QuickBooks Reporting: 2 Critical Aspects

Every business should stay up-to-date about its cash flow. This should include knowing how cash flows in and out of the business, and it is critical for the financial health of the business. For easy management of cash flow within an organization, an automated solution is needed. Businesses should automate the process of tracking their revenues and expenses to prepare them for the tax season. A tool that accepts and makes automatic payments can also help a business to account for every single dollar.

Thanks to QuickBooks, accounting software that can help your business to achieve all this. With QuickBooks, you can create a dashboard to help you manage and monitor your business revenues and expenses. You can also generate reports from such dashboards. In this article, you will be looking at QuickBooks Reporting and Dashboarding in depth. 

Table of Contents

• Introduction to QuickBooks
• Understanding the Key Aspects of QuickBooks Reporting
  • QuickBooks Reporting Tools: QuickBooks Dashboards
  • QuickBooks Reporting Tools: QuickBooks Reports
• Limitations of QuickBooks Reporting
• Conclusion

Prerequisites

This is what you need for this article:

• A QuickBooks Account. 

Introduction to QuickBooks

QuickBooks is accounting software for small businesses to manage their income and expenses. QuickBooks can help small businesses to track their financial health. It makes it easy for businesses to create and print their invoices or email them to their customers. With QuickBooks, it’s easy for an enterprise to know how much each customer owes it. 

QuickBooks is also a good tool for tracking bills and expenses.  It can connect to your bank and credit card accounts to download and categorize all your expenses. QuickBooks allows you to enter bills to help you track your upcoming payments. You can also create an accounts payable report to ensure that your bills are paid in time. QuickBooks also allows you to print all your financial statements to help you know how your business is performing. The platform can help you to track employee’s hours to ensure that you only pay for hours worked. 

Here are a few useful features of QuickBooks:

• With QuickBooks Accounting Software, you get powerful invoicing features such as Payment Reminders and Invoice Tracking at your fingertips. You can also access dozens of reports to help you manage your expenses. You can also use the mobile app to manage your business on the go.  
• QuickBooks Accounting software also allows you to enter bills from vendors, and pay them only when they are due. Recurring payments can also be scheduled to save time. QuickBooks Accounting Software further houses free unlimited support to provide answers and useful information on running your business.  
• QuickBooks allows you to get a real-time view of your cash flow. You can connect your bank account to automatically categorize and import transactions. You can also seamlessly integrate and sync with popular apps to easily snap photos of your receipts. You can store these receipts with QuickBooks Mobile.

Understanding the Key Aspects of QuickBooks Reporting

In this section, you will be discussing how to work with the different aspects of QuickBooks Reporting: 

• QuickBooks Reporting Tools: QuickBooks Dashboards
• QuickBooks Reporting Tools: QuickBooks Reports

QuickBooks Reporting Tools: QuickBooks Dashboards

When you log into QuickBooks, you will be taken to the dashboard.

The type of information shown on the QuickBooks dashboard will depend on your level of access. 

At the top of the dashboard are the company name and the logo. 

To see the account settings, click the company logo. This will open the “Account and Settings” page. 

You will see 5 tabs under this page as shown below:

To edit the basic details of the company like the name and type, click the “Company” tab. To update your billing information, click the “Billing & Subscription” tab. 

To customize the way sales pages will look and feel to the customers, click the “Sales” tab. Here, you can set form details like Sales form content, products and services, progress invoicing, messages, reminders, and more. To edit, you simply have to click the edit pen on the right. 

To set up bills, expenses, and purchase orders, open the “Expenses” tab. 

You can also find advanced settings in the “Advanced” tab and make necessary edits. 

Once done with making changes, click the “Done” button at the bottom and you will be taken back to the main dashboard. 

The main dashboard also has two tabs namely “Get things done” and “Business overview”. 

The “Get things done” tab has shortcuts to various activities. You can use the shortcuts to create a new customer, add an invoice, write a check, etc. 

To connect to financial accounts such as your bank accounts, click the “Connect accounts” option shown within the “Bank Accounts” box. 

QuickBooks also supports integration with various apps like eBay, Shopify, and others to make your life easier. To integrate with these apps, click the “Discover More” box. You will be taken to a page with the list of supported apps that you can connect to. 

To hide or show your financial info, you can use the Privacy toggle button shown at the top. 

The “Business overview” shows information about your business in the form of visualizations. The information shown under this tab includes profit and loss, expenses, bank accounts, income, and sales. 

You can hide and show this information by turning the privacy toggle button on or off. 

Under every widget, you will find a drop-down button that you can use to change the time shown on the visualization. 

QuickBooks Reporting Tools: QuickBooks Reports

QuickBooks reports are found under the “Reports” page which can be accessed by clicking the “Reports” option shown on the right. 

The reports on this page are put into three categories namely Standard, Custom reports, and Management reports. 

Once you open a report, you will see the “Customize” button that you can click to get options for customizing the report. You can change the time represented in the report, the title of the report, the report’s headers and footers, etc. Once you have made the changes, click the “Save Customisation” button. 

QuickBooks Reporting also provides a search bar that you can use to search for the report that you are interested in. 

As you can see in the above image, you will get auto-suggestions as you type the name of the report. 

Once the report is opened, you can make customizations, run, and save it. 

After making changes, save the customizations. 

Limitations of QuickBooks Reporting

The following are the limitations of QuickBooks Reporting and Dashboarding:

• Complexity: It is difficult to use QuickBooks reports and dashboards. It’s hard to navigate the QuickBooks dashboard. 
• Excess Manual Data Entry: QuickBooks Reporting doesn’t support integration with most data sources, hence, manual data entry is sometimes required. 
• Real-Time Data Access: Difficult to get real-time data for QuickBooks Reporting for timely decision making. 

Conclusion

This blog talks about the two critical aspects of QuickBooks Reporting in great detail highlighting the QuickBooks Reports and QuickBooks Dashboards. Extracting complex data from a diverse set of data sources can be a challenging task and this is where Hevo saves the day!

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