Save Yourself Time
As a business owner, you have many responsibilities you need to manage on a daily basis. Because of this, you are most likely looking for ways to streamline your daily tasks. Efficiency and organization are two helpful tools to stay on top of a full task list, and QuickBooks Online is designed to do just that.
Knowing how much money each customer owes you is one thing that can easily lead to disarray within a company. Sometimes, there is even a need for that information to be easily accessible. Because QuickBooks Online was designed to be convenient, efficient and organized, it will keep track of this for you.
Tools to Save You Time and Broaden Understanding
Understanding the cash position of your business is an important aspect of being a business owner. For instance, knowing how much money is on hand can affect a business decision relating to a new printer for the office. If you have an interest in where your accounts receivables are at any point in time, QuickBooks Online can deliver that information quickly and efficiently.
QuickBooks Online offers several different helpful online reports, including reports related to accounts receivable and cash flow. Let’s take a look at five QuickBooks Online reports that will help you manage your accounts receivable. Simultaneously, these reports will give you a better understanding of your business’ financial standing.
Five Key Accounts Receivable Reports Available in QuickBooks Online
With QuickBooks Online you can edit any report to show as much or as little information as you like. Therefore, making it quick and easy to find specific data for a date or date range. There are five basic reports that help make accounts receivable analysis fast and easy.
- Accounts Receivable Aging Detail: An accounts receivable aging report will give you a breakdown of your total accounts receivable based on the invoice date. This affords you an opportunity to efficiently target the outstanding amounts that are the oldest.
- Customer Balance Summary: This report defines the amount owed by the customer. This allows you to make decisions about whether or not to continue extending credit to certain customers. This can help you during your customer interactions on an ongoing basis.
- Unbilled Charges: This report serves as a tool to see what services or goods you have yet to bill to a customer. This will let you know which invoices to create.
- Unbilled Time: If your business is a service-oriented business, the potential of unbilled time would be the enemy of your company’s cash flow. This report functions as a reminder to convert billable time to an invoice.
- Open Invoices: Your open invoice report will give you a snapshot of how much potential cash the company could receive at any time. Used with the Accounts Receivable Aging Detail report, you get a better idea of what money is coming in and when you will receive it.
Good News! Customize Your QuickBooks Online Reports
Sometimes, basic accounting reports offer too little or too much information. As a business owner, finding ways to streamline your tasks can be important. QuickBooks Online reports are customizable, allowing you to see only the information you are looking for.
There are two ways you can customize your accounts receivable reports. The easiest option would be to use the filtering function, which will allow you to run your reports based on targeted information. The other option would be to explore the customization tools provided. These tools will allow you to add data fields and or delete the ones you don’t need. In bookkeeping, this often paves the way to time and effort savings.
Need Help? No Problem!
If you have experience as an accountant or bookkeeper, QuickBooks reports will be an easy and familiar tool for you. However, if you have any questions about running, customizing, or using these reports, we are always happy to help. We specialize in helping clients with all QuickBooks Online products. We can also help you setup a QuickBooks Online account. Visit, QBO Services – The Barklee Institute to find out more.