If you’re tracking your business finances (and we hope you are!), you’re already ahead of the game. But entering the numbers is just the first step – you need to use that data to make smart, informed decisions.
QuickBooks has powerful reporting tools that give you a clear picture of your business’s health at a glance. The trick is knowing which reports to check – and when.
We’ve identified the top 5 QuickBooks reports that are especially helpful in keeping our clients on track. Below, we’ll walk through what each report is for and where to find it in QuickBooks. We’ll also share a few tips to help you get the most from any report you pull.
1. Profit and Loss (P&L) Statement
Where to find it: Reports > Company & Financial > Profit & Loss Standard
This is your go-to report. Also known as an Income Statement, the P&L shows your total income, expenses, and net profit (or loss) over a given period. Simply put, it tells you whether you’re actually making money. We dive deeper into the P&L in our blog post, “How do you Measure Up?”
What to look for:
- Is income growing consistently?
- Are expenses creeping up?
- Are you turning a profit?
You can also pull numbers from the P&L to calculate your breakeven point (we can walk you through how to do that here). Doing a breakeven analysis helps you to determine which levers to pull to increase the profitability of your business.
2. Balance Sheet
Where to find it: Reports > Company & Financial > Balance Sheet Standard
While the P&L shows performance, the Balance Sheet gives you a snapshot of financial position. It lists your assets (what you own), liabilities (what you owe), and equity (what’s left). We put together a detailed look at the Balance Sheet if you want to learn more.
Why it matters:
- Investors and banks often ask for this.
- It reveals cash reserves, debt levels, and overall stability.
- You can use the information it provides to calculate ratios.
3. Accounts Receivable (A/R) Aging Report
Where to find it: Reports > Customers & Receivables > A/R Aging Summary
This one’s a lifesaver if you ever wonder why your cash flow feels tight even when sales are strong. It shows which customers owe you money and how long they’ve owed it.
Use it to:
- Follow up on overdue invoices.
- Spot habitual late-payers.
- Improve your cash flow with better collection practices.
If you want to increase your cash balance, collect on those Accounts Receivable!
4. Accounts Payable Aging Report
Where to find it: Reports > Vendors & Payables > A/P Aging Summary
The flip side of receivables is what you owe to vendors. This report helps you stay on top of bills so you avoid late fees or strained vendor relationships. Keeping track of your payables also helps you manage your cash flow more effectively.
Key uses:
- Plan cash outflows more effectively.
- Prioritize which bills to pay first.
- Avoid double payments or missed due dates.
5. Budget vs. Actual
Where to find it: Reports > Budgets & Forecasts > Budget vs. Actual
Once you’ve set a budget in QuickBooks (you will need a QuickBooks Plus subscription or higher to access this feature), this report helps you compare your projections to your actual income and expenses. It’s a great way to stay accountable to your financial goals.
Use it to:
- Spot areas where you’re overspending.
- See if revenue is falling short of expectations.
- Adjust your business strategy in real time based on actual performance
Want to know why budgeting is worth the effort? Give “Don’t Just Fudge It, Create a Budget!” a read!
Honorable Mentions
We actually had a tough time choosing just five, so we’re throwing in two more for free that you might find helpful!
Sales By Product
Where to find it: Reports > Sales > Sales by Product/Service Summary
This report shows total sales broken down by each product or service you offer. It’s especially useful for identifying your top revenue drivers and spotting trends over time.
Why it matters:
- See which products or services are performing best.
- Focus your marketing and promotions on high performers.
- Reevaluate or refine underperforming offerings.
While this report is especially useful for businesses with multiple revenue streams – like retailers, e-commerce shops, or service providers – almost any business can make it work. Even if you offer just a few services or charge a flat monthly fee for ongoing work, breaking down your income by service type can help you see what’s bringing in the most value.
Statement of Cash Flows
Where to find it: Reports > Company & Financial > Statement of Cash Flows
Cash is king, and this report shows how it’s moving in and out of your business. It breaks cash activity into three areas: operating, investing, and financing.
Why it’s helpful:
- Reveals whether your business is self-sustaining.
- Highlights changes in working capital.
- Helps you predict when cash crunches might occur.
We’ve put together a detailed blog post all about the Statement of Cash Flows – check it out here.
Using These Reports
We recommend running these reports at least once a month – or more often if your business is growing quickly.
Each report lets you customize the date range, which makes it easier to spot trends and get a clearer picture of where things might be headed. We suggest taking a look at:
- Month-by-month comparisons
- This period vs. the same period last year (like Q1 2024 vs. Q1 2025)
- Pulling data calculate ratios and Key Performance Indicators (KPIs)
Remember—your reports are only as good as the data you put in. Make sure everything’s categorized correctly and your accounts are reconciled before you run them. Otherwise, it’s a classic case of “garbage in, garbage out!”
These five (plus two!) reports can provide clarity, confidence, and a better handle on your business finances. When you use them regularly, you turn raw numbers into real insight – and that’s how better and smarter decisions get made!
Need help getting more out of your QuickBooks reports? We’re happy to help you set up scorecards, custom reports, or provide monthly financial reviews.