What reports should I run in QuickBooks each month?
Every month, run these reports to understand where your business stands financially and catch problems before they become expensive.
The Profit and Loss Statement shows whether you made or lost money during the period. Run it for the current month and compare to last month and the same month last year. Look for revenue changes, expense spikes, and margin trends. If your cost of goods sold jumped 15% but revenue stayed flat, you have a margin problem worth investigating.
The Balance Sheet gives you a snapshot of everything your business owns and owes at month end. Assets, liabilities, and equity should balance. Check that your bank account balance on the report matches your actual bank statement. If they don’t match, something is wrong with your books.
Accounts Receivable Aging shows who owes you money and how long they’ve owed it. The longer an invoice sits unpaid, the less likely you’ll collect it. Run this report weekly if cash flow is tight, monthly at minimum. Follow up on anything over 30 days immediately.
Accounts Payable Aging shows what you owe vendors and when it’s due. This helps you manage cash flow by knowing what bills are coming up. Missing payment terms can cost you early payment discounts or damage vendor relationships. A bookkeeper near Fayetteville can help you stay on top of both aging reports as part of regular monthly work.
Bank Reconciliation confirms your QuickBooks balance matches your actual bank balance. Run this monthly without exception. Unreconciled books mean you don’t actually know your cash position. Reconciliation also catches bank errors, unauthorized transactions, and data entry mistakes before they compound.
If you collect sales tax, run the Sales Tax Liability Report before each filing deadline to see what you’ve collected and what you owe. For businesses with employees, run Payroll Tax Liability and Payroll Summary reports monthly to confirm withholdings are calculated correctly before quarterly deposits come due.
Consistent monthly bookkeeping means these reports actually tell you something useful. If your books are messy or months behind, the reports just reflect bad data. Get the underlying transactions categorized and reconciled first, then the reports become decision-making tools instead of confusing printouts.
Set a recurring reminder to run these reports the first week of each month. Twenty minutes of review can save you from expensive surprises at year end.
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