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QuickBooks Online Management Reports: A Feature You Should Use

2/8/2021

 
Serving over 4 million customers worldwide, QuickBooks Online is one of the leading accounting solutions used by small  businesses today. However, most of these companies rely on the “core” functionality and rarely take a close look at the advanced features. For example, one such tool is Management Reports. Read on, and in this article, you will learn how you can take advantage of this tool and why you should do so.

What Are Management Reports?

Upon hearing the term “Management Reports,” many immediately conclude these are reports that are operational in nature, such as sales reports, accounts receivable and accounts payable aging reports, and profitability margin by item reports. QuickBooks Online Management Reports could potentially include statements such as those mentioned. However, they are far more reaching in scope.

To clarify, Management Reports are “books” of user-defined, presentation-quality, customized reports. For example, these reports can contain cover pages, tables of contents, financial statements, operational information, compilation reports, and even management discussion and analysis commentaries. You can use any of the three pre-built Management Reports available in QuickBooks Online, or you can customize them to meet your needs and save them for future use. Further, you can distribute your management reports directly from within QuickBooks Online, save them as PDFs, or export them as Word documents for further editing.

Accessing QuickBooks Online Management Reports

To use the Management Reports feature in QuickBooks Online, click Reports in the left menu, followed by the Management Reports tab. There you will see three pre-defined sets of Management Reports you can use as-is or customize them. Next, clicking View on the Company Overview report allows you to examine this report’s content, as pictured in Figure 1.
Picture
Figure 1 - Sample Management Report in QuickBooks Online

If the report is suitable, can click Send, Export as PDF, or Export as DOCX in the Action column’s drop-down list. Then you can send it via email, export it to a PDF file or DOCX file, or share it using other means.

Customizing Your Management Report in QuickBooks Online

If you need to customize your Management Report, click Edit in the Action column’s drop-down list. Subsequently, the dialog box pictured in Figure 2 opens. Here you can perform the following customizations.

  • Change the Template’s name,
  • Edit the Cover Page’s style,
  • Add a logo,
  • Change the Title and Subtitle,
  • Edit the Report Period,
  • Add Prepared by and Prepared date fields,
  • Add or edit Preliminary pages,
  • Add other Reporting objects, and
  • Add or edit End notes.
Picture
Figure 2 - Customizing a Management Report

Upon completing your edits, click Save and Close in the lower right corner. Subsequently you can distribute the report using any of the techniques described previously. Of course, having saved the report, you can use it again in future periods, and all your customizations will appear automatically, saving you the time you would otherwise spend customizing that period’s reports.

Summary

In conclusion, many QuickBooks Online users fall victim to the notion that they cannot customize their reports when they can. Importantly, the Management Reports feature provides you with a robust set of tools to create a comprehensive report book. Further, you can customize Management Reports to meet your company’s financial and operational reporting needs or those of a client. Therefore, if you use QuickBooks Online, be sure to check out this excellent feature today.

Check Out These QuickBooks-Related Seminars from K2E Canada Inc.

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Check Out This Video Showing How You Can Use the Management Reporter


Tommy Stephens


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    Authors


    Ward Blatch
    Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

    Tommy Stephens
    Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

    Randy Johnson
    Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com


    Bernie Smith
    Bernie coaches businesses to develop meaningful KPIs and present their management information in the clearest possible way to support good decision making. As the owner of Made to Measure KPIs, he has worked with major organisations including HSBC, Airbus, UBS, Barclays, Credit Suisse, Lloyds and many more.

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