{"id":1667,"date":"2019-10-18T21:29:14","date_gmt":"2019-10-18T21:29:14","guid":{"rendered":"https:\/\/www.oconnorcpafirm.com\/blog\/?p=1667"},"modified":"2019-10-18T21:30:17","modified_gmt":"2019-10-18T21:30:17","slug":"5-quickbooks-online-reports-you-should-run-regularly","status":"publish","type":"post","link":"https:\/\/www.oconnorcpafirm.com\/blog\/2019\/10\/5-quickbooks-online-reports-you-should-run-regularly\/","title":{"rendered":"5 QuickBooks Online Reports You Should Run Regularly"},"content":{"rendered":"\n

Your business success is defined by the reports.  If you are not looking at them, you are\nmissing opportunities.<\/em><\/h3>\n\n\n\n

There are numerous QuickBooks Online reports that you should be\nconsulting at regular intervals. But you need these five at least every week.<\/em><\/p>\n\n\n\n

Information is power.  You\nhave to have information to make good decisions, you have to have financial information\nif you want to know what will help your business be more profitable and\/or what\nis keeping it from being more profitable. \n<\/em><\/p>\n\n\n\n

QuickBooks Online\u2019s\nDashboard, the first screen you see when you log in, provides an effective\noverview of your company\u2019s finances. It contains at-a-glance information about\nyour recent expenses, your sales, and the status of your invoices. It displays\na simple Profit and Loss graph and a list of your account balances. Scroll down\nand click the See all activity button in the lower right and your Audit Log\nopens, a list of everything that\u2019s been done on the site and by whom.<\/p>\n\n\n\n

You can actually get a\nlot of work done from this page. Click the bar on the Invoices graph, for\nexample, and a list view opens, allowing you access to individual transactions.\nClick Expenses to see the related Transaction Report. Below the list of account\nbalances, you can Go to registers and connect new accounts.<\/p>\n\n\n\n

Other Pressing\nQuestions<\/strong><\/h3>\n\n\n\n

The Dashboard supplies\nenough information that you can spot potential problems with expenses and\nsales, accounts, and overdue invoices. But you\u2019re likely to have other tasks\nthat require attention. How\u2019s your inventory holding up? Are you staying within\nyour budget? How about your accounts payable \u2013 will you owe money to anyone\nsoon?<\/p>\n\n\n\n

QuickBooks Online offers dozens of report templates that answer these questions and many more. If you\u2019ve never explored the list, we suggest that you do so. It\u2019s impossible to make plans for your company\u2019s future without understanding its financial history and current state.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

QuickBooks Online has many reports that can provide real-time, in-depth insight into your company\u2019s financial health.<\/em><\/p>\n\n\n\n

Comprehensive and\nCustomizable<\/strong><\/h3>\n\n\n\n

When you click Reports\nin your QuickBooks Online toolbar, the view defaults to All. The site divides\nits report content into 10 different sections, including Business Overview,\nSales and Customers, Expenses and Vendors, and Payroll. Each has two buttons to\nthe right of its name.<\/p>\n\n\n\n

Click the star, and\nthat report\u2019s title will appear in your Favorites list at the top of the page.\nThis will save time since you\u2019ll be able to quickly find your most often-used\nreports. Click the three vertical dots and then Customize to view your\ncustomization options for that report (you\u2019ll have access to this tool from the\nreports themselves).<\/p>\n\n\n\n

Necessary Knowledge<\/strong><\/h3>\n\n\n\n

You can, of course,\nrun any report you\u2019d like as often as you\u2019d like. Most small businesses,\nthough, don\u2019t require this frequent intense scrutiny. But there are five\nreports that you do want to consult on a regular basis. They are:<\/p>\n\n\n\n

1. Accounts Receivable Aging Detail.<\/strong> Displays a list of invoices that haven\u2019t yet been paid, divided into groups like 1-30 days past due, 31-60 days past due, etc.<\/p>\n\n\n\n


2. Budget vs. Actuals<\/strong>. Just what it sounds like: a comparison of your monthly budgeted amounts and your actual income and expenses.<\/p>\n\n\n\n

Warning: Some reports let you choose between cash and accrual\nbasis. Do you know the difference and which you should choose? Ask us.<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

You can customize QuickBooks Online reports in several ways.<\/em><\/p>\n\n\n\n

3. Unpaid Bills<\/strong>. Helps you avoid missing accounts payable due\ndates by displaying what\u2019s due and when.
\n
\n4. Sales by Product\/Service Detail<\/strong>. Tells you what\u2019s selling and what\u2019s not by\ndisplaying date, transaction type, quantity, rate, amount, and total. 5.\nProduct\/Service List. An accounting of the products and\/or services you sell,\nwith columns for price, cost, and quantity on hand.<\/p>\n\n\n\n

Customization, Complex\nReports<\/strong><\/p>\n\n\n\n

Note that there\u2019s a\ncategory of reports in QuickBooks Online named For My Accountant. That\u2019s where\nwe come in. The site includes templates for reports that you can run yourself,\nbut that you\u2019d have difficulty customizing and analyzing. These standard\nfinancial reports\u2014which, by the way, you\u2019ll need if you create a business plan\nor try to get funding for your business\u2014include Balance Sheet, Statement of\nCash Flows, and Trial Balance.<\/p>\n\n\n\n

You don\u2019t need to have\nthese reports generated frequently, but you should be learning from the insight\nthey provide monthly or quarterly. We can handle this part of your accounting\ntasks for you, as well as any other aspect of financial management where you\nneed assistance. Contact us, and we\u2019ll see where we might help provide the\nfeedback and bookkeeping expertise that can help you make better decisions for\nthe future of your business.<\/p>\n\n\n\n

Social media posts<\/strong><\/p>\n\n\n\n

QuickBooks Online\nreports pick up where the Dashboard leaves off, providing dozens of templates\nready for your company data. Do you know how to best use them?<\/p>\n\n\n\n

You can create some\nQuickBooks Online reports using either cash or accrual basis. Do you know the\ndifference? Ask us if you don\u2019t.<\/p>\n\n\n\n

Overwhelmed by the\nnumber of reports QuickBooks Online offers? Click the star next to the ones you\nrun most often, and they\u2019ll appear in Favorites.<\/p>\n\n\n\n

QuickBooks Online\ncontains several reports in a section titled For My Accountant. These are\ncomplex financial reports that we can run and analyze for you.<\/p>\n\n\n\n

We are a boutique, full-service CPA firm working in the advisory role for businesses who are serious about their success.\u00a0 We want to work with motivated business owners who understand the commitment and investment it takes to build a successful business and who realize that as CPAs, accounting professionals and business advisors, we can change the trajectory of your growth.\u00a0 Contact us today if you are ready to move to the next level.\u00a0 tricia@oconnorcpafirm.com<\/a> <\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Your business success is defined by the reports.  If you are not looking at them, you are missing opportunities. There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week. Information is power.  You have to have information to make good decisions, you […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114,67,4,10],"tags":[98,131,132],"yoast_head":"\n5 QuickBooks Online Reports You Should Run Regularly - O'Connor CPA Firm<\/title>\n<meta name=\"description\" content=\"Your business success is defined by the reports. If you are not looking at them, you are missing opportunities. Information is power. 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