15 Types of QuickBooks Enterprise Reports Your Business Should Look At

Accounting records can tell you a lot about a business, its costs, profitability, and financial position. But those insights are rarely found by looking at transaction-level details. Instead, business owners and executives look at reports that summarize vital information in a standard format.

When you have accurate accounting and the right reports, you can make informed business decisions and guide your business toward meeting its goals. Whether you look at them weekly, monthly, quarterly, or annually, the right reports can provide a snapshot of business performance and call attention to areas that need work.

QuickBooks Enterprise includes hundreds of commonly-requested reports and allows you to create or customize nearly any report your business might need. If you’re not sure which QuickBooks report would be most useful then…

… here are some useful QuickBooks Enterprise reports for effective business and financial management – you should see.

1. Profit & Loss

A Profit & Loss report shows how much money your business made and spent over a period of time. It generally consists of three parts: revenue, expenses, and net income or loss. If your revenues are higher than your expenses, you have net income. If costs are higher than revenues, you have a net loss.

Typically, you’ll run a Profit & Loss report monthly, quarterly, and annually. However, you may want to review a QuickBooks month by month profit and loss or even year by year just to see how you stand at a given point in time.

That way, if your results aren’t what you were hoping for, you have time to correct your course before the end of the accounting period. A few red flags on your Profit and Loss Statement include:

• Increasing sales with declining profits – In most cases, profits rise along with sales. If your sales are going up, but profits are going down, something is wrong. You need to review your direct costs and overhead to find out what is going on.
• Static sales – Most companies want to grow. So, if your revenues are flat from month to month, quarter to quarter, or year to year, you might need to re-examine your products or marketing plan.
• Rising overhead – Overhead costs have a tendency to creep up over time if you aren’t paying attention to them. Reviewing a comparative Profit & Loss statement allows you to take a closer look at expenses like insurance, rent, salaries, and utilities and look for cost-cutting opportunities.

2. Balance Sheet

A Balance Sheet in QuickBooks reports provides a snapshot of what your business owns and owes at a point in time. It generally consists of three sections: assets (what you own), liabilities (what you owe), and equity (the book value of your business).

Many business owners only look at their balance sheet when they need a loan or send this report to their accountant or tax preparer. However, reviewing it periodically can help you spot potential errors like negative receivables or incorrect loan balances.

3. Statement of Cash Flows

Any savvy business owner knows that revenue doesn’t always equal cash in the bank. That’s why the Statement of Cash Flows in QuickBooks advanced reporting make sense. It shows how much money came into and out of your business over a given period.

Typically, a Statement of Cash Flows is broken up into three sections:

1. Cash from Operations – Cash flow from operations is essentially the money received and spent on running the business. This includes revenues and expenses from your business activities, as well as paying taxes.
2. Cash from Investing Activities – Cash flows from investing activities is money received and spent on growing your business. It usually reflects the company’s purchases of new equipment or real estate. It can also include money received from selling old equipment and the income derived from stocks and other investments.
3. Cash from Financing Activities – Cash flow from financing activities is money received and spent to finance your business operations. For example, if your company draws $20,000 from a line of credit, that would be included in the financing activities section. Paying out dividends to shareholders is also a financing activity.

The bottom section of your QuickBooks Financial Statement shows your net increase or decrease in cash for the period. Once you add that amount to the cash on hand at the beginning of the period, the result should be the total amount of cash your company has on hand.

The Statement of Cash Flows doesn’t offer a complete picture of your business like the Balance Sheet and Profit & Loss Statements do. However, it does provide useful information about your company’s ability to collect and retain cash, and as the old saying goes, cash is king.

4. Budget vs. Actual

The Budget vs. Actual report compares your business’s planned revenues and expenses to the actual results for a given period. The difference between budget and actual results may be expressed as a percentage, a dollar amount, or both.

Comparing your budget to actual numbers is a great way to get a quick look at your business’ performance and learn more about why things went right or wrong. Sometimes, variances are the result of mistakes in your budgeting or unforeseen events. Other times, it may reveal troubled areas of the business that you need to focus on getting back into line. Even if the reasons behind the variances are outside of your control, being aware of those differences allows you to make adjustments that can keep the business on track.

5. A/R Aging Summary

An Accounts Receivable (A/R) Aging summary is crucial for any business that extends credit to its customers. This report provides an overview of your client’s balances by age, showing items that are 30, 60, or 90, or more days late.

It’s one of the easiest ways to track whether your customers pay you one time. Regularly reviewing this report ensures you can stay on top of outstanding invoices.

If you find that customers are regularly taking 60, 90, or more days to pay your invoices, it could be a sign that your collection procedures aren’t working. You may need to reach out to customers as soon as their invoices become due or implement late fees to ensure you are able to collect the cash you need to pay your own bills.

6. Sales by Customer Summary

As its name implies, the Sales by Customer Summary report provides a breakdown of your revenue by customer. The QuickBooks monthly sales report is useful for identifying your best customers from a sales perspective. It can also help you identify possible vulnerabilities. If a large percentage of your revenue comes from one customer, you might want to diversify your customer base. This ensures the loss of one customer won’t cripple your business.

7. Job Profitability Reports

Businesses that earn their revenues from long-term projects need to keep tabs on the costs of these projects to ensure they don’t run over budget. Job Profitability reports are useful for managing both costs and revenues for these projects.

There are two basic reports in QuickBooks Enterprise that can show you where your business is making or losing money.

