There are numerous reports that you can use or create in QuickBooks On-line that can help you get a fix on different aspects of your business. Here is a link to step-by-step instructions on how to run some basic reports.
Because I come from an accountant’s background, I tend to gravitate towards the traditional financial reports, like the Balance Sheet and Profit & Loss. Both of these are pre-created for you and available for all levels of QuickBooks On-line. Here are some things you might not have known about these two types of reports:
- The Balance Sheet – This report doesn’t just show you your cash balances, although that is a good reason to review these reports, but it is the historical record of your business. It shows you everything your company owns, owes and the profit or loss of the business from the beginning of its time.
- The Profit and Loss – This report is a common report we have found small businesses to know about and use. It shows you the profit or loss of your company for a period, usually a calendar year for most. It will always require a beginning date and an end date, but what some people don’t know is that it can also help you identify the trend of your business with just a few clicks of a button and customizing the report to show you the profit and loss of your business by month, week or even day. Identifying the trend of your business can help you plan and strategize for the future.
Reviewing your reports on a monthly basis is key to knowing and understanding what is going on with your business. Whether you have an internal bookkeeping or outsource this function to another company, you should always be aware of what is happening with your financials and know how to pull them up in an instant for review. If you have additional questions shoot me an e-mail at email@example.com or click on the “Let’s Meet” button above, to get a little extra guidance, we are here to help!