As a small business owner, you probably make hundreds of decisions every week. Did you know that if you are a QuickBooks client, you have a powerful tool for modified reports that can help you settle on better choices? Customized and appropriately structured reports can give you insights into a number of important financial and operational metrics;
- cash flow
- inventory levels
- profitability by project, product or customer
- estimates versus actual costs
You’ll also be able to research quickly and view key drivers of success such as who are your best customers, which are your most favorite products or who are your top performing sales reps.
A little upfront work to customize reports to the specific needs of your business followed by a thorough and regular review of the data will provide many answers about your company’s past performance and future direction.
QuickBooks reports overview
Of course, the reports are only as good as the data being input so make sure the information going in is accurate and correctly coded. Once your data input is up to par, you’ll want to select the Quickbooks reports you need and then customize to tailor each one to the unique needs of your business. The actual steps involved in report customization aren’t all that difficult but what can be challenging is;
- Understanding what each report is designed to tell you
- Determining, which reports are most relevant to your business information needs, and
- Designing each to produce the critical insights you need
QuickBooks Report Center is an excellent place to learn what reports are available and what each aims to tell you. Just by looking at the report titles, content and descriptions you’ll be able to get a good overview of what is available.
Determining which reports are most relevant to your business and how best to customize can be a bit more involved. Some extra time spent up front on your report setup will pay off in the long-term. If you have any questions or need assistance, please give me a call.
In general, report customization involves selecting the subset of data to be displayed using filters and determining how the data should be displayed using totals, subtotals, and sorting. If you’ve worked with the data sorting, filters, and pivot tables in worksheet programs such as Excel, you’ll be able to master quickly the mechanics involved in report customization.
As an example, the report below was customized using filters to find all commercial, drywall, and invoiced jobs in the current fiscal quarter.
If you need help with your report strategy or setting up customized Quickbooks reports, give me a call.