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.
Metro Detroit's Small Business Bookkeeper
The Next Step:
A Short Conversation
Tell us about your business and your current bookkeeping situation. We'll listen, answer your questions, and give you a clear quote.
More Questions
How do I connect my bank account to QuickBooks?
In QuickBooks Online, go to the Banking menu and click Link Account to search for and connect your bank. Once connected, transactions import automatically, but you need to review and categorize them before they post to your books.
Read answerHow do I separate personal and business finances?
Start with a dedicated business bank account and credit card. Every business dollar should flow through accounts used exclusively for business, with consistent owner draws instead of random transfers.
Read answerWhat is the best way to follow up on unpaid insurance claims?
Start follow-up at 30 days after claim submission, not 60 or 90. Document every contact with the payer, use their portals to check claim status first, and don't accept vague answers about claims being in process.
Read answerWhat is bank reconciliation and why is it important?
Bank reconciliation is the process of comparing your internal financial records to your bank statements to make sure they match. It catches errors, detects fraud, and gives you an accurate picture of your cash position.
Read answerHow do I file quarterly estimated taxes in Michigan?
Use Form MI-1040ES or pay through Michigan Treasury Online by the quarterly deadlines in April, June, September, and January. Calculate payments based on expected income or use the safe harbor method to avoid underpayment penalties.
Read answerWhat is credentialing and how does it affect medical billing?
Credentialing is the process of verifying provider qualifications and enrolling them with insurance companies. Without it, practices can't bill insurance as in-network providers. The process takes 60 to 180 days and must be completed before seeing patients to avoid revenue loss.
Read answer
