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.
Bookkeeping for Small and Medium Sized Businesses
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 physical therapy practices track billable units?
Physical therapy billing uses 15-minute units for timed services, calculated using the 8-minute rule. Therapists document start and stop times for each service, and those times determine how many units can be billed.
Read answerHow do I improve my business cash flow?
Cash flow improves when you speed up collections, manage payment timing, and maintain visibility into your numbers. Most cash crunches aren't profit problems. They're timing problems between money coming in and money going out.
Read answerWhat bookkeeping does an auto repair shop need?
Auto repair shops need bookkeeping that tracks parts inventory and margins, job-level profitability, accounts receivable from fleet and warranty work, and labor costs by technician. Sales tax compliance on parts versus labor also requires proper setup.
Read answerWhat is Michigan Treasury Online and how do I use it?
Michigan Treasury Online is the state's portal for registering, filing, and paying business taxes. You'll use it to manage sales tax, withholding tax, and other state tax obligations.
Read answerHow do I know if my books are behind or need cleanup?
Your books need attention if you can't produce financial statements you trust, bank accounts haven't been reconciled in months, or your accounting software is full of uncategorized transactions.
Read answerHow do I handle multiple businesses in QuickBooks?
Use separate QuickBooks company files for each business entity. Trying to manage multiple businesses in one file creates tax headaches and makes your financials harder to use. The extra subscription cost is worth having clean, separate books for each company.
Read answer
