For each of these executives running on QuickBooks, their three dashboards are essential to running the business with a complete picture. That is the beauty of sophisticated business intelligence.
If I told you that there are 3 critical dashboards your business absolutely needs, what would you say? If you’re like most executives, it would probably be something like, “What does he know about my business?”
And you’d have an excellent point.
At the risk of alienating you, I’m going to make this bold claim: There are three critical dashboards you need to drive business growth.
Now take a deep breath and see where I’m going with this. Your QuickBooks files contains a wealth of company data. I’m always astounded at how executives use the data in such different ways. And that is the beauty of it. Your three Quickbooks dashboards will be unique, depending upon your type of business and what you need to learn from your data.
Three executives, Three QuickBooks Dashboards, a Complete Picture.
Company A has several locations with separate QB company files, and wants to focus on product sales. With QuickBooks alone, it can be a real pain to consolidate reports and get everything in a single report. In addition, they cannot drill down to the level of individual customers and analyze their separate revenue streams. Nor can they compare itemized sales year over year. If they want to focus on increasing sales, their three dashboards might be consolidated sales, customer-wide sales, and product sales, all of which can be viewed as an overall company or by location. These 3 dashboards will help them focus on overall sales, as well as high-yield products and clients, in order to drive growth.
Company B is a creative services business with many ongoing projects. Operationally, the CEO wants to focus on job status and profitability with the goal of staying organized and getting paid quicker. Each week, employees and clients need to know the status of the project. Upon completion, the CEO wants to be able to analyze budget versus actual, and which employees are most profitable to the business. With QuickBooks, it’s difficult to combine all of the data into one report, and impossible to automate the process. The three dashboards this company focuses on are Job Status to Date, Job Profitability, and Employee Profitability.
Company C is a B2B services business, operating as 7 distinct business units, each with a different company file containing all of their data. The CFO needs to focus on corporate and business unit profitability at a macro level, while computing comparative profitability metrics inside each business unit. The goal is to understand the big picture for the entire corporation and each business unit, while gaining a way to compare each business unit at a granular level based on a common metric. This enables business units to compete with each other on profitability metrics regardless of overall revenue, and is a very powerful incentive for all managers and employees in the business. With QuickBooks alone, they were able to consolidate at a higher level, but not at a customer level. The three dashboards this company focuses on are Overall Corporate Sales, Cross-Business Unit Sales Comparison, and Per Employee Profitability.
For each of these executives, their three reports are essential to running the business with a complete picture. There’s no way to generate these reports using QuickBooks alone. Some companies try to compensate in one of two ways.
- The accounting department becomes flooded with Excel sheets which become confusing and are time-intensive to generate.
- They turn to cookie-cutter dashboards that may look great but don’t provide the customization required.
In either case, they have spent a lot of time and resources, but still don’t have their most critical reports.
When we interviewed some of Bison Analytics’ customers, we were delighted to learn that they were finally getting the full value from their QuickBooks data. Many of them knew the dashboards that they needed, they just didn’t have the time or ability to pull them. Working with Bison, they were able to create the critical dashboards they need to drive growth. And with scalable automations, they can analyze them time and again with no additional effort.
Now they are able to run their business with a complete picture. That is the beauty of sophisticated business intelligence. Your QuickBooks files contain a wealth of data. With the right tools, you’ll have the three dashboards you need to drive growth.
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