What QuickBooks reports should I run monthly?
Start with the Profit and Loss statement. It shows your revenue minus expenses for the month, telling you whether you made or lost money. Run it for the current month and compare to the same month last year to spot trends. Look for expenses that jumped unexpectedly or revenue that’s declining. The year-to-date version gives you the bigger picture of how the full year is shaping up.
The Balance Sheet comes next. This shows what you own, what you owe, and the equity left over. Check that your bank balances in QuickBooks match your actual bank statements. If they don’t match, your reconciliation has a problem. The totals for accounts receivable and accounts payable also show up here, giving you a quick sense of money coming in and going out.
Accounts Receivable Aging breaks down who owes you money and how long they’ve owed it. Anything sitting past 60 days needs follow-up. The longer invoices go unpaid, the harder they become to collect. Medical and dental practices especially need to monitor this report since insurance reimbursements can quietly slip through the cracks without a medical billing service in Macomb watching closely.
Accounts Payable Aging shows the opposite. What you owe vendors, and when payment is due. This helps you plan cash flow and avoid late fees.
The Cash Flow Statement explains where your cash actually went. You can show a profit on paper but still run short on cash if money is tied up in receivables or you made large purchases. This report connects your P&L to your actual bank balance.
Before pulling any of these reports, make sure your bank accounts are reconciled for the month. If your QuickBooks records don’t match your bank, the reports are based on incomplete or incorrect data.
Reviewing reports takes discipline. Most business owners intend to look at their numbers monthly but let it slide when things get busy. If you find yourself skipping months or unsure what you’re looking at, full-service bookkeeping handles this for you. Someone reviews your reports, flags problems, and summarizes what you need to know so you can focus on running your business instead of deciphering financial statements.
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More Questions
How do I set up a chart of accounts in QuickBooks?
The chart of accounts is the foundation of your financial reports. Start with the five main categories (assets, liabilities, equity, income, expenses), then customize based on what information you need to track for your specific business.
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