Do you use QuickBooks to keep track of your day to day expenses and income for your business? If so, you are to be congratulated! That puts you ahead of the rest to be ready for tax time.
But have you wondered what it is all for? What is the point of entering all that information? How does your accountant make sense of all those numbers? It isn’t rocket science; just a simple case of knowing how to use your Report Center in QuickBooks.
One of the biggest benefits of using QuickBooks for your day to day data entry is that it helps convert all that information and all those numbers into basic financial reports – anything from a Profit and Loss to a report of Open Invoices to a Payroll Summary for your employees. These reports can help you evaluate what income you have, what you have spent when and where in a given time period, and what your cash flow has been.
Knowing how to use and find the reports you need in QuickBooks is critical for a business owner, especially at this time of year, so you can see where you are at any time with your business financially and be able to make important business decisions for the immediate and foreseeable future.
There are many ways to find reports in QuickBooks, but the easiest way to find most reports is through the Reports option on your top task bar. The drop down menu will give you options for reports that are helpfully categorized by Company, Sales, Payroll, Customers, Vendors, and so on.
Once you have found the report you want or need, you can also customize it to fit your needs. Some customizations include adding headers or footers, eliminating certain columns, or even changing the font. You can also memorize a report once it has been customized so QuickBooks saves it for your continual use. Reports can also be exported as an Excel spreadsheet if more detailed customizations are needed.
As the end of the year gets closer, make sure to check out reports applicable to you and your business and get in touch with you accountant if you have questions about tax planning. Knowing where you stand now will help you get to where you need to be in the future!