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Leveraging QuickBooks in 2025: Updates and Tools

Running a successful business hinges on understanding your financial health. QuickBooks is one of the most popular accounting software solutions and provides a suite of powerful reports that can help you stay on top of your finances.  When you understand how to use Quickbooks to it’s fullest, you will make informed decisions and plan for your businesses growth. To get the most out of QuickBooks, it’s essential to know which reports to focus on and how to leverage them effectively. Here’s a guide to maximizing QuickBooks and the most frequently used, helpful reports for maintaining your financial well-being.  Plus, R&D Legal Bookkeeping has provided some new tips for 2025 for Quickbooks, as Quickbooks has rolled out some new features that every user should be aware of.

  1. Profit and Loss Statement (Income Statement). Why it’s important: This report summarizes your revenues, costs, and expenses over  specific period, providing a clear picture of your profitability.
  • How to use it:  Review monthly or quarterly to track performance trends.  Identify areas where costs can be reduced or revenues increased.  Compare against previous periods to measure growth. Tip: Customize the report to include or exclude details, and set it to automatically generate at regular intervals for ongoing monitoring.
  •  Balance Sheet. Why it’s important: The balance sheet provides a snapshot of your business’s financial position at a specific point in time, showing assets, liabilities, and equity.
  • How to use it:  Ensure your assets and liabilities are accurately recorded.  Monitor cash flow and working capital.  Detect potential financial issues early, such as accumulating debt or declining assets.Tip: Regularly reconcile your accounts to keep the data accurate and reliable.
  •  Cash Flow Statement. Why it’s important: Cash flow is king—this report tracks the inflow and outflow of cash, revealing your liquidity position.
  • How to use it:  Identify periods of cash shortages or surpluses.  Plan for upcoming expenses or investments.  Make informed decisions about credit management and collections. Tip: Use this report alongside your accounts receivable and accounts payable detail for a complete cash management strategy.
  • Accounts Receivable Aging Report. Why it’s important: This report shows outstanding customer invoices and how long they’ve been unpaid.
  • How to use it:  Follow up promptly on overdue invoices.  Identify customers who consistently pay late.  Improve cash flow by managing collections efficiently. Tip: Set up automated reminders within QuickBooks to nudge customers before invoices become overdue.
  •  Accounts Payable Aging Report. Why it’s important: Tracks your outstanding bills and due dates, helping you avoid late payments and penalties.
  • How to use it:  Schedule payments to optimize cash flow.  Negotiate better terms with suppliers.  Maintain good supplier relationships. Tip: Regularly review this report to stay ahead of upcoming payments.
  • Budget vs. Actuals Report. Why it’s important: This report compares your budgeted figures against actual performance, allowing you to evaluate how well your business is sticking to financial plans.
  • How to use it:  Adjust future budgets based on past performance.  Identify areas where expenses are exceeding projections.  Celebrate areas where you’re outperforming. Tip: Use this as part of quarterly financial reviews to stay aligned with your business goals.
  •  Expense Details Report. Why it’s important: Provides a detailed view of all expenses, helping you identify cost-saving opportunities.
  • How to use it:  Track recurring expenses for potential reductions.  Categorize expenses for tax preparation.  Spot unusual or unauthorized charges. Tip: Regular review can prevent budget overruns and improve profitability.

Mastering QuickBooks reports is essential for any business owner committed to financial health. Focus on the profit and loss statement, balance sheet, cash flow, and aging reports to gain a comprehensive view of your finances. Regular review and analysis of these reports will enable you to make smarter decisions, optimize cash flow, and position your business for sustained success.

What’s new in 2025 for Quick Books (as of May 2025)

  • 2025 Highlights & AI Tools
    • Updates in Accounts Payable (AP), Accounts Receivable (AR), workflow efficiency, and Intuit Enterprise Suite.
    • Introduction of AI tools to enhance productivity.
  • Recent Product Features
    • ProAdvisor pricing, split billing, and customizable limits in QuickBooks Bill Pay.
    • Buttons for quick data copying to expense and accounting forms.
    • Dimensional P&L forecasts in Intuit Enterprise Suite for strategic planning.
  • QuickBooks Online Accountant
    • New centralized hub for product updates, resources, articles, and guides.
    • Accessed via a megaphone icon within QuickBooks Online Accountant.
  • Billing Enhancements
    • Option for annual billing of QuickBooks Ledger subscriptions, ideal for clients with seasonal or limited engagement.
  • AI-Powered Client Briefing
    • Uses generative AI in ProConnect Tax to summarize previous client filings, streamlining tax prep and advisory discussions.
  • Upcoming Event: Intuit Connect 2025
    • Scheduled for October 27-29 in Las Vegas.
    • Registration opens May 28.
    • Focuses on community building, new platform innovations, and future industry planning.
  • New Payment Feature
    • Clients can convert recurring invoices into recurring payments via QuickBooks Payments.
    • Simplifies cash flow and reduces manual follow-ups.
  • Third-Party App Management
    • All QuickBooks Online admin users can now manage third-party app integrations.
    • Enables easier connection troubleshooting, settings adjustments, or app deletions.

Need help?

If you’re looking for more tips or personalized assistance, consider consulting a professional bookkeeper like R&D Legal Bookkeeping. Our job at R&D Legal Bookkeeping Services is to streamline our clients financial health and ensure that your financial health is improved. We allow you to focus on what you do best, whether that’s being an attorney, property manager, or contractor, and us to focus on your bookkeeping.  So, if any of this is overwhelming to you – we can help!  That’s what we do best.

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