Regularly reviewing financial reports in QuickBooks® helps business owners monitor performance, manage cash flow, and stay compliant with tax and accounting requirements. If you’re using accrual-basis accounting, these five reports should be part of your monthly routine.
Note
Before running reports, confirm QuickBooks is set to accrual basis (not cash).
1. Profit and Loss Report – Track Revenue and Expenses
Also known as the income statement, this report shows your revenue, expenses, and net income for a specific period. Use it to:
- Evaluate profitability
- Identify trends by comparing to prior periods
- Monitor expense categories and margins
Customize by business unit, class, or location to see what’s driving profits—or where costs may be out of control.
2. Balance Sheet – Assess Financial Health
The balance sheet gives a snapshot of your assets, liabilities, and equity at a point in time. Monthly reviews help you:
- Track working capital
- Monitor debt levels
- Identify irregularities like aging inventory or unpaid liabilities
QuickBooks allows filtering by department or class for more detailed analysis.
3. Accounts Receivable Aging Summary – Monitor Customer Payments
This report shows unpaid customer invoices, grouped by how long they’ve been overdue (e.g., 30, 60, 90+ days). Reviewing it monthly helps you:
- Stay on top of slow-paying customers
- Reduce bad debt risk
- Improve cash collections
Customize by customer type or sales rep to identify billing or process issues.
4. Accounts Payable Aging Summary – Manage Vendor Obligations
Use this report to track outstanding bills and avoid late fees or damaged vendor relationships. Monthly reviews help:
- Prioritize payments based on due dates
- Manage cash flow more strategically
- Identify areas for cost control or vendor negotiations
Group expenses by vendor type or department for clearer insight.
5. Statement of Cash Flows – Understand Liquidity
This report shows how cash moves through your business via:
- Operating activities
- Investing activities
- Financing activities
It helps ensure that operations are generating enough cash to sustain the business and highlights any liquidity issues.
View month-by-month or on a rolling basis to uncover patterns and prepare for upcoming expenses.
Customize Reports for Better Decision-Making
QuickBooks reports can be filtered by class, customer, vendor, or location. You can also:
- Add/remove columns
- Apply custom date ranges
- Memorize reports for monthly review
- Bundle multiple reports into a branded, presentation-ready package
Scheduling reports to auto-generate and email each month can streamline internal meetings and lender communications.
Make Monthly Reviews a Habit
QuickBooks automates much of the reporting process, but interpreting the results takes experience. If you’re unsure how to set up, customize, or analyze your reports, we can help. Contact us to get more value out of your QuickBooks data and make more informed business decisions.
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