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These QuickBooks Reports Can Improve Your Small Business Profit

Posted on 01 April 2010

Ten Overlooked QuickBooks Reports That You Should Use

“Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article, we’ll go off the beaten path and explore ten reports that many users overlook. Even if you are using some of these reports, we’re sure you’ll find a few more to add to your repertoire.”

1. Profit & Loss Summary Prev Year Comparison.

A must do for every month! You need to know that changes in the market place affects your bottom line.  Small business profit and loss changes fast. Stay on top of this report.

2. Balance Sheet Prev Year Comparison.

Look at every report. It’s a pulse check that will lift your spirits or bring you to action fast!

1. Cash
2. Accounts Receivable
3. Inventory
4. Accounts Payable
5. Other Liabilities, such as lines of credit or short term loans

3. Statement of Cash Flows.

1. How much cash you’ve taken in from sales and spent on expenses
2. Cash inflows or outflows from borrowing, repayment, or investing activities

In short, this report shows you exactly what caused your bank balance to increase or decrease during a given report period.

4. Collections Report.

Don’t let unpaid bills cripple your business. You need to know who is paying.

5. A/R Aging Summary. Who is taking a long time to pay your small business?  Call them….soon.

6. Trial Balance.

7. Voided/Deleted Transactions Summary.

It’s no surprise that small businesses are much more prone to fraud than large businesses. Small business employees usually wear multiple hats, so it’s often impossible to separate financial duties (bigger businesses can do this with ease).

8. Audit Trail.

This provides a complete record of every entry made in QuickBooks.

9. Previous Reconciliation.

It’s a good practice to always print at least the summary report once you’ve reconciled a bank or credit card account.

10. Transaction History.

Think of this as a ‘report within a report’, as you can only run it in certain circumstances.

This list is a brief summary of the information in the full article. Want to learn more, you should.  The author (S.E.O. Virtual Accounting Services LLC), of this excellent report can be found here: http://www.seoaccounting.com/index.php

Take a few minutes and read the report or send the link to your bookkeeper. Ask for the reports mentioned in this article.  It could increase your small business profit or save you money.

On your team,

Mark