5 Financial Reports Every Small Business Should Run in QuickBooks

One of QuickBooks’ biggest strengths is its ability to generate detailed financial reports. These aren’t just for tax season—they provide critical insights into how your business is performing and where you can improve.

Start by reviewing your Profit and Loss (P&L) statement each month. This report shows your income, cost of goods sold, and operating expenses—helping you understand whether your business is profitable. Compare P&L reports over time to track growth and identify seasonal trends.

Your Balance Sheet is another essential report. It shows what your business owns (assets), what it owes (liabilities), and what’s left over (equity). Lenders and investors often request this document, so it’s important to keep it accurate and up to date.

A Cash Flow Statement can help you avoid financial surprises. Even profitable businesses can run into trouble if they don’t have enough cash on hand. This report breaks down where your money is coming from and where it’s going.

Other helpful reports include Accounts Receivable Aging (to track who owes you money) and Expense Summary by Vendor (to see where your money’s going). Schedule a monthly review of these reports to make informed decisions and keep your business on track.