Financial Dashboard – tool financial statements for business optimization

In the era of digital data, the business can't rely solely on financial statements tradition to take strategic decisions. Financial Dashboard born as an optimal solution to help businesses synthesis, visualization, data analysis, financial an effective way.

Instead of taking hours to handle data on Excel or wait for the report from the accounting department, now the CEO, CFO can track the financial situation in real-time, early detection of risks, forecast financial trends thanks to AI and Business Intelligence (BI).

So, Financial Dashboard what is, why businesses should this tool app and where are the platform Dashboard financial integration best AI today? This article Lac Viet Computing will help you understand more about tools, financial statements, how to improve performance management business finance.

1. Introduction to Financial Dashboard

1.1. Financial Dashboard is what?

Financial Dashboard is a system for reporting financial intuitive help enterprises aggregate, analyze and present financial data in an efficient way. Through the chart, graph, index important financial support managers accurate decisions based on real data.

Dashboard finance plays an important role in supporting business management and effective financial help:

• Process optimization financial statements: Reduce the time of synthesis of data from many different sources.
• Enhance decision-making abilities: Provide overall perspective about the financial situation in real time.
• To limit errors in financial management: Integrated data from the accounting system, ERP, CRM helps ensure accuracy.
• Help business financial forecast: Support trend analysis and financial planning based on historical data.

1.2. The main components of a Financial Dashboard standard

A Financial Dashboard the effect usually include the following components:

1. The financial index core (Key Financial Metrics): Include revenue, net profit, profit margin, cash flow, operating costs.
2. Data visualizations (Data Visualization): Column chart, line chart, heatmap helps easily track financial trends.
3. Integrated multi-source data (Data Integration): Connected with accounting software, management software, financial as AccNet, QuickBooks, SAP.
4. Functional analysis advanced financial (Advanced Financial Analytics): Application AI and Machine Learning to give financial forecast.
5. Customized according to business needs (Customizable KPI Dashboards): Business can adjust the KPI according to strategic goals.

According to the study of PwCmore 80% CFO for that the use dashboard helps to improve financial performance, enhance the accuracy in financial reporting.

1.3. Why business need a Financial Dashboard?

The app Dashboard finance brings many practical benefits for business, especially in the context switch powerful number.

The ability to synthesize financial data quickly

Help enterprises collect, aggregate financial data from various sources such as accounting systems, ERP software, bank statements, management system, warehouse. This helps to significantly reduce the time of synthesis of the data, instead of having to handle reports manually.

Improve strategic decisions thanks to visual reports

Provide overview about the financial situation of the business through the chart visually helps managers easily identify financial trends, identify opportunities or risks. Especially important for the CFO when the need to take strategic decisions about cash flow, investment, cost control.

Optimal processes, financial management, minimize errors

Businesses are often faced with the risk of errors during data entry, processing financial statements. Financial Dashboard helps to automate the synthetic data, the simultaneous detection of anomalies in the data to minimize the risk of accounting errors.

The actual data about the effect of the Financial Dashboard

According to the report of McKinseythe enterprise deployment Dashboard finance can reduce 30% of the time data processingimprove the speed of decision making financial up 40%. In addition, Gartner also pointed out that the organization dashboard app smart can improve the accuracy of financial forecasts up to 95% compared with the traditional methods.

In summary, the use of Financial Dashboard not only to help businesses save time, reduce errors but also enhance competitiveness by bringing financial decisions accurately and more quickly.

2. Classification Financial Dashboard for business

Based on user objectives, level of complexity, can be classified into three main groups: Operational Financial Dashboard (Dashboard finance operate), Strategic Financial Dashboard (Dashboard financial strategy), Analytical Financial Dashboard (Dashboard financial analysis).

2.1. Operational Financial Dashboard (Dashboard finance operate)

Operational Financial Dashboard is a tool to help businesses track the financial indicators in real timesupport the finance department, accounting, sales and operating quickly grasp the business situation.

