Let’s put aside, for the moment, all of the chaos of the national political scene, healthcare, etc., and talk about YOUR Long Island and Stamford business.

Though, for some Long Island and Stamford-area (and beyond) small businesses seeing this blogpost, this is extraneous. Because we at Team Michael Kessler already handle all of this for you.

But because there are MANY who do not (yet) work with us on a regular basis in these matters, I don’t want to neglect you!

So, this is either one to look at yourself — or, in particular, if you have someone on your team who handles these matters, it’s a good one to forward along.

You see, just about every QuickBooks user relies on the Report Center and Reports menu … but if you’re like most, you have a small handful of reports that you tend to rely on.

In this two-part Note series, I’m going off the beaten path of the standard reports most business owners see (monthly P/L, etc.) and exploring ten reports that many users overlook. Even if you are using some of these reports, we’re sure you’ll find a few more to add to your repertoire.  Of course this is just a very basic introduction, but hopefully it’ll spark some ideas.

And — well, if you’d like some assistance, there’s something special for you at the end.

Michael Kessler Tackles Quickbooks — Part 1: Ten Overlooked and Useful Reports
“Action is the foundational key to all success.”  – Anthony Robbins

Let’s dive right in, shall we?

1) Profit & Loss Summary Prev Year Comparison: Most Long Island and Stamford business owners rely on the Profit & Loss Summary report, but comparing your results to last year can provide quick insight into whether your revenue is growing or contracting–as well as how fast expenses are rising.

[To access this report, choose Reports, Company and Financial, and then Profit & Loss Summary Prev Year Comparison.]

2) Balance Sheet Prev Year Comparison: As with your income statement, it’s important to compare where certain balances stand now versus last year (such as Cash, Accounts Receivable and Payable, etc.).

[You’ll find this report also within the Company and Financial section of the Reports menu.]

3) Statement of Cash Flows: Profit & Loss reports enable you to see what you earned, while Balance Sheet reports help you determine what you have–as well as what you owe. (However, neither report necessarily provides a clear picture of where cash is coming from, or going to.) In short, this report shows you exactly what caused your bank balance to increase or decrease during a given report period.

[As with the two preceding reports, you’ll find the Statement of Cash Flows in the Company & Financial section of the Reports menu.]

4) Collections Report: Tricky economic times mean it is more important than ever to keep track of your collections. Fortunately, QuickBooks makes it easy to contact customers with overdue invoices…

[Choose Reports, Customers & Receivables, and then Collections Report.]

5) A/P Aging Summary: Although it’s key to make sure that your customers are paying in a timely fashion, it’s just as important to pay your vendors, too. Unpaid bills can result in phone calls, e-mails, and other unnecessary interruptions.

[Choose Reports, Vendors & Payables, and then A/P Aging Summary.]

We’ll explore five more, when I pick up the second part of this series, soon.

And don’t forget — we’re right here for you, if you need us: (516) 449-2852 or (203) 658-5092

And, don’t miss what’s just below…

I would ask that you forward this article to a Long Island and Stamford business associate or client you know who could benefit from our assistance–or simply send them our way. These particular articles relate to business strategy beacuse, as you know, I’ma Profitability Consultant who also specializes in tax preparation and planning for Long Island and Stamford families and business owners. And we always make room for referrals from trusted sources like you.

FREE Quickbooks Strategy Session With Michael Kessler’s Team
Print this out and bring it to our office for a special strategy session for how you are utilizing your cashflow reporting and accounting strategies. We’ll identify the BEST ways for you to streamline your reporting — AND your decision-making.
Limit: First TEN respondents only (we’re limited by capacity)
Email or call us ((516) 449-2852 or (203) 658-5092) now to claim your spot!

Warmly (and until next week),

Michael Kessler
(516) 449-2852
(203) 658-5092