What QuickBooks reports should I run monthly?
Two reports are non-negotiable: the Profit & Loss statement and the Balance Sheet. Everything else is useful but secondary.
The Profit & Loss shows your revenue, expenses, and profit for any period you choose. Run it for the current month and compare it to the same month last year or to your average month. Look for expense categories that seem unusually high or revenue that dropped without explanation. A spike in utilities or supplies might be legitimate, or it might be a mis-categorized transaction that needs fixing. Catching these monthly is much easier than sorting through a year of entries at tax time.
The Balance Sheet shows what you own, what you owe, and your equity in the business as of a specific date. Most people glance at this and move on, but it catches problems the P&L misses. Check that your bank balances match what you see in your actual accounts. Look at accounts receivable and accounts payable totals to make sure they look reasonable. If your Balance Sheet shows $50,000 in receivables but you’re pretty sure customers only owe you $30,000, something is wrong in the data.
After those two, add an Accounts Receivable Aging report. This shows who owes you money and how long each invoice has been outstanding. Anything over 30 days needs follow-up. Anything over 60 days is at serious risk of never getting paid. A quick look at this report once a month keeps small collection issues from turning into write-offs.
The Accounts Payable Aging report shows what you owe and when. This helps you plan cash flow and avoid late payment fees or damaged vendor relationships. If you see a bill aging past due that you thought was paid, investigate before it becomes a problem.
Bank reconciliation should happen monthly too. QuickBooks makes this straightforward, and the reconciliation summary report confirms your books match your bank statement. Unreconciled accounts are where errors and fraud hide. Monthly bookkeeping always includes reconciliation for exactly this reason.
For businesses with variable cash flow, add a Statement of Cash Flows. This shows where cash came from and where it went, which is different from profit. You can be profitable on paper and still run out of cash if your receivables grow faster than your collections.
Running these reports takes maybe 15 minutes once you know what to look for. The goal isn’t to become an accountant. It’s to spot problems early when they’re easy to fix. If something looks off and you’re not sure why, that’s when you ask questions. A bookkeeper for small business owners can review these with you monthly and explain what the numbers mean for your specific situation.
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