Are you looking for a solution to streamline your business’s financial processes? Did you know that 80% of small businesses choose QuickBooks for financial management?
If you want to improve your business management, QuickBooks reports can provide answers. Continue reading to learn how to make smart business decisions using these reports.
Purpose of QuickBooks Reports
QuickBooks reports analyze the data entered in the program. It then follows a set of instructions to provide actionable information. Quickbooks offers several types of reports.
Transaction reports help you find important information about business transactions. List reports create various lists of information available in QuickBooks. Examples include the Account Listing, Product and Services list, Customer list, and the Supplier List.
Customized Management Reports can include your company logo. This provides a professional format when presenting to your stakeholders. Without reports, you only have a big collection of data with no use.
Popular QuickBooks Reports You May Wish to Use
The following are some of the most popular QuickBooks reports.
Profit and Loss Statement
This report looks at the business’ performance during a set time frame. For example, it can tell you the amount of money received and spent during a month. The report generates subtotals for each income or expense account.
Examining this data over a set amount of time can show your net income or loss. Did you have start-up expenses in the first six months, but now the income is reducing your deficit?
This type of report helps determine what your business has purchased in a set time frame. It’s important to separate vendor purchases of inventory vs. vendor expenses paid.
Two expense reports are The Purchases by Vendor Detail report and The Purchases by Vendor Summary Report. These include all transactions recorded on the “Items” tab of bills, checks, and credit card charges.
This report doesn’t include any purchases recorded on the “Expenses” tab, nor does it include payroll-related expenses.
Two other reports may be helpful: the Expenses by Vendor Detail or Summary reports. These Expense reports only show transactions sent to a general ledger expense account. They don’t provide vendor purchases of inventory which increases your assets.
If you want an easy method for finding customer-related data, generate a Sales report. This provides information about customers, items they buy, and transaction frequency. You can also find sales representative information and products or services they provide.
This report can assist you in tailoring your marketing and sales strategies.
Keep track of all business bank transactions. This includes deposits, withdrawals, debits or checks. You can download this information directly from your bank into QuickBooks.
This decreases the time spent on balancing accounts. It also lets you watch for overcharges, duplicate charges, or charges that haven’t cleared. This helps you understand exactly where your business stands financially.
QuickBooks Balance Sheet
This report gives you a snapshot of your business as of a certain date. The Balance Sheet calculates your company’s equity or worth. This is done by subtracting your liabilities (what you owe) from the amount you own (assets).
When you need to make purchasing decisions, this report gives a view of the pros and cons of spending more money.
Open Invoice Report
Many small businesses find it difficult to keep up with accounts receivable. This means managing the amount of money owed by your customers and when it’s due. QuickBooks makes this task easy with the Open Invoice report.
This report gives a complete look at all open invoices arranged by the customer and the project. This allows you to generate bills for customers.
This feature helps you collect information needed for accounting and tax preparation processes. Journal reports give a list of all transactions in a designated time frame. This report lists the debits and credits in date order.
The General Ledger report includes the beginning balance for each account. It also lists all transactions in a defined time frame. The Transaction List by Date reports allows you to review all transactions in date order.
Employee Data Reports
If you have employees, it imperative to keep accurate records about work time and payment. You can create a Payroll Summary report for an individual or all employees in a specific date range. This may include the gross pay, net pay, taxes, and other deductions.
The Payroll Detail report gives information about compensation history and deductions. The Payroll Deduction and Contributions report details deductions and contributions paid by your business. This may be for a single employee or all employees for one or more pay periods.
There are also reports that provide details about current and past employees. You can create an employee directory with work locations, email addresses, phone numbers, and emergency contacts. You may also wish to have an overview of employee’s total pay and type of pay such as salary or hourly.
Budgets & Forecasts Reports
It’s important to keep a close eye on your business’ budget. This report gives you a view of how well your company is performing. You can examine your actual income and expenses compared to the amount you budgeted.
This helps in tweaking your business plan. You can identify the positive and negative flow of money and make adjustments accordingly.
Do You Need to Streamline Your Business Processes?
Running a business often consumes a large amount of time. It’s essential to find effective and efficient strategies to maintain control. The QuickBooks reports can accomplish this task for you.
Fourlane focuses on helping clients, like you, get a handle on their business finances. This is accomplished by implementing financial systems, accounting software, and ERP systems.
We are the #1 Elite QuickBooks Solution Provider and Reseller. Fourlane provides industry experts in accounting and ERP software solutions. Our job is to ensure that you buy the right software at the best price.
Our focus is on your long term success. Contact us today and let us help you find the best business solutions.