Expect it to bleed off and on, A LOT! I have seen a ouple of these in the past, and they seem to heal well but they also seem to bleed a lot before they are totally healed up. The dog will keep it as clean as she can at this time of year.
Years ago my Boxer got a cut on her pad....altho it was'nt a very big gash, it was deep and she needed a couple of stitches. Depending on what she cut herself on, you may want to get a hold of the vet....I know they ended up also giving my girl a shot of which I believe was tetanus? Like Mona mentioned it bled a lot.....I thought she had cut off her pad completly the blood was just gushing....but a closer look saw that it inded was just a cut...but deep.
I've seen many of these in my career.. expect it to bleed on and off for quite a while.. You did good by placing a bandage on it.. let's see how long you can keep it on.. pressure is good. Keep it clean and apply something to help the healing and infection.. such as an antibacterial ointment.. The actually tend to heal rather quick and none of the ones I've seen have needed stitches. Make sure she is UTD on tetanus and watch it.. more than likely it'll heal fine..