In the current Covid-19 environment, we are working closely with our clients to support them in analyzing their expenses and identify where they can reduce fixed overhead. Many clients know where to go to find the information but not all, so here are three valuable reports in QuickBooks Online that will help you analyze your expenses and take action.
Expenses by Vendor Summary
The Expenses by Vendor Summary report helps you see how much you have spent with vendors over a period or multiple periods. You can use this report to see your largest expenses by the vendor. This may be useful in renegotiating terms or extending terms to free up cash flow.
General Ledger Detail for Expense Categories
This is a customized report that is run off of the General Ledger Report. You will filter by Distribution Account and choose the expense categories. You can run this report over any period and it will provide you expense detail at the transaction level. This report is especially helpful when wanting to drill into expenses that may not be essential.
General Ledger Detail for Credit Card Accounts
Like the GL Detail for Expense Categories, the GL Detail for Credit Card Accounts is run off the same General Ledger Report in QuickBooks Online. The filter here would be based on the “Account” where you will choose the credit cards to analyze. This is a great output to look at credit card detail which is where a lot of discretionary expenses may reside.
These three reports will help tremendously in giving you expense level insight. If you are a client and want support around this, please communicate with your Accounting Lead. If you would like to learn more about how we work with companies around expense management, email us at firstname.lastname@example.org.