Advanced reporting in QuickBooks Enterprise is a powerful feature that provides your company with deeper and more meaningful insights to manage and grow your business. However, with many advanced reports to choose from, it can be tough to decide which ones you should be checking frequently.
To help your business succeed, here are the top 10 commonly used and popular advanced reports in QuickBooks Enterprise and how you can benefit from them.
- Budget vs. Actuals Report: This report provides a comparison of budgeted amounts to actual amounts for income and expenses. It can help you identify areas where you may be overspending or underspending. This report can be extremely useful for large contracting businesses.
- Sales by Customer Summary Report: This report provides an overview of sales by customer, including total sales, sales tax, and discounts. It can help you identify your top-performing customers and track sales trends over a specific period.
- Sales by item summary: This report helps you determine the quantity and amount of each item your company sells. It includes the average sales price of individual units and the total sales price of all the items. If you want to determine which products or services are rapidly selling for your business, then you should consider upgrading to QuickBooks Enterprise.
4. Inventory Valuation Detail Report: This report provides a detailed breakdown of inventory values, including the quantity and value of each item. It can help you track inventory levels, identify slow-moving items, and calculate the cost of goods sold.
5. Customer Balance Detail Report: This report provides a detailed list of customer balances, including open invoices, credit memos, and payments. It can help you track customer payments and identify overdue accounts.
6. Job Profitability Report: This report provides a breakdown of income and expenses by job, which is useful for tracking profitability on specific projects or jobs. This is extremely useful for service-based professionals who work on multiple projects.
7. Cash Flow Statements: This report summarizes cash inflows and outflows for a specified period. It can help you track your cash flow and identify areas where you may need to improve your cash management.
8. Open Purchase Order Report: This report provides a list of open purchase orders, including the vendor, date, and amount. It can help you track outstanding orders and ensure the timely delivery of goods.
9. Employee Earnings Summary Report: This report summarizes employee earnings, including gross pay, taxes, and deductions. It can help you track payroll expenses and ensure accurate payments to employees.
10. Vendor Balance Detail Report: This report provides a detailed list of vendor balances, including open bills, credit memos, and payments. This type of report can help you track vendor payments and identify outstanding bills.
In addition to the aforementioned advanced reports, QuickBooks Desktop Enterprise also offers other different types of reports to help you make informed decisions about your business. For example, contractors can run reports specific to their industry, including items estimate vs actual and time by job details. Discover the top 5 industry-specific reports in QuickBooks Enterprise.