Features – Benefits

• Keep track of important financial daily: Including revenue, gross profit, cash flow, operating costs, inventory.
• Support line management, short-term moneyTo help businesses monitor cash flow on – going to ensure good liquidity.
• Reduced synthesis time report: Instead of reporting the dashboard provides data in real-time.
• Decision support instant: Allows financial management determine the expenditure unusual, trends, revenue, or warn about excess inventory.

The KPI is important

A number of KPI popular in Operational Financial Dashboard includes:

• Revenue (revenue): Track sales by day, week, month.
• Gross Profit Margin (gross profit margin): Assess the profitability of the business.
• Cash Flow (cash Flow): Monitoring the amount of cash in/out to ensure liquidity.
• Inventory Turnover (inventory turnover): Speed tracking sales and inventory to avoid inventory excessive.

In practical application: The businesses in the fields of commercial, retail, manufacturing, usually use Operational Financial Dashboard to control cash flow, inventory management efficient. For example, a retail company can track speed consumption products according to each day in order to adjust the strategy to enter orders in a timely manner.

2.2. Strategic Financial Dashboard (Dashboard financial strategy)

Strategic Financial Dashboard focus on the decision long-term strategymainly for CEO, CFO and our team of senior leaders. Type this dashboard helps you monitor performance overall financial support, strategic planning and finance.

Features – Benefits

• Support building strategic long-term financialTo help businesses track financial trends, assess business performance through the years.
• Integrate data from multiple sources: Sync data from the accounting system, ERP, software asset management, other financial sources.
• Trend analysis, financial growth: Provides a panoramic view of the growth, profit, investment performance.
• Support risk management financial: Detect early signs of financial instability to adjust timely.

The KPI is important

• Return on Assets (ROA – Rate of return on assets): Reviews effective use of assets.
• Return on Equity (ROE – return Rate on equity): Measure the profits that the business generates from capital invested by shareholders.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization – profit before interest, tax and depreciation): Help assess the operational efficiency of the business that is not affected by capital structure.
• Revenue Growth Rate (growth Rate, revenue): Speed tracking revenue growth over time.

In practical application: The company, often large scale use Strategic Financial Dashboard to plan long-term strategy. For example:

• The multi-national corporations use dashboard to track profitable growth by region.
• Business production user dashboard to analyze effective use of fixed assetsreviews investment strategy expanded.

2.3. Analytical Financial Dashboard (Dashboard financial analysis)

Analytical Financial Dashboard is matching tool big data analytics (Big Data), artificial intelligence (AI), modeling financial forecast to help businesses not only to monitor the situation current financial but also forecast future trends, risk assessment,.

Features – Benefits

• Apps, AI and Machine Learning to forecast financial: Detect trends, revenue, fluctuations in cost, risk, liquidity risk.
• Automatically analyze financial data: System can recognize patterns abnormal data, early warning about the financial problems.
• Support reviews effective investment strategy: Provides analysis model, ROI, NPV, IRR to support investment decisions.
• Measure the level of financial risk: Based on market volatility, the performance of the business.

The KPI is important

• Financial Risk Score (index financial risks): Assess the level of risk based on cash flow, liabilities, fluctuations in profit.
• Debt-to-Asset Ratio (the Ratio of debt to assets): To help businesses control the level of loan debt.
• Predictive Cash Flow Analysis (cash flow Forecast): AI trend analysis cash flow in the coming 6-12 months.
• Profitability Trend Analysis (trend analysis, profit): Help business adjust the pricing strategy, the cost to the optimal profit.

In practical application: According to the study of Deloitte, Analytical Financial Dashboard app ONE can reduce errors and financial analysis at under 5%. A number of technology businesses, leading financial has applied this system to:

• Automatically detect financial fraud in the transaction.
• Predict the solvency of the customer based on the trading behavior.
• Assess the financial impact of the business scenario different.

Comparison overview of the types of Financial Dashboard

Small businesses can start with Operational Financial Dashboardbig business need Strategic or Analytical Financial Dashboard to sustainable development and minimize financial risk.

3. The important feature of a Financial Dashboard effectively

Here are the important features help a Financial Dashboard becomes effectively bring practical value to the business.

3.1. Visualizing financial data (Financial Data Visualization)

Financial data are often very complex, including many figures, tables. Presenting data in a visual way will help businesses easily capture the important information without analysis crafts.

