Important Bookkeeping Reports You Must Know
The process of keeping accurate business records, also known as bookkeeping, is very important for a variety of reasons. Not only are you able to track all of the business transactions that occur within a specific period of time, you will also be able to use this information to create useful bookkeeping reports to help further examine the health and profitability of your company.
To give you a better idea of what types of documents you can create from your business records, below is a list of some of the most common bookkeeping reports, and how they can benefit your company.
Banking Reports: These types of report can be created from basic banking sections of your records and can pinpoint specific check details, details of all deposits that have been made over a period of time, as well as any missing or returned checks.
Budgeting Reports: A budgeting report is basically a form of a profit and loss statement. This can show how the business is doing on the whole, as well as how the projections for the quarter stack up when compared to the actual detail.
Company and Financial Reports: There are a number of reports that can be created from basic financial data that has been recorded on the books. Here you can examine in depth balance sheet details, cash flow, statement of cash flow, vendor expenses, detailed vendor reports, income sorted by customer, income sorted by service or product, profit and loss by job, profit and loss year to date, profit and loss by class, and other profit and loss details that are broken down by specific criteria.
Customer and Receivables Reports: Basic customer and accounts receivable data can also yield a variety of customised reports. These reports can include account receivable ageing detail, collections reports, customer balance details, outstanding invoices, unbilled costs by job, and customer transaction lists.
Inventory Reports: Inventory reports can help business owners to track inventory status by item number or by vendor, and also perform inventory valuation.
Custom Reports: In addition to the above mentioned reports, there are also a wide variety of custom bookkeeping reports that can be created as well. These documents can be extremely beneficial to businesses and can include reports such as payroll details, employee earnings summaries, tax details, worker’s compensation summaries, accounts payable ageing detail, sales by representative details, sales by item number, and vendor balance detail and summaries.
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