It’s important to stay on top of your business’ finances. Failure to do so can not only leave your business floundering, but it can also cause you to spend more time than necessary when tax time rolls around each year. Fortunately, Quickbooks understands this and they’ve packed their software full of many great features. However, there are 5 helpful Quickbooks reports you must pay attention to.
The Balance Sheet
This is what gives you a true picture of the state of your business. It’s exciting to you as a business owner because this report shows you your assets (what you own), liabilities (what you owe), and equity (what you own).
The Income Statement
Also known as your profit and loss statement, this summarizes your business’ revenues and expenses. By creating this report you can see where you’re making money so you know what’s really working within your business.
The Statement of Cash Flow
The easiest way to keep track of cash flow, this report allows you to project how cash is flowing through your business. With a glance at this report you’ll see how your business has spent its money.
With the A/R aging report you have a way of double checking your transactions before you go to fix them. This gives you the overall picture of how transactions fit together. It also allows you to remove open balances from your customer’s invoice.
Only available in Quickbooks Essentials, you’ll always know how many days you have left before a bill is due. This is a great way to stay on top of things in your business so you don’t overspend only to discover that you don’t have enough money left to pay a bill that’s about to come due.
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