QuickBooks provides dozens of Customizable Report Templates. You know when you need some of them, but which are must?
You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your bookkeeping culminates in what’s probably the most critical element of QuickBooks and your Accounting System, i.e.:
Your Financial and Managerial Reports to base your Business Decision.
Reports can tell you how many navy blue sweatshirts you sold in March, what you paid for health insurance premiums, and how much you bought from your favorite vendor last month. They’re very good at drilling down to get the precise set of numbers you need.
But reports that are carefully Customized and properly Analyzed can do more than telling you how many golf clubs to order or when to pay your bills. They can help you make Better Business Decisions that will help you take your growing company to the next level.
There are several reports that you should be looking at regularly. Some of them you can interpret easily and use in your daily workflow. Some of the reports need appropriate interpretation by a seasoned professional. As much as there many type of reports in QuickBooks, it needless to say that they are “Customizable Report Templates”.
Contact us, so we can help you with its customization and the interpretation of the more complex financial and managerial reports.
Who Owes Money?
At the end of the day Cash is still the King! “Do I have it?” that’s probably a question you ask yourself every day. You may want to run the A/R report periodically to find out who owes you money and to follow up with customers who have past due invoices. We can help you customize and bookmark the reports so that you don’t have to re-invent the wheel over and over again there by saving you your limited resources.
Getting There
There is more than one way to get you to your reports. You can open the Reports menu and move your cursor down to the category you want, like Customers & Receivables, Accounts Payable, Company Financial and so on. These reports are ‘As Is’ & come as a standard with your product. The menu is a great place to explore & familiarize one-self.
The quality of your Financial / Managerial Reports depends on the input and how customized the reports are to your business needs. You may want to check with us and we will be glad to tailor the reports to your business needs or even review what you already have in the process.
Tracking What You Owe
Accounts Payable Report can keep you up-to-date on money that you owe to other people and companies. You can also modify its columns to get additional information that your business may need. This report helps you on how much cash you need before writing your company’s check.
Standard Financial Reports
QuickBooks report categories include Company & Financial. These are reports that you can run yourself, but they’re critical for understanding your company’s financial status. We can customize and analyze these for you on a regular basis so you’ll know where you stand. They include:
- Balance Sheet. What is the value of your company? The balance sheet breaks out this information by account such as, assets, liabilities and equity.
- Income Statement. Often referred to as Profit & Loss, this shows you how much money your business made or lost over a specific time period.
- Statement of Cash Flows. How much money came in and went out during a specified time range?
Reports can only generate information about what you’ve entered in QuickBooks and exactly where it’s been entered. So it’s crucial that you follow standard accounting and bookkeeping practice as you proceed through your daily workflow.
We’re always available to answer questions you have be it QuickBooks’, accounting & bookkeeping, reporting & interpretation, system configuration or set up including review your chart of accounts and items related there-in. Your reports are critical tools to make better business decisions.
Ben Derebie, MBA, CMA
Certified Management Accountant
Advanced Certified QuickBooks &
Enterprise Solutions ProAdvisor
