What QuickBooks reports should I run monthly?
The reports that matter most depend on your business, but there’s a core set every owner should review monthly. Run these in QuickBooks Online and actually look at them. Generating reports that sit unopened doesn’t help anyone.
Start with the Profit and Loss statement. This shows your revenue, expenses, and profit for the month. Run it for the current month and compare it to the same month last year or to your budget if you have one. Look for expense categories that seem unusually high, revenue that dropped unexpectedly, or line items that don’t make sense. A spike in a normally stable category means something changed and you should know what.
The Balance Sheet shows what you own, what you owe, and your equity at a point in time. Many business owners skip this one because it feels abstract, but it catches problems the P&L misses. Is accounts receivable growing faster than revenue? Customers are paying slower. Is accounts payable piling up? You might have a cash crunch coming. Monthly bookkeeping that includes balance sheet review catches these trends before they become emergencies.
Run the Cash Flow Statement to see where cash actually went. You can show profit on paper and still run out of money. This report shows whether cash came from operations, from borrowing, or from selling assets. Negative operating cash flow while the P&L looks healthy usually means a collection problem or timing issue with payables.
If you invoice customers, the Accounts Receivable Aging Summary is essential. It shows who owes you and how long each invoice has been outstanding. Anything over 60 days needs a phone call. Anything over 90 days is at serious risk of becoming uncollectible. This report should drive your follow-up actions every month.
The Accounts Payable Aging Summary shows what you owe vendors and when. Use it to plan cash outflows and avoid missing payment deadlines that damage relationships or trigger late fees.
After completing your bank reconciliation, run the reconciliation detail report. This confirms your books match your bank and that nothing slipped through. Discrepancies here mean something is wrong in your records and needs investigation.
Beyond running the reports, compare them to prior periods. A single month in isolation doesn’t tell you much. Trends over three, six, or twelve months reveal patterns. Revenue climbing while profit falls means margins are compressing. Cash declining while the balance sheet looks stable might mean you’re funding growth from reserves.
If running and reviewing these reports feels overwhelming or you’re not sure what you’re looking at, that’s a sign you need help. A small business bookkeeper can run these reports and walk you through what matters, so you spend your time on the business instead of puzzling over numbers.
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