3 Must-Run Reports Beyond Your Income Statement and Balance Sheet

Greetings, readers! When it comes to the world of financial reporting, we often sing praises to the classic heroes - your income statement, balance sheet, and cash flow statement. But today, let's shine the spotlight on the unsung MVPs of financial reporting that go beyond the conventional trio!

1. A/R Aging Summary:

Your Money Tracker!

This report is your secret weapon in the quest for outstanding payments. Here's the lowdown:

• What It Reveals: The A/R Aging Summary lays bare who owes you money, the amounts owed, and when the payments were originally due.

• Why It Matters: Running this report monthly lets you identify clients in arrears, helping you send gentle reminders or follow-up messages. It's your key to maintaining a healthy cash flow.

2. Sales by Customer:

The Client Whisperer!

Consider this report your ally in understanding your customer landscape. Let's break it down:

• What It Reveals: The Sales by Customer report summarizes how much of your sales is attributed to each customer.

• Why It Matters: Armed with this summary, you can make informed decisions about your marketing strategy. Should you focus on upselling existing clients or channel your efforts into onboarding new ones? This report holds the answers.

3. A/P Aging Summary:

Vendors' Delight!

Keep your vendors happy with this timely report. Here's the scoop:

• What It Reveals: The A/P Aging Summary shows how much you owe to each vendor and when those payments are due.

• Why It Matters: Regularly running this report ensures you're on top of your payment schedule, fostering positive relationships with your vendors by paying them on time.

Now, here's the exciting part! If the thought of running these reports and managing your bookkeeping feels overwhelming, don’t worry! You can have your bookkeeping done seamlessly, with these reports delivered directly to you every month. It's the perfect solution for busy business owners who want to stay in the financial loop without drowning in the details. ✅ Send me a message if you need help!