There are a number QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week.
The Dashboard of QuickBooks Online is the first screen you see when you log in, and it provides an effective overview of your company’s finances. You’ll find at-a-glance information about your recent expenses, sales, and the status of your invoices. It’ll quickly get you a list of everyone you need to be calling today. The Dashboard displays a simple Profit and Loss graph and a list of your account balances. Scroll down and click the See all activity button in the lower right and your Audit Log opens, a list of everything that’s been done on the site and by whom.
You can get a lot of work done directly from this page. Click the bar on the Invoices graph, for example, and a list view opens, allowing you access to individual transactions. Click Expenses to see the related Transaction Report. Below the list of account balances, you can Go to registers and connect new accounts.
The Dashboard supplies enough information that you can spot potential problems with expenses and sales, accounts, and overdue invoices. But you’re likely to have other tasks that require attention. How’s your inventory holding up? Are you staying within your budget? Be sure not to forget about your accounts payable – will you owe money to anyone soon?
QuickBooks Online offers dozens of report templates that answer these questions and many more. If you’ve never explored the list, we suggest that you do so. It’s impossible to make plans for your company’s future without understanding its financial history and current state.
Comprehensive and Customizable
When you click Reports in your QuickBooks Online toolbar, the view defaults to All. The site divides its report content into 10 different sections, including Business Overview, Sales and Customers, Expenses and Vendors, and Payroll. Each report under the sections have two buttons to the right of its name.
Click the star, and that report’s title will appear in your Favorites list at the top of the page. This will save time since you’ll be able to quickly find your most often-used reports. Click the three vertical dots and then Customize to view your customization options for that report (you’ll have access to this tool from the reports themselves).
You can, of course, run any report you’d like as often as you find time to do so. Most small businesses, though, don’t require this frequent intense scrutiny. There are five reports the Spokane, WA Business Cents bookkeeping and accounting team recommends that you do want to consult on a regular basis. They are:
- Accounts Receivable Aging Detail. This report displays a list of invoices that haven’t yet been paid, divided into groups like 1-30 days past due, 31-60 days past due, etc.
- Budget vs. Actuals. Just what it sounds like: a comparison of your monthly budgeted amounts and your actual income and expenses.
Warning: Some reports let you choose between cash and accrual basis. Do you know the difference and which you should choose? Ask us.
- Unpaid Bills. This report is used to help you avoid missing accounts payable due dates by displaying what’s due and when.
- Sales by Product/Service Detail. Tells you what’s selling and what’s not by displaying date, transaction type, quantity, rate, amount, and total.
- Product/Service List. An accounting of the products and/or services you sell, with columns for price, cost, and quantity on hand.
Customization of Complex Reports
Note that there’s a category of reports in QuickBooks Online named For My Accountant. That’s where the Business Cents Bookkeeping and Accounting team comes in. QBO includes templates for reports that you can run yourself, but you may have difficulty customizing and analyzing. These standard financial reports—which, by the way, you’ll need if you create a business plan or try to get funding for your business—include Balance Sheet, Statement of Cash Flows, and Trial Balance.
You don’t need to have these reports generated frequently, but you should be learning from the insight they provide monthly or quarterly. We can handle this part of your accounting and bookkeeping tasks for you, as well as any other aspect of financial management where you need assistance. Contact us, and we’ll see where we might help provide the feedback and bookkeeping expertise that can help you make better decisions for the future of your business.