The Top 4 QuickBooks Online Reports Every Small Business Owner Should Review Monthly

Staying on top of your business finances doesn’t have to be overwhelming—especially if you’re using QuickBooks Online. With just a few clicks, you can access powerful reports that provide insights into your financial health, cash flow, profitability, and more. But with so many reports available in QuickBooks Online, which ones really matter on a monthly basis?

Here are the top 4 QuickBooks Online reports every small business owner should review monthly to keep your business on track.

Pre tip – Customize and save these reports in QuickBooks Online so you can get to them easily.

1. Profit and Loss (P&L) Report

Your Profit and Loss report (also called an Income Statement) gives you a snapshot of your revenues, expenses, and net income over a specific period. Reviewing it monthly helps you see whether your business is profitable—and if not, where the leaks are.  This is the most often requested report by bankers, investors, tax accountants, and consultants.

What to look for:

• Are your income and expenses in line with expectations?

• Are any expense categories unusually high?

• Is your business operating at a profit?

• Is your gross margin as high as it should be?

• Is there a seasonal pattern?

Tip – I like to look at them with a column for each month of the year – adding a new column every month – to get a quick visual in what is going up and down.

 

2. Balance Sheet

The Balance Sheet shows your business’s assets, liabilities, and equity. It helps you understand what you own and owe at a given point in time.  This is the second most requested report by bankers, investors, tax accountants, and consultants.  When you are asked for your financial statements, it usually means your Profit & Loss report and your Balance Sheet.

What to look for:

• Are your assets (like cash and receivables) growing?

• Are you taking on more debt than you can handle?

• Is your equity increasing over time?

Tip – I also like to look at the balance sheet by month.  Look for unusual changes in asset or liability accounts as these may indicate errors or issues needing attention.

 

3. Cash Flow Statement

A business can be profitable and still run out of cash. The Cash Flow Statement breaks down how money flows in and out of your business so you can avoid liquidity issues. This report is probably the least understood, but perhaps the most important.  If you can learn it you will know where your cash is going every month.

What to look for:

• Are you consistently generating positive cash flow?

• Are large outflows related to investments or debt repayment?

• Do you need to adjust your receivables or payables timing?

Tip – Go to the bottom of the report to see whether you generated or burned cash during the month.  Then look for at the top of the report to see if your income or loss was a factor.  Finally, look for the largest impact items in the rows that follow.

4. Accounts Receivable Aging Summary

This report shows outstanding customer invoices and how long they’ve been unpaid. It's critical for managing your cash inflow and chasing overdue payments if you are a business that invoices customers.  See our blog on how to improve Accounts Receivable.

What to look for:

• Are too many invoices past due?

• Which customers owe you the most?

• Do you need to adjust your payment terms or follow-up processes?

 

Tip – Set reminders for follow-up and consider adjusting terms for chronic late payers.  Follow-up regularly.

Final Thoughts on the top 4 QuickBooks Online reports every small business Owner should review monthly

Reviewing these four QuickBooks Online reports monthly helps you stay in control, avoid surprises, and make smarter decisions based on real data—not guesswork. If you do this regularly you will build a strong foundation for financial awareness.  The beauty of QuickBooks is that these reports can be customized and even scheduled to run automatically.

Bonus Tip: If you’re short on time, consider creating a custom dashboard or monthly reporting package that includes these key reports. That way, you get a full financial overview in one go.

Need help understanding your reports? Finance Burger’s monthly finance service provides our observations of the story hidden within the numbers, offering practical insights, context, and recommendations tailored to your business.