• Job Profitability Summary. This report summarizes the profits you earned from each job during the date range selected for the report.
• Job Profitability Detail. The Job Profitability Detail report shows detailed revenues and expenses for one job. It compares your detailed ‘actual costs to date’ to your ‘income to date.’

Both of these reports can help you ensure you are making money on your jobs and improve your bidding process for future projects.

8. A/P Aging Summary

An Accounts Payable (A/P) Aging report is the counterpart of the A/R Aging report. Instead of showing what customers owe you, it shows what you owe to vendors and suppliers.

Reviewing your A/P Aging Summary report is useful for managing cash flow while keeping your vendors happy. You can use the report to see which suppliers need to be paid right away and which can be put off until you have more money in the bank. It can also signal when you might need to negotiate an extended payment due date with your suppliers.

9. Fixed Asset Listing

A company’s fixed assets include its buildings, equipment, furniture, computers, vehicles, and more. When you purchase a fixed asset, you can add it to your company’s Fixed Asset Listing in QuickBooks Enterprise.

When you add a new fixed asset to your list, you enter information such as the item name, identification number, purchase date, and location (if your business operates in multiple states). You can also assign it to a particular balance sheet account, such as Furniture and Fixtures, Vehicles, or Buildings.

It’s helpful to review this listing periodically to make sure that all of your equipment is reflected on the listing and remove any retired assets from your balance sheet. That way, you can ensure you’re taking full advantage of any depreciation deductions and aren’t overpaying your business’ personal property taxes.

10. Income & Expenses Reports

This QuickBooks Enterprise tool helps you monitor and manage your business’s financial performance. These reports provide a detailed summary of your income sources and expense categories, helping you analyze where your money comes from and how it is being spent. By examining these reports, users can identify trends, such as increasing sales or rising costs, and make informed decisions to enhance profitability and efficiency.

Additionally, such reports are crucial for budgeting and forecasting. Reviewing these reports regularly lets you compare performance against your budgeted amounts, helping you stay on track and make necessary adjustments.

11. Customer Balance Reports

Customer Balance Reports in QuickBooks Enterprise provide a detailed view of each customer’s amounts owed, helping businesses manage accounts receivable effectively. These reports are crucial for understanding balances and facilitating better cash flow management.

Moreover, it enables businesses to maintain accurate and up-to-date customer account records, which is vital for building good customer relationships. Detailed transaction histories help resolve disputes or discrepancies quickly, as businesses can easily track each customer’s billed and paid details. This transparency enhances customer satisfaction and supports better financial planning.

12. Time Reports

These QB Reports are essential for businesses that need to track and manage employee time for accurate payroll processing, project management, and client billing. These reports provide detailed insights into how time is spent on various tasks and projects, helping businesses ensure that labor costs are accurately accounted for and billed appropriately.

By using time reports, companies can monitor employee productivity, ensure compliance with labor laws, and better understand the time investment required for different activities. This information is invaluable for making informed decisions about workforce management, project scheduling, and cost allocation.

13. 1099 Reports

1099 reports are essential for businesses that engage independent contractors or freelancers, as they document non-employee compensation paid throughout the year. These reports track payments that meet the IRS criteria for reporting on Form 1099-NEC.

Moreover, this report ensures compliance with tax regulations by summarizing the total payments made to each contractor, which must be reported to the IRS and contractor by January 31st of the following year.

The 1099 report includes details such as the contractor’s name, address, tax identification number, and the amount paid, making it easier to prepare and file the necessary forms. Ensuring accuracy in your 1099 reports is crucial, as errors can result in penalties from the IRS. QuickBooks Enterprise simplifies this process by allowing you to generate and review these reports periodically, ensuring that all eligible payments are accurately recorded.

14. Payroll Reports

Payroll reports in QuickBooks Enterprise provide comprehensive insights into your company’s payroll activities. These reports describe various aspects of payroll, such as wages, taxes, and benefits. By reviewing payroll reports, businesses can ensure compliance with tax regulations, manage employee compensation accurately, and keep track of payroll expenses.

These reports also help identify discrepancies, monitor labor costs, and prepare for audits. Regularly analyzing payroll data helps businesses make informed decisions regarding staffing, budgeting, and financial planning. Moreover, QuickBooks payroll reports are essential for maintaining organizational transparency and accountability. They offer a clear breakdown of each employee’s earnings, deductions, and net pay, which can be useful for management and employees.

15. Income Tax Reports

These reports ensure your business meets its tax obligations accurately and efficiently. These reports compile financial data for tax preparation, such as income, expenses, deductions, and credits. By providing a detailed breakdown of taxable income, these reports help businesses calculate tax penalties correctly.

Moreover, income tax reports offer insights into the tax implications of various financial activities throughout the year. They enable businesses to better plan and strategize their tax-related decisions, such as timing of income recognition and expense deductions. Utilizing income tax reports can lead to significant tax savings and better financial planning for future tax periods.

Frequently Asked Questions

Final Word

No matter what type of business you’re involved in, the right reports can give you a better sense of your company’s finances and help you reach your business goals.

Every version of QuickBooks Enterprise (2020 to present) and higher comes with Advanced Reporting, a powerful reporting tool that comes pre-loaded with hundreds of the most valuable reports. You can also easily create customized reports based on your specific business needs.

It might take some time to get used to creating and interpreting the reports available in QuickBooks Enterprise, but once you do, you’ll be able to add a whole new dimension to running your business.

Have questions? Or want to buy QuickBooks Enterprise software? Call us @ +1-855-223-4887 to connect with a Solutions Consultant.