Uncover hidden savings and boost your bottom line with these essential QuickBooks reports.
QuickBooks Online offers a suite of reports that can help you:
Identify cost-saving opportunities
Optimize cash flow
Enhance profitability
Here are five key reports to focus on:
📊 1. Profit and Loss Statement
Provides a snapshot of your revenues, costs, and expenses over a specific period, highlighting your net profit or loss.
How it helps: It helps you spot overspending and identify opportunities to reduce costs.
💸 2. Expenses by Vendor Summary
Breaks down your expenses by vendor, showing how much you've spent with each supplier.
How it helps: Lets you see which vendors dominate your spend so you can renegotiate terms or explore alternatives.
📈 3. Budget vs. Actuals
Compares your actual income and expenses to your budgeted amounts, highlighting variances.
How it helps: It exposes areas where you're over budget or underperforming so you can adjust accordingly.
💰 4. Cash Flow Statement
Shows the inflow and outflow of cash within your business, detailing operating, investing, and financing activity.
How it helps: It keeps you aware of your liquidity so you can avoid shortfalls and borrowing surprises.
🔍 5. Open Invoices Report
Lists all unpaid invoices and statement charges, along with customer totals.
How it helps: It helps you stay on top of outstanding payments and follow up before cash flow becomes an issue.
💡 Pro Tip: Customize Reports for Deeper Insights
QuickBooks lets you tailor reports to your business needs so you can zoom in on what really matters. Use filters, tags, and memorized settings to get more actionable insights every time you run a report.
📅 Schedule a consultation with Peak Advisers to put these reports to work for your business and uncover cost-saving opportunities you might be missing.
❓Frequently Asked Questions
What is the most useful QuickBooks report for small business owners?
The Profit and Loss Statement is one of the most valuable. It gives a quick snapshot of your income, expenses, and overall profitability — and helps guide spending decisions.
How often should I run reports in QuickBooks?
At a minimum, review key reports (P&L, cash flow, open invoices) monthly. Many businesses run them weekly to stay proactive.
Can I customize QuickBooks reports to show only what I need?
Yes. QuickBooks lets you filter, group, and format most reports — and even memorize your custom setup for easy access later.
What if I don’t know how to read the reports?
That’s where we come in. Peak Advisers can walk you through your reports, explain what to watch for, and help you take action.