Features – Benefits

• The chart dynamic, interactive dashboard: The financial indicators presented in the form of column chart, pie chart, heatmap, gauge chart to easily follow.
• Compare data over time: Display trends change over days, months, years to help businesses assess the financial performance according to each stage.
• Minimize errors due to human: When data is visualization, business will detect the abnormal faster than just using spreadsheets traditional metrics.

Practical application

According to the report of the Harvard Business Review, the use of chart visualization helps to increase the ability to read and understand financial data, up to 70% compared with the raw data. For example, the CFO of a business can see trend chart cash flows to predict the likelihood of liquidity in the next 6 months without need to handle complex data from Excel.

3.2. Integrated financial data and multi-source (Multi-source Data Integration)

A Financial Dashboard efficiency need to have the ability to connect aggregated data from various sources to ensure the accuracy and synchronization.

Features – Benefits

• Direct connection with the accounting system, ERP: The platform as AccNet ERP, SAP, Oracle, Microsoft Dynamics helps to sync financial data in an automated way.
• Integrated data bank/tax report: Data on financial transactions from banks, electronic invoicing, management system, costs are entered directly into the dashboard to update financial reports in real time.
• Support big data (Big Data) and API extensions: Businesses can integrate data from different platforms such as software asset management, CRM or tools of financial analysis side Tuesday.

Practical application

According to research by McKinsey, business dashboard app has the ability to synthesize financial data 30% faster compared to business usage report traditional financial help businesses reduce the time financial reporting periodically, improve the efficiency of financial management.

3.3. Custom KPI according to business needs (Customizable Financial KPIs)

Every business has a financial model is different, so Financial Dashboard should be flexible in setting indicators to measure financial performance tailored to each industry.

Features – Benefits

• Set KPI financial industry:
  • Business production tracking cost of goods sold (COGS), inventory turnover (Inventory Turnover), the proportion of operating costs (Operating Expense Ratio).
  • Enterprise SaaS focus on MRR (Monthly Recurring Revenue), ARR (Annual Recurring Revenue), CAC (Customer Acquisition Cost), CLV (Customer Lifetime Value).
  • Commercial business priority revenue growth, the rate of return on investment (ROI), gross profit margin.
• The ability to adjust the KPI in real time: CFO/CEO can adjust KPI to fit with the strategic objectives vary according to each stage of development of the business.
• Support performance analysis according to departments: Dashboard can be customized to assess the financial performance of individual of each department such as accounting, sales, operation.

Practical application

According to the report of Deloitte, 80% of businesses have Financial Dashboard is customized according to KPI internal gain financial performance is higher 20% compared with businesses use financial reporting standards. The custom KPI helps businesses can look more detail on financial performance, quick-adjust strategy to optimize performance.

3.4. Automatic alerts, AI decision support

One of the strong points of Financial Dashboard modern is the ability to automatically detect the trend anomalies in financial data, support decision making by artificial intelligence (AI).

Features – Benefits

• Automatic warning of financial risks: When there's large fluctuations in cash flow, the ratio of debt/equity capital or operating cost increases abnormally, the system will automatically send a warning to the CFO.
• Financial forecast based on AI: Artificial intelligence can analyze historical data to predict cash flow in 6-12 months to help businesses active in the financial planning.
• Proposed financial strategy optimal: AI can analyze spending trends, profitability, proposed the scenario financial help businesses achieve higher performance.

Example application AI in financial management

• ONE trend detection of anomalies: If the system sees revenue decrease compared with prediction, WHO will analyze the causes and propose solutions as optimal operating costs or adjust strategy selling price.
• WHO warned liquidity risk: When the ratio of debt to assets (Debt-to-Asset Ratio) exceeds the permissible level, WHO can alert the business to make timely decisions, reduce costs or raise capital.
• WHO support cash flow forecast: A system of AI-powered Financial Dashboard can analyze financial data in 3-5 years nearest to predict the likelihood of future payments, help businesses minimize financial risk.

Practical application

As reported by PwC, more than 65% of enterprises using AI in financial analysis has the ability to detect risk, liquidity risk earlier than 6 months compared with traditional methodshelp business be more active in regulating financial strategy, optimize cash flow.

