As businesses and financial institutions continue to rely on digital tools for managing their finances, the demand for user-friendly and visually appealing financial dashboards has grown. A financial dashboard provides a comprehensive overview of a company’s financial health in real-time, helping decision-makers make informed decisions. In this article, we will discuss the best practices for designing a financial dashboard and provide examples of well-designed financial dashboards.
Define Your Objectives
Before beginning to create a financial dashboard, it is critical to first establish the goals that will be served by the dashboard. Once the fundamental function of the dashboard has been understood, it will be easier to determine the critical metrics and information that ought to be included.
It is possible to construct a financial dashboard in such a way that it offers a summary of the company’s overall financial performance, analyzes certain areas, or offers a comparison of data over a certain period.
Kim Leary, Creative Director at squibble
Keep it Simple and Easy to Read:
A dashboard for financial information needs to be simple to read and comprehend. It should have a pleasant appearance to the eye, and the user interface should be easy to understand. Try to avoid making the dashboard look cluttered by using too many colors or having too much info.
To present the information in a manner that is both clear and succinct, use only a few charts, graphs, and tables. Check that the layout is consistent and that the fonts and text sizes are easy to read. Also, make sure that the text is the appropriate size.
Holly Cooper, Manager at LUCAS PRODUCTS & SERVICES
Use the Right Metrics:
The success of a financial dashboard relies heavily on the utilization of appropriate metrics. The objectives of the dashboard should be matched with the metrics, and the metrics themselves should be useful to the audience. Make use of measures that may be easily understood and put into action. Consider providing a thorough summary of the company’s success by using a variety of metrics, including both financial and non-financial measures.
Inga Broerman, Vice President at BluLogix
Provide Context:
Context is of the utmost significance whenever financial figures are being presented. Include comparisons with previous performance, benchmarks from the industry, and a study of your peers as you provide some context for the data that has been presented. Consider providing users with context through the use of visual aids like charts and graphs to assist them in understanding the data that is being provided to them.
Cindi Keller, Communications Coordinator at THE CRIMINAL DEFENSE FIRM
Ensure Timely and Accurate Data:
The performance of a financial dashboard relies heavily on data that is both current and reliable. Make certain that the information that is provided is correct and up to date. Consider utilizing data visualization technologies that offer users the ability to drill down into the data for more specific information and that provide changes in real-time.
Adam Crossling, Head of Marketing at Zenzero
Make it Mobile-Friendly:
Because an increasing number of individuals are accessing financial information through their mobile devices, it is necessary to make sure that the financial dashboard is optimized for mobile use. The layout ought to be optimized for smaller screens, and the information ought to be given in a way that is straightforward to read on a mobile device.
Ben Flynn, The Content Editor at Manhattan Tech Support
Consider User Feedback:
When building a financial dashboard, receiving feedback from users is a vital component. To obtain input on the layout and functionality of the dashboard, you might want to think about conducting user surveys or holding focus groups. Make use of the input to enhance the dashboard to guarantee that it satisfies the requirements outlined by the users.
Rasa Bernotiene, SEO Specialist at No Win No Fee
Test, Test, Test:
Ensuring comprehensive testing of the financial dashboard before its launch is of utmost importance. Our testing protocols must encompass usability testing, data accuracy testing, and user acceptance testing. Use the results of the testing to make improvements to the dashboard before it is launched.
Zephyr Chan, Founder of Living the Good Life
Examples of Well-Designed Financial Dashboards
Mint
Mint is a popular personal finance management tool that provides users with a comprehensive overview of their financial health. The dashboard is user-friendly, easy to navigate, and provides users with a visual representation of their spending habits. Users can set financial goals, track their spending, and receive alerts when they overspend.
Tableau
Tableau is a data visualization tool that allows users to create interactive dashboards and visualizations. The financial dashboard provides users with a comprehensive overview of their financial performance, including revenue, expenses, and profit margins. Users can drill down into the data to identify trends and patterns and make informed decisions.
QuickBooks
QuickBooks is an accounting software that provides small business owners with a comprehensive financial dashboard. The dashboard provides users with an overview of their financial health, including cash flow, profit and loss, and balance sheet. Users can track expenses, manage invoices, and create financial reports.
Klipfolio
Klipfolio is a cloud-based dashboard platform that allows users to create customized financial dashboards. The dashboard provides users with a real-time view of their financial performance, including revenue, expenses, and key performance indicators. Users can create visualizations using charts, graphs, and tables and can drill down into the data for more detail.
Google Sheets
Google Sheets is a spreadsheet program that provides users with a range of templates, including financial dashboards. The financial dashboard template provides users with a comprehensive overview of their financial performance, including revenue, expenses, and net income. Users can customize the template to meet their specific needs and can add or remove metrics as required. And if users want to take their Google Sheets experience to the next level, they can use Sheets Genie – a powerful add-on that makes creating and managing spreadsheets a breeze!
Conclusion
Designing a financial dashboard is a crucial aspect of financial management for businesses and financial institutions. A well-designed financial dashboard provides decision-makers with the information they need to make informed decisions quickly.
When designing a financial dashboard, it is essential to define the objectives, keep it simple and easy to read, use the right metrics, provide context, ensure timely and accurate data, make it mobile-friendly, consider user feedback, and test thoroughly. By following these best practices and using examples of well-designed financial dashboards, businesses, and financial institutions can create dashboards that meet their specific needs and help them achieve their financial goals.
