The Notable Differences Between Daily & Monthly Metrics
At DashboardHC, we create both daily and monthly report options to provide you with the necessary insights into your numbers to make sure you are aware of all your financials, setting you up for success.
To avoid frustration or confusion, we have designed this tool so that there are no reports that will populate a “No Results” response for you.
If you have spent some time personalizing your dashboard and learning what offerings DashboardHC app provides, you probably have started to see some differences between the daily and monthly metrics. There are a few key items you should be aware of, as well as some major tips that will lead you to successfully utilize the DashboardHC tool.
While Financial Data Occurs Regularly, it’s More Accurately Reflected on Monthly Basis.
When configuring your dashboard, it is important to note that any data on financials will be more substantial on a monthly basis. Keep in mind that your financials are constantly updating throughout the entire month. While numbers can still adjust after the month has finished, you will see more finalized figures once the month has completed.
Let’s talk about numbers related to your Income Statement.
The above example is just one instance. There are a variety of metrics that are related to financial statements that will be more accurately represented when viewing on a monthly basis.
Transactional Data is More Meaningful on a Daily Basis.
What do we mean by that? Things like your census can tell you exactly how many people are working that day, or month to date. The truly helpful part is that this data can be compared with data from other days or a specific period in a month, revealing how operations are doing day-to-day.
Please note that your data is NOT always one or the other when it comes to daily versus monthly metrics. You could have specific categories that are averaged or forecasted. For example, if you take the average daily cash balance and use the figures for your forecasting in the current month, you will have created a monthly metric.
While daily numbers can be translated into a monthly number, a monthly figure cannot be shown as a daily figure.
If, for any reason, the differences between daily and monthly metrics are still a bit hazy, please reach out to our support team at [email protected]. We are happy to help explain in more detail so you feel confident about the data you’re reviewing.