5 Must-Have Reports in Your Accounting Software Dashboard 

Every business needs to manage and consolidate financial information. For a profitable business, you need to monitor the numbers and develop strategies to improve them. The only way to do this is through efficient cash flow management, which comes from a detailed analysis of your financial records. Accounting software dashboards present modern tools for monitoring finances. They produce dynamic reports businesses of all sizes and types need for data-driven decision-making. 

Let’s scroll down to see which reports should form the core of the dashboard in your accounting software.

5 Must-Have Reports in Your Accounting Software Dashboard   

1. Profit and Loss Statement 

The informative dashboard’s Profit and Loss statement summarizes the revenue, costs, and expenses incurred during a specific period.

Here’s why your accounting dashboard should have a profit and loss statement. 

• It helps the business owners and stakeholders to gauge the company’s performance. 
• It is a gateway for business owners to keep an eye on expenses and spot inefficiencies for improved cost management. 
• The P&L statement on your accounting software dashboard aids in strategic financial decisions by determining new opportunities, debts to be paid, and investments to be done. 
• It also caters to taxation details, helping businesses to stay tax-compliant and avoid paying penalties. 
• These statements are an asset for making accurate projections and creating realistic budgets. 

2. Accounts Payable and Receivable Report 

Your informative dashboard’s accounts payable and receivable reports depict the payments to be made and received by business owners. 

Here’s  why your dashboard should have these reports: 

• Payable and receivable reports clearly show cash inflows and outflows, minimizing the liquidity risks. 
• Accounts Receivable (AR) reports identify overdue payments, while Accounts Payable (AP) reports prevent the risks of late payments.  
• The balance between accounts receivable and payable helps to optimize working capital, encouraging efficient cash utilization. 
• AR reports provide insights into customers consistently delaying payments, while AP reports show businesses relying heavily on credits. These insights from the accounting software assist in designing credit terms effectively and enhancing collection strategies. 
• AR and AP reports facilitate positive business relations, resulting in long-term partnerships. 

3. Inventory Analysis Report 

Inventory analysis on an accounting software dashboard presents an overview of the company’s stock levels, valuation, and movement. 

Here’s how inventory reports pave the way to business growth. 

• The primary benefit of inventory reports on user-friendly dashboards is that they eliminate stock outs or overstocks. This helps maintain a balance between customer demand and supply, reducing excess inventory or no inventory. 
• It helps to optimize cash flow by aligning the stock levels and ensuring appropriate capital investment in warehouse operations. 
• The inventory reports forecast future demand, repurchase points, and products or services in demand through sales analysis. 
• It helps optimize inventory and minimize the carrying cost of the stocks. 
• The inventory reports also enable businesses to adjust product pricing based on demand, which increases profitability. 

4. Sales Reports 

Sales reports on user-friendly dashboards analyze business activities and provide insights into revenue-generating operations. 

Let’s check why sales reports should be included on the accounting software dashboard: 

• These reports present a clear view of revenue generation activities. This helps businesses ensure they are on the right track and meeting sales targets. 
• These sales reports in accounting software identify seasonal trends, customer buying patterns, and market demand. This information leads to strategic inventory planning, increasing profit
• Additionally, sales reports are key indicators of the sales team’s performance. Businesses can set goals for the teams, measure their effectiveness, and reward the best teams, encouraging them to make more sales. 
• The reports analyze sales performance and facilitate a breakdown of products performing well and underperforming. This assists businesses in planning their products, pricing, and marketing strategies smartly. 
• Accurate sales reports permit better resource allocation for healthy cash flow. 

5. Balance Sheet 

Balance sheet in the informative dashboard provides a snapshot of the company’s assets, liabilities, and equity by determining its financial health. 

Let’s see why balance sheets should form the crux of your dashboard:  

• It offers visibility into a company’s assets (what it owns), liabilities (what it owes), and equity (net worth). This facilitates the investors’ and stakeholders’ gauge of the company’s financial stability. 
• These reports compare current assets and liabilities, projecting circumstances in which the company might land into crises. 
• It also reflects the company’s ability to meet long-term obligations to repay the debts. 
• The accounting software dashboard integrated with the balance sheet signals if the business is using the resources efficiently. 
• The business owners can present balance sheets to stakeholders and investors, encouraging them to invest.

Read More: Top Reasons to choose Munim Accounting Software

Conclusion 

Hopefully, you have understood 5 reports you should consider in your accounting software dashboard. Please post your queries in the comment section below, and we will surely answer them. 

If you are looking for a user-friendly dashboard for your accounting software, Munim is the best choice. Hurry up! Sign up for Munim accounting and billing at a 50% discounted price. 

FAQs

1. Can I get a GST overview on the Munim accounting software dashboard?  

Yes, Munim offers an informative dashboard that displays all your tax details. 

2. What is the registration fee for Munim accounting and Billing? 

Munim is available at a 50% discounted price, i.e., 999 per year. Hurry up! Avail this limited-time offer now! 

3. Can I share reports with the relevant departments using an accounting software dashboard? 

Munim’s user-friendly dashboard offers the provision to allow access to the reports for seamless operations. 

4. Can I get a demo for Munim?

You can request a demo and schedule your online session with the team.