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Which reports are important for bookkeeping as a business owner?

Updated: Oct 1, 2021

There is so many reports and options in Quickbooks Online that it can be very confusing to know which reports to review.

The three most important reports in small businesses are:

  1. Profit and Loss:

    1. Income

    2. Minus Cost of Goods Sold

    3. Minus Business Expenses

    4. Equals Net Income

  2. Balance Sheet

    1. Assets (Checking, Savings Accounts

    2. Equals Liability (Loans, and Credit Cards) and Owner's Equity (How much you put into the business from personal funds or you have withdrawn to pay yourself.)

    3. Think of the balance sheet like a scale. One side is your assets and the other side is your liability and Equity

  3. Cash Flows

    1. It is a combination of your Profit and Loss and your Balance Sheet.

Learn more by watching this video:

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