4. 5 Financial Dashboard financial for business English

Comparison table 6 financial dashboard ai to top

4.1. Vietnam Financial AI Agent – automation Solution financial statement with AI

Vietnam Financial AI Agent is tools of financial analysis integrating AI in Vietnam, the first help business automation, financial reporting, process optimization, financial management. This system provides BI Financial Dashboard standard IFRS help accountants/ business leaders understand the “health” of the company's finances in real time.

Don't just stop at the aggregate data, ONE of Lac Viet longer supported financial advicetrend analysis , detection of financial risks, propose solutions to help businesses make decisions more accurate.

Feature highlights

• System financial reporting standard IFRS/VAS: Balance sheet; a report on the money line; accounts receivable/payable; inventory; Sales profit
• AI analysis, financial consultant smart: Forecasting financial risk based on historical data; trend analysis, revenue, cost, profit; Give suggestions to improve financial performance
• Data integration real-time from the accounting system: Connect with accounting software, ERP, CRM; automatically collect data handling financial
• Intuitive interface, process automation: Chart visualization finance; automatically export reports as required; Query financial data 24/7 by AI
• High security, compliance with global standards: Compliance with the provisions of VAS and IFRs; Integrated security 100% for financial data

Advantages

• Fully-automated financial reportingno need to handle manually.
• Data real-timehelp in business decision quickly.
• Financial advisors WHOhelp leaders understand the financial condition without the need for expert analysis.
• Lower cost than hiring financial expertsbusiness help save the budget. Compared to the cost of hiring financial experts (several tens of million/month), Vietnam Financial AI Agent only cost a few hundred thousand to several million dong/monthhelp save significant budget.
• Easy integration with accounting systems out therehelp deploy quickly.

Cons

• Not support other languages in addition to English.
• Depends on the quality of historical data, to WHO can predict more accurate.

Suitable object

• Vietnam business want to automate the process of financial reporting.
• Businesses have accounting system complex need tools aggregate data quickly.
• CEOS, CFOS want to track the financial health businesses that don't need to wait for reports crafts.
• Small and medium sized businesses want to optimize the cost to hire the financial.

The cost

• Free trial with basic features.
• Basic package: From 500.000 – 1.000.000 VND/month depending on the number of financial statements.
• Advanced package: Depending on the scale of businessintegrated AI-depth reports on request.

4.2. Microsoft Power BI – Solution financial analysis strong AI from Microsoft

Microsoft Power BI is one of the platform software data analysis tài chính, trực quan hóa dữ liệu hàng đầu thế giớiuse ONE of Microsoft Azure to help business analysis, financial forecasting, cash flow, optimize financial performance.

Power BI integrates tightly with Microsoft Excel, AccNet, SAP, Oracle, Dynamics 365help business to easily collect, process, and visualize financial data in real-time.

Feature highlights

• Analyze financial data in-depth with Azure AI: Anomaly detection in spending and revenue. Auto-suggest optimal solutions finance. AI-driven Insights help to forecast financial trends.
• Visualization powerful financial: Chart interactive report dynamic heatmap. Compare financial data in real-time.
• Integrated with Microsoft ecosystem: Connect directly with AccNet, SAP, Oracle, Dynamics 365. Sync data from Excel, SQL Server, Google Analytics.
• Custom KPIS by industry: Commercial enterprise track, profit margin, revenue. Business production track COGS, operating costs. SaaS companies track MRR, ARR, CAC, CLV.
• Supporting queries natural language: CFO can ask questions directly, WHO will automatically display the financial statements.

Advantages

• Ability to analyze data strongespecially in the financial forecast.
• Integrates well with Microsoft ecosystemhelp synchronize data easily.
• Support AI-driven Insightshelp automatically detect financial trends.
• High scalabilitysuitable with small and medium sized businesses.

Cons

• Required skills DAX/ Power Query to create financial reports, advanced.
• Cost-copyright is higher than the other solutionsnot fit small business.

