Understanding your financial health is crucial. Financial reports provide a clear picture of your company’s financial performance, revealing your income, expenses, assets, and liabilities. As it’s crucial, we’ve made this guide to help our users generate financial reports using ProfitBooks!
Even if you’re not a user, you can get started within a few minutes, for absolutely FREE! Yes, ProfitBooks is a 100% free-to-use to software, and it is feature packed for serious businesses.
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The valuable information gained from financial reports using ProfitBooks, empowers you to make informed decisions, track progress towards goals, and identify areas for improvement. By generating accurate and timely financial reports, you can gain a strategic advantage and ensure the long-term success of your business.
In this article, we’ll cover what financial reports are, why they are important for businesses, and how you can generate financial reports using ProfitBooks Accounting Software.
What Are Financial Reports?
Financial Reports Stock Image
Imagine financial reports as your business’s compass. Financial reports using ProfitBooks show the direction in which your company is heading financially.
They’re documents that tell you exactly where your company stands financially. They track your income, just like money coming into your wallet, and your expenses, like money going out to pay rent or buy supplies. Financial reports also show what you own (assets, like your office furniture) and what you owe (liabilities, like outstanding loans).
This is especially important for SaaS companies, where subscriptions bring in a steady stream of income. Regular reports help them see if they’re collecting enough to cover costs like server maintenance and developer salaries. They can also identify trends, like if a particular pricing plan is attracting more customers or if churn is increasing.
Plus, ProfitBooks is a great accounting tool designed for SaaS companies, as it does not only showcase all the necessary reports & analytics, but also streamlines all accounting tasks.
With this knowledge, the businesses can adjust their strategy, maybe offering discounts or improving features, to keep their business healthy and growing.
Why Financial Reporting is Crucial for Small Businesses?
Ever feel like you’re flying blind running your small business?
Financial reports are like a roadmap, giving you a clear picture of your finances. They track your income from sales, your expenses like rent and supplies, and what you own (equipment) and owe (bills). This information is crucial for making smart decisions about your business.
- See if you’re making a profit: Financial reports show the difference between your income and expenses, revealing if your business is bringing in more money than it spends.
- Track spending: Reports help identify areas where you might be spending too much. Maybe it’s rent, or perhaps you can cut back on office supplies.
- Make informed decisions: With a clear understanding of your finances, you can make strategic choices. Should you invest in new equipment, hire more staff, or try a new marketing campaign?
By using financial reports regularly, you gain control over your business’s destiny. You can identify problems early on, adjust your course, and ensure your small business stays on the road to success.
Features of Financial Reports Using ProfitBooks Accounting Software
Our financial reporting system is robust, intuitive, and designed to provide accurate and up-to-date financial reporting information to help you make informed decisions about your business.
The numerous features of the robust financial reports using ProfitBooks include:
1. Customizable Tax Reports
ProfitBooks – Tax Summary Report
Set up taxes in 3 EASY steps:
- Set the effective date in ‘Start Date’.
- Specify applicability on sales, purchases, or both.
- Define custom tax percentage
Learn how to setup taxes in ProfitBooks.
2. In-depth Sales Reports
ProfitBooks – Sales Reports
At ProfitBooks, our sales reporting system provides a comprehensive overview of your business’s sales performance and helps the company to identify areas for improvement and opportunities for growth.
- Sales figures report
- Periodic sales target vs performance report
- Sales source report
- Sales trends report
3. Business Expenses Reports
ProfitBooks – Expense Management
ProfitBooks’ business expense financial reporting feature simplifies expense tracking, eliminates manual data entry, and provides real-time insights to optimize spending for small businesses.
- Reduces Financial Risks
- Automated Expense Tracking
- No Manual Data Entry
4. End-to-end Financial Reports using ProfitBooks
ProfitBooks – Balance Sheet Interface
With ProfitBooks’ comprehensive financial reporting system, customers can confidently manage their finances in one place, empowering them to grow. With generating financial reports using ProfitBooks, you get:
- Balance Sheet
- Profit & Loss Account
- Trial Balance
- Other Finance Reports
5. 45+ Filterable Reports!
