Having access to accurate, real-time insights into financial performance is the difference between success and failure. However, many financial executives still rely on obsolete tools, such as spreadsheets, which, although widely used, often fall short of the demands of a fast-paced, data-driven world. 

Spreadsheets’ Drawbacks 

Although spreadsheets have been a reliable tool for many years, they have limitations in the current financial environment. Spreadsheets demand manual data entry and constant updates, which is time-consuming. Also, any mistake at the time of data entry can lead to substantial errors. While spreadsheets are fantastic for keeping information, they are unable to refresh the data for you and thus give you an update on the progress. 

Another downside of spreadsheets is that they can get very large and slow to handle as you try to fill in excessive data. 

Exploring Dynamic Dashboards 

Dynamic dashboards are a more practical and modern method of data aggregation and analysis. These dashboards unify real-time data from different sources into a cohesive dashboard that transforms financial data into insights with visualisation. This means financial leaders can now see all their financial data in one place. The added benefit is that all data in the dashboards is in real time, meaning they will not have to look through countless spreadsheets. 

Pulse is one platform that is revolutionising financial data for small businesses. Pulse compiles all of your financial data into a simplified dashboard, so you do not have to spend time updating spreadsheets or waiting for reports. Your data is always current because the platform establishes direct connections with your bank accounts and accounting software through Open Banking and Open Accounting. This means that business owners can monitor their cash flow, track past-due invoices, and obtain a clear picture of their financial situation at any time. 

The Effectiveness of Dashboards in Data Analysis 

73% of financial services operations leaders say that access to trusted, real-time operational data would help them make better decisions. That’s a strong indicator that traditional spreadsheets just are not helpful anymore. This is where dynamic dashboards shine. Instead of digging through endless spreadsheets, lenders, banks, and accountants can now work with live, visualised data that is easy to understand and act on.  

Let’s take a closer look at how dashboards are helping each of these roles work wisely. 

Lenders

Lenders must continue to maintain control over loan portfolios. With the use of dynamic dashboards to continuously track loan performance, lenders can evaluate borrower risk and financial health. Pulse’s dashboard can quickly track metrics such as payment history, outstanding balances, and accounts receivable on one platform to provide a snapshot and overview of the borrowers or the total loan portfolio. This allows lenders to quickly approve loans based on current information or identify borrowers who may be a risk. 

Banks

Dynamic dashboards can be very helpful to banks, particularly for financial forecasting and customer experience enhancement. Bank executives can more precisely forecast cash flow patterns and evaluate the effects of market fluctuations when they have access to real-time data. By visualising each customer’s behaviour and financial requirements, dashboards allow banks to customise their offerings. Banks can assess a potential borrower’s spending patterns and income to assess eligibility and loan repayment likelihood. Instead of waiting for them to ask, the bank can step in and offer a personalised funding solution or even suggest a low-interest loan. Proactive offerings can help banks build trust. This kind of insight-driven action not only deepens customer relationships but also speeds up internal decision-making. In a market that’s becoming more competitive and data-driven by the day, that ability to act fast can be a serious advantage. 

Accountants

Dynamic dashboards give accountants a break from the tedious and repetitive tasks associated with financial reporting. Instead of manually updating spreadsheets, accountants can access a single interface where all financial data is automatically synced and updated in real-time. Reporting gets more accurate and faster with this, as human error is less likely to occur. Also, as accountants have cash flow and profitability details easily available, they can give their clients a better understanding of their financial situation. Additionally, it is simpler to convey complex financial information to clients when key metrics are represented graphically. Accountants can move away from redundant tasks and focus on higher-value services like business advisory and strategy. 

Conclusion

Speed and accuracy are critical when making financial decisions. All of these components are combined into a single, seamless package by dynamic dashboards. Financial leaders can access real-time data by overcoming the limitations of conventional spreadsheets. This eliminates the need for laborious manual updates and lowers the possibility of errors. 

You no longer have to wait for outdated reports or manage multiple spreadsheets with a dynamic dashboard like Pulse’s. All of your important financial metrics are available for you to view and evaluate in one location. Additionally, Pulse’s dashboard is updated instantly and presented in a clear, visual format.  

Pulse is the solution if you’re prepared to move past spreadsheets and adopt a more potent method of managing your financial data. To know more about how Pulse can enhance your workflow, book a demo today.