Suitable object

• Medium and large business want to leverage AI to analyze financial depth.
• CFO, CEO, accounting mature want to have their financial statements in real time.
• The company uses Microsoft ecosystemespecially the business had been using Dynamics 365.

The cost

• Package free: For personal or small business with limited features.
• Pro Package: 9.99 USD/person/monthmatching medium-sized enterprises.
• Premium Package: 20 USD/person/month or 4.995 USD/month for big business, there is SOMEONE more powerful.
• The cost of implementing the entire system can be higher if businesses need to integrate with SAP, Oracle

4.3. Tableau – Solution financial analysis strong AI from Salesforce

Tableau is one of the tools data visualizations leading financial worlddeveloped by Salesforce. This tool is integrated Einstein AI to provide financial forecasting, trend detection, optimize cash flow.
Tableau business support construction of the financial reporting acthelp the CEO, CFO and chief accountant easily track financial situation in real time without the need for processing data.

Feature highlights

• Integrated Einstein AI to analyze financial depth: Predict trends, revenue, profit, cash flow. Detect abnormality in the financial statements. The proposed strategy optimizes the cost.
• Data visualizations strong: Chart dynamic dashboard interact with data in real-time. Support financial analysis of the multi-dimensional data different.
• Well connected with the financial system and ERP: Direct integration with SAP, QuickBooks, Oracle, AccNet. Support open API to sync data from multiple sources.
• Custom KPI according to specific industry: Commercial enterprise track profit margin and revenue by region. Manufacturing enterprise focusing on the cost of raw materials, and inventory.

Advantages

• The intuitive interface and user-friendly.
• Financial forecast accuracy thanks to Einstein AI.
• Ability to analyze financial depth with big data.
• Integrates well with Salesforce for business use CRM.

Cons

• Cost of higher Power BI and Looker.
• There is no free version, only trial version.
• Need user training to harness the maximum potential of the system.

Suitable object

• Big business want to app AI in financial analysis.
• Companies are using ecosystem Salesforce want to optimize financial statements.
• The organization has the data volume is large financial need visual culture in-depth.

The cost

• Tableau Creator: 70 USD/user/monthfor report creation.
• Tableau Explorer: 42 USD/person/monthfor the data analysis.
• Tableau Viewer: 15 USD/person/monthfor people who only view reports.
• Deployment costs can be up to a few thousand DOLLARS/month for big business.

4.4. Looker – tools of financial analysis AI from Google Cloud

Looker is one of the platform BI (Business Intelligence), the most powerful Google's Cloud business help build dashboard modern finance, auto, data analysis, financial forecasting AI.
Looker use Google Cloud AI to support cash flow forecasting, optimization, budget and analyze financial risks.

Feature highlights

• AI-powered Predictive Analytics: Cash flow forecast based on historical data. Detection of abnormalities in finance as the cost exceeds the budget. Given the hint financial strategy based on data.
• Tightly integrated with the ecosystem of Google Cloud: Connect directly with BigQuery, Google Sheets, and Google Analytics. Sync financial data from SAP, Oracle, QuickBooks.
• Handle financial data with SQL strong: Supports SQL query help businesses analyze data in detail. Capable of scaling to handle major financial data.

Advantages

• Integrated with Google Cloud and BigQuery.
• Financial forecast smart AI.
• Ability to analyze financial data according to multiple viewing angles.
• High data security, powered by Google Cloud.

Cons

• Requires SQL knowledge to optimal use.
• No power of visualization like Tableau.

Suitable object

• Businesses have the volume of financial data using Google Cloud.
• Companies want to integrate AI into financial statements in order to optimize the budget.

The cost

• Average cost of about 30 – 100 USD/person/month depending on the features.
• Cost to deploy depending on the enterprise scale, usually ranging from $ 5,000 and up for big business.

4.5. Sisense – The tools of financial analysis with Embedded Analytics

Sisense is the foundation BI integrated financial AIhelping businesses embed financial analysis on ERP, CRM and financial systems, internal. This tool allows the automation business, financial analysistime integrated AI to forecast cash flow, risk management.

