QuickBooks provides business owners with an all-in-one accounting program. Business owners can bill for their products and services, reorder inventory and complete accounting journal entries with this accounting program. However, all of this data culminates in one of the most important aspects of QuickBooks: reports.
QuickBooks reports provide accurate details in real-time. They let you know how many products you sold in a given date range, the amount you paid for various expenses and the quantity of inventory items you purchased from a vendor. These reports also provide important information that can help guide you in the decisions that you make about your business. Here are five QuickBooks reports that you should be using on a regular basis.
Accounts Receivable Aging Detail Report
This type of report can help provide you information about who owes you money and how long this debt has been outstanding. While you do not necessarily need to run this report on a daily basis, it should be run frequently to anticipate and manage any cashflow issues. You can customize this report so that you can include specific columns, data or a date range. Click on the “Memorize” button so that you can use this same format the next time you generate the report. These reports can be accessed by opening the Reports menu and moving the cursor to the category of reports that you wish to view. Alternatively, go to the Report Center and find the report you want there.
Unpaid Bills Detail
This report is available through the menu of “Vendors and Payables.” This specific report allows you to know how much money you owe other vendors and creditors. Once generated, this report will show you the balance that you owe on each account, the bill date and the due date.
Balance Sheet
Every business needs to know where they stand financially, and this report gives business owners a clear picture of their financial outlook. The balance sheet shows the amount under the categories of assets, liabilities and owner’s equity.
Income Statement
If you want to know how profitable your business is, generate an income statement each month or quarter. This report will indicate the amount of profit or loss that you had during any given period.
Cashflow Statement
The most solid of businesses can crumble if they do not have enough cash coming into them. This report tracks the cash coming in and out of your business. Complete standard accounting principles to keep QuickBooks updated so that your reports will be based on accurate information.