What reports should I run monthly in QuickBooks?
Start with your Profit and Loss statement, also called an Income Statement. This shows revenue minus expenses for the month, giving you net income or loss. Compare it to last month and the same month last year to spot trends. If revenue dropped or a specific expense category jumped unexpectedly, you want to know now while you can still respond.
The Balance Sheet shows your financial position on a specific date. It lists what you own (assets), what you owe (liabilities), and the difference (equity). Review it monthly to catch issues like growing accounts receivable, which means customers are slow to pay, or increasing credit card balances, which suggests cash flow is getting tight.
If you invoice customers, run an Accounts Receivable Aging report. This breaks down who owes you money and how long each invoice has been outstanding. Anything over 30 days needs follow-up. Anything over 90 days is at serious risk of never getting collected. The Accounts Payable Aging report does the opposite, showing what you owe vendors and when bills are due. Use it for cash flow planning and to avoid missing payment deadlines.
A Cash Flow Statement shows how cash actually moved through your business. Your P&L might show profit, but if that profit is tied up in unpaid invoices or inventory, you won’t have cash to cover payroll. This report bridges the gap between accounting profit and money in the bank.
Run a Bank Reconciliation report to confirm your QuickBooks balance matches your actual bank statements. This catches errors, duplicate entries, and missing transactions before they compound into bigger problems. If you’re working with Los Angeles bookkeeping services, your bookkeeper should complete reconciliations and provide these reports as part of monthly close.
Beyond these essentials, the right reports depend on your business. Retailers need sales by product reports. Contractors need job profitability reports. Restaurants track food cost percentages. The reports that matter are the ones answering the questions you need answered to run your business well.
Reports are only useful if your books are categorized correctly. Running reports on messy data just gives you inaccurate information presented nicely. If your reports don’t make sense or your chart of accounts wasn’t built for your business, proper QuickBooks setup makes a bigger difference than running more reports.
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