today to see how Jirav can help you optimize your financial dashboards.", "author" : { "@type" : "Person", "name" : "Jirav" }, "datePublished" : "2022-05-5", "image" : "https://www.jirav.com/hubfs/dashboard%20in%20laptop%20in%20circle%20012021.png", "name" : "Best practices for building financial dashboards", "publisher" : { "@type" : "Organization", "name" : "Jirav" }, "url" : "https://www.jirav.com/blog/best-practices-for-building-financial-dashboards" } ```