Jim Merritt - 10/06/2025

QuickBooks Online (QBO) isn’t just about tracking income and expenses. It’s about understanding your business story through numbers. The right reports can help you make smarter decisions, catch mistakes early, and keep cash flow strong.

At QuickTrainer, Inc., we’ve worked with business owners since 2006, and we know that most clients underutilize the powerful reporting features built into QBO. Let’s look at the top five reports every small business should run regularly.

1. Profit and Loss (P&L) Report

The Profit and Loss statement (sometimes called the Income Statement) is the heartbeat of your business. It shows your income, expenses, and overall profit for a specific period.

Why it matters: Quickly see if your business is making money or losing money.

Tip: Run this report monthly (after reconciling your bank and credit card accounts) to spot trends and control expenses.

2. Balance Sheet

The Balance Sheet gives you a snapshot of your company’s financial position at any moment. It lists what you own (assets), what you owe (liabilities), and your net worth (equity).

Why it matters: Lenders and investors look here first.

Tip: Compare balances month to month—unexpected jumps in accounts receivable or liabilities could signal issues.

3. Accounts Receivable Aging Report

This report shows who owes you money and how long they’ve owed it.

Why it matters: Late payments can choke cash flow, even if sales are strong.

Tip: Use this report to follow up with customers who are 30, 60, or 90+ days past due. It’s a simple way to improve collections.

4. Accounts Payable Aging Report

The flip side of receivables—this report tracks who you owe money to and when it’s due.

Why it matters: Avoid late fees, keep good relationships with vendors, and plan cash flow better.

Tip: Running this weekly helps ensure bills are paid on time without surprises.

5. Statement of Cash Flows

Cash flow is the lifeblood of your business. This report breaks down how money is moving in and out—through operations, investing, and financing activities.

Why it matters: A profitable business can still run out of cash if expenses aren’t timed with income.

Tip: Use this report to spot periods where you may need to tighten expenses or seek financing.

Bringing It All Together

Running these five reports regularly gives you control over your business finances. But interpreting them correctly—and turning them into action—takes practice and expertise.

That’s where QuickTrainer, Inc. comes in. We provide personalized 1-on-1 QuickBooks training, setup, cleanup, and bookkeeping support so you don’t have to struggle alone.

📞 Call us today at (910) 338-0488 or email us: [email protected], to learn how we can make QuickBooks work for you.