Feature highlights

• AI-powered Embedded Analytics: Embed financial analysis into the enterprise system. Integrated AI to analyze financial data right in ERP.
• Data Alerts – alerts, auto finance: The system automatically sends alerts when there are large fluctuations in revenue and expenses. Support monitoring financial risk, cash flow.
• Integrated with many of the financial system: Support connect with AccNet, SAP, QuickBooks, Oracle. Sync data automatically from different sources.

Advantages

• Embed financial analysis directly into the ERP system, CRM.
• WHO support financial decisions quickly.
• Custom flexible for many industry.

Cons

• Cost of higher Power BI and Tableau.
• Need technical skills in order to customize advanced.

Suitable object

• Businesses have ERP system to integrate AI into financial analysis.
• Finance companies, banks need to automate financial analysis, internal.

The cost

• Cost about 50 – 100 USD/person/month.
• Corporate packages can be up to 10,000 – $ 50,000/year, depending on the scale.

5. How to deploy Dashboard financial in business

Deployment Financial Dashboard in business, not only help optimize financial management but also enhance performance analysis and decision making. Here are the important steps to build a system for reporting financial performance, in accordance with the needs of each business.

Step 1: Determine needs financial statements of the business

Before deployment, enterprises need to determine target-use dashboard. A number of important questions need to clarify:

• Business should track financial indicators which? (Revenue, profit, cash flow, cost, ROE, ROA...)
• Objects to use dashboard is who? (CFO, CEO, chief accountant, division operation)
• Update frequency data? (In real-time, daily, weekly or monthly)
• The level of detail of the report? (Overview or in-depth into each department)

Clearly identified needs help construction business a dashboard to the point, avoiding excess information or omission of the important indicators.

Step 2: select platform Financial Dashboard fit

Today there are more platforms support visualization of financial data, each tool has strengths. You can rely on the information from section 4 to choose the right tools for the enterprise.

Choosing the right tool depends on the budget, reporting needs, the ability to integrate with the current system of business.

Step 3: connect the data from the accounting system and software business management

A Financial Dashboard effectively need integrate data from multiple sources to ensure accuracy, constantly updated. The data source downloads:

• Accounting software: AccNet, SAP, QuickBooks, Oracle Accounting
• ERP software: SAP ERP, Odoo, Microsoft Dynamics
• Data bank: Transaction accounts, loans, cash flow on – off
• System asset management: Track the value of fixed assets, depreciation
• Sales data, inventory management: Integrate with CRM software or software inventory management to track sales and inventory

Connect financial data from multiple sources helps dashboard update data automatically, minimize errors in data entry, saving time synthesis report.

Step 4: build – custom interface Dashboard

After the data input, the next step is the ui design dashboard stars for intuitive, easy to use. A number of important principles:

• Arrange the important indicators in central location
• Using graphs instead of tables of data complex
• Choose the color, design, fit to highlight the indicators important financial
• Custom KPIS for each department, user role

For example, the CFO may need to see an overview of corporate finance (EBITDA, cash flow, revenue growth), while the chief accountant need detailed tracking accounts receivable and payable.

Step 5: set up automatic alerts, and dynamic reporting

A Financial Dashboard is great not only display data, but also can automatic risk warning and create a report action in real time.

• Automatic alerts when there are unusual signs in financing (negative cash flows, the cost exceeds the budget, the ratio of debt/equity rising)
• Dynamic reporting allow users to filter, analyze the data according to each of the criteria (industry, department, duration)

According to research by McKinsey, business apply technology early warning can reduce 40% financial riskhelp CFO/CEO initiative in the adjustment strategy.

Step 6: Check, adjust optimization

Deploy the dashboard doesn't just stop at the construction of the original system that need to monitor and evaluate the effectiveness, adjusted to match actual business.

• Collect feedback from users to adjust the interface, features
• Performance optimization to dashboard smooth operation, do not be slow when processing large data
• Additional advanced functions as financial forecasting by AI analysis, market trends

Financial Dashboard not only is a reporting tool that is also help help business management financial intelligence more effectively. Thanks to the integrated AI, real-time data, the system dashboard, modern, such as Vietnam Financial AI Agent, Power BI, Tableau, Looker, Sisense, Domo has helped businesses enhance their ability to forecast, optimize budget and improve financial performance.