Profitbooks – 45+ Filterable Reports & Statements
Create personalized financial reports using ProfitBooks’ customizable report feature, which allows you to tailor reports to meet your specific business needs and track the metrics that matter most to you.
Generating financial reports using ProfitBooks is an easy task! All your 45+ filterable reports are accessible at one glance, and are highly customizable as well!
Our reports guide support will help you navigate the nuances of extracting financial reports using ProfitBooks!
How To Generate Financial Reports Using ProfitBooks?
ProfitBooks is big software filled with various pages for each feature and literally hundreds of features! As financial reports using ProfitBooks are of many types, 45+ to be precise, we’ll cover the step-by-step procedure of accessing the most crucial financial reporting: payroll reports.
Employee and vendor payroll is necessary for any business and also a huge liability. After you import vendors into ProfitBooks‘ system, you can manage how much you’re paying them, what’s due, and more. This is where the payroll reports of the financial reports using ProfitBooks feature comes into play.
Now, let’s look at the step-by-step procedure of generating financial reports using ProfitBooks:
You can see all the Payroll Reports under the Reports tab. On the Reports dashboard, you can see tab as Payroll Reports. Payroll is the process of paying salary to the company’s employees.
Below details can be seen under Payroll Reports:
1. Payment Advice
The total salary to be paid to employees from the Bank Account.
Payment Advise in ProfitBooks Payroll Reports
2. Breakup by Employee
This report includes the salary component (Pay heads) wise breakup by employees for a month.
Employee Payroll Breakup
3. Breakup for Employee
This report includes the salary component (Payheads) wise breakup for each Employee for a Financial Year.
Note that you can export the report in PDF or Excel format.
Accessing Other Financial Reports Using ProfitBooks
You can see all the Inventory reports under the Reports tab. On the Reports dashboard, you can see tab as Inventory Reports. Inventory is stock of all the product, pending orders, etc. You can see all details of the inventory in hand, wastage etc.
Below is a list of all inventory reports that you can access in ProfitBooks:
List of Inventory Reports in ProfitBooks
Other financial reports using ProfitBooks include customer statement, sales & purchase reports, debtor & receivables reports etc.
In order to view the customer statement:
go to Reports > Sales Report > Customer Statement
Customer Statement in ProfitBooks
You can see all the detailed report here such as Invoice, Receipt, Payment, Journal, Reimbursement Voucher, Reimbursement Journal Summary.
You can use the Filter option on the top right corner to view the customer statement of any particular customer.
Read the detailed procedure to view Customer Statements here.
To view sales or purchases of a product:
follow these steps: Reports > Product Statement
Product Statement in ProfitBooks
Select the product from the drop down and the Start and End date. All the purchases or sales of a particular product will be displayed. You can also see the Purchase or Sales summary for any particular products. The report can be exported to a PDF or Excel file.
View the detailed procedure of viewing sales or purchases of a product in ProfitBooks.
How to see debtors / receivable ageing statement?
You can see Receivable ageing statement via following steps:
Go to Reports > Sales Reports > Receivable Ageing
Debtor Aging Report
Select the customer from the drop down and select the date range.
This report will give you a snapshot of the amount that is outstanding and due to you by your customers.
Read the detailed process of accessing debtor aging reports in ProfitBooks.
Conclusion
All in all, generating any of the 45+ financial reports using ProfitBooks is quite a simple task! In fact, the entire software is super easy-to-use.
Hopefully you’ve learnt how to access the innumerable reports for your business using our robust accounting system.
If you’re not a user, you can try it for FREE! And we don’t mean a ‘free trial’. ProfitBooks is 100% FREE to use, and you can access all features, including priority customer support!
What’s the wait? Get your free account now!
