Generating detailed reports in QuickBooks is not only easy but also necessary for gaining an understanding about your business’s financial health. Whether you’re tracking profit and loss, analysing cash flow, or keeping an eye on your balance sheet, these reports offer insights that are essential for informed decision-making. But for many small business owners, understanding and interpreting these reports can be a daunting task.
This is where Verbeek Consulting steps in. As a QuickBooks Certified ProAdvisor with over 40 years of experience in accounting and bookkeeping, we specialise in helping small businesses generate and interpret QuickBooks reports. We go beyond just generating reports—we provide actionable insights to help you make strategic decisions that lead to growth.
In this post, we’ll take a deep dive into how to generate detailed reports in QuickBooks, discuss the different types of reports available, and explain how Verbeek Consulting can help you not just create these reports but also leverage them to drive your small business forward.
Allowing you to focus on growing your business while we look at your books!
Why Are QuickBooks Reports Important?
QuickBooks is an all-in-one accounting software solution that allows business owners to manage their financial data efficiently. One of its key features is the reporting functionality, which offers numerous types of reports that can give you a snapshot of your business’s financial status at any given moment.
These reports are essential because they:
- Track Financial Health: Understand your revenue, expenses, profits, and losses in real-time.
- Monitor Cash Flow: Identify where your cash is coming from and where it’s going.
- Ensure Tax Compliance: Quickly generate reports for tax season to avoid last-minute rushes.
- Aid in Decision-Making: Use data-driven insights to make informed decisions about hiring, spending, and scaling.
At Verbeek Consulting, we believe that reports are more than just numbers. We help our clients read between the lines and derive meaningful insights that can make or break their small business’s. Let’s walk through the step-by-step process of generating these reports in QuickBooks.
Step-by-Step Guide to Generating Reports in QuickBooks
Check out how you can get these reports by viewing this video on QuickBooks.
Follow our step-by-step guide below:
Access the Reports Menu
To begin generating reports, log in to QuickBooks and navigate to the Reports tab located in the left-hand menu. This will open up a wide array of report categories that you can choose from based on your business needs.
Select the Type of Report You Need
QuickBooks offers a variety of pre-built reports that cover different areas of your financials. Here are some of the most commonly used reports:
- Profit and Loss Statement (P&L): Also known as an income statement, this report provides a snapshot of your revenues, costs, and expenses during a specific period. It helps in understanding profitability and cost management.
- Balance Sheet: The balance sheet provides a detailed view of your company’s assets, liabilities, and equity at any given time, offering a look into your company’s financial standing.
- Cash Flow Statement: This report tracks the inflow and outflow of cash, helping you understand how your company is generating and spending cash.
- Accounts Receivable (A/R) Aging Summary: Keep track of outstanding customer invoices and overdue payments. This is crucial for maintaining cash flow and minimising bad debts.
- Sales by Customer Summary: This report highlights the revenue generated from each customer, giving you insights into who your top-paying clients are.
- Expenses by Vendor Summary: Monitor your spending by vendor to identify potential areas for cost savings or renegotiation of terms.
- Custom Reports: For more advanced needs, QuickBooks allows you to create fully custom reports based on specific data points that are relevant to your business.
At Verbeek Consulting, we understand that each business has unique reporting needs. We can help you identify which reports are most valuable for your specific industry and goals.
Customise Your Report
Once you’ve selected the report type, it’s time to customise it. QuickBooks allows for a high level of customisation so that you can filter data and display only the information you need. Some of the customisation options include:
- Date Range: Filter by a specific date range, whether it’s last month, last quarter, or a custom period.
- Customer, Vendor, or Employee: Narrow down data by specific customers, vendors, or employees to focus on particular segments.
- Columns and Data Points: Add or remove columns that are relevant to your report. For example, in a profit and loss statement, you can add columns to compare this year’s numbers with last year’s performance.
- Tags: Apply custom tags to transactions to further organise and filter your data.
Customisation ensures that your reports provide the precise insights you need to make informed decisions. If you’re unsure how to customise a report to meet your specific requirements,
Verbeek Consulting is here to assist. We will guide you through the customisation process and help you make the most of QuickBooks’ robust reporting features.
Run the Report
Once you’ve customised your report, click on “Run Report”. QuickBooks will generate the report based on your selected parameters. You can review the data, make sure everything is accurate, and double-check if there are any errors.
Pro Tip: If you spot any inconsistencies, go back and audit your data entries for that specific period. One small error can throw off the entire report, but QuickBooks makes it easy to pinpoint and correct mistakes.
Export and Share the Report
QuickBooks makes it simple to share your reports. You can:
- Export to PDF or Excel: Export the report for easy sharing with stakeholders or for further data manipulation.
- Email Directly from QuickBooks: If you need to send the report to someone immediately, you can email it directly from within the QuickBooks interface.
Set Up Scheduled Reports
One of the most convenient features in QuickBooks is the ability to schedule reports. This allows you to set up recurring reports that automatically generate and are sent to your email on a schedule that works for you—whether it’s weekly, monthly, or quarterly.
Scheduled reports save time and ensure you always have up-to-date financial information at your fingertips.
View how to set up scheduled reports by looking at this article on QuickBooks and following it step-by-step.
The Value of Analysing Reports with Verbeek Consulting
Now that you know how to generate and customise reports in QuickBooks, the next step is analysing these reports. That’s where Verbeek Consulting comes in.
With over four decades of experience in bookkeeping and accounting, we help small businesses like yours not only generate reports but interpret them to identify growth opportunities and optimise financial health.
When you have accurate accounting and the right reports, we can make informed business decisions and guide your business toward meeting its goals. Whether we look at the reports weekly, monthly, quarterly, or annually, the right reports can provide a snapshot of business performance and call attention to areas that need work.
This helps us get your business back on track and allowing you to do what you do best. Growing your business.
Why Work with Verbeek Consulting?
Certified QuickBooks ProAdvisor
We are certified experts in QuickBooks and know the software inside and out. Whether you’re just getting started or have been using QuickBooks for years, we can help you maximise its capabilities.
What does a QuickBooks ProAdvisor do?
A QuickBooks ProAdvisor carries out various responsibilities and tasks that can help you make the most of the software, some of which include:
- Advising on software updates to ensure clients have the correct, updated version.
- Teaching clients how to use the software effectively and make the most of their money.
- Generating financial reports to stay on top of accounting, such as payroll and profit and loss.
- Offering guidance on financial aspects like investments, cash flow and debt management.
- Providing estimates before clients embark on projects based on the project’s cost and timeframe.
- Customising software to the business’s unique needs.
Being an Expert in QuickBooks, Verbeek Consulting can help you with any accounting and bookkeeping services.
40+ Years of Experience
We bring decades of accounting and bookkeeping expertise to the table, ensuring that your business is in trusted hands.
Verbeek Consulting is CIMA Certified and has been in the bookkeeping and accounting industry for over 40 years, allowing us to have vast knowledge in the accounting filed.
Actionable Insights
Our approach goes beyond just numbers. We provide detailed analysis and actionable recommendations that can help you reduce costs, improve cash flow, and grow your bottom line.
For more on reasons to choose us, check out our blog posts or contact us directly.
How Verbeek Consulting Can Help You Grow Your Business
By partnering with Verbeek Consulting, you’re not just getting accounting services—you’re getting a trusted advisor who will help you grow your business.
We’ll walk you through the most important reports in QuickBooks, help you understand what the numbers mean, and provide guidance on how to act on them.
Whether it’s managing cash flow, improving profitability, or optimising payroll strategies, our team is dedicated to helping you succeed.
Contact us for more information or book a free consultation with us today!