Keeping track of financial metrics can be a difficult and time-consuming process.
Which metrics should I track?
What cadence should I use to track them?
Where should I track them?
These are questions we hear ALL the time. The simplest way to get started is to just pick a few metrics you want to measure each month. Start by segmenting your revenue through the different channels. Then, we can pick a few expense categories like credit card spend and salaries. With a dashboard you can track not only the growth rates, but also measure the categories as a percentage of revenue and as a percentage of your other expenses.
For cadence, it’s best to start off monitoring these numbers on at least a monthly basis. This is frequent enough that you can have an accurate picture of the business to start off. Ideally, your dashboard can track these metrics on a weekly, or even daily basis, giving you access to real-time data.
If you are using Excel or Google Sheets to track all of your financials you can use Genius Sheets to streamline the process and set up dashboards that can track your data in real-time. By linking your QuickBooks data to Excel using our custom formulas, you can easily track numbers on a daily/weekly/monthly/quarterly, and even yearly basis.
For a quick tutorial on how to set up your first dashboard check out this video for examples of how to build one.
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