5 QuickBooks Reports Every Consulting Firm Should Run Monthly

You’re running a $500K–$5M consulting firm.

You log into QuickBooks every month, maybe glance at the basic Profit & Loss, and then go back to client work.

Sound familiar?

Here’s the problem: most consulting firm owners are only using a tiny fraction of what QuickBooks Online can actually tell them. They’re leaving critical visibility on the table every single month.

As someone who has helped hundreds of consulting firms turn their numbers into a real growth tool, I can tell you this: there are five specific reports I make every client run monthly. These aren’t “nice-to-have” reports, they’re the ones that actually move the needle on profitability, cash flow, and confident decision-making.

Here they are, in order of importance for consulting firms:

1. Profit & Loss by Service Line (or Class)

This is the single most important report for consulting firms, yet most owners never run it.

Why it matters:

You need to know exactly which of your offerings: strategy workshops, implementation, fractional leadership, training, etc., are actually making money after all the hours and costs.

How to run it in QuickBooks:

Go to Reports → Profit & Loss by Class

What to look for:

Which service lines have healthy margins and which ones are quietly losing money? Use this report to decide what to double down on and what to raise prices on or stop offering.

2. Profit & Loss by Customer

This one stings for a lot of owners when they first run it.

Why it matters:

Revenue by client is meaningless if you don’t know the real profit by client.

How to run it:

Go to Reports → Profit & Loss by Client

What to look for:

You’ll usually find 15–25% of your clients are dragging down your overall margins. This report gives you the confidence to have the tough conversations or let the wrong clients go.

3. Accounts Receivable Aging Report

Cash flow problems in consulting firms almost always show up here first.

Why it matters:

You can be “profitable on paper” and still not have money in the bank if clients are paying late.

How to run it:

Reports → Accounts Receivable Aging Summary or Detail

What to look for:

Anything over 30 days. Set a rule: no new work for clients with balances over 45 days until they’re current.

4. Unbilled Time & Expenses Report

This is the silent profit killer in consulting.

Why it matters:

You’ve done the work, but you haven’t invoiced it yet. That time and expense is sitting in limbo, not in revenue and not in cash.

How to run it:

Reports → Time & Expenses → Unbilled Time & Expenses (or search for “Unbilled” in the report search bar).

What to look for:

Any time that should have been billed last month. Make it a monthly habit to review and invoice everything before month-end.

5. Statement of Cash Flows

Most owners skip this one because it looks complicated. Don’t.

Why it matters:

Your P&L can show a profit while your bank account is shrinking. This report shows you exactly why.

How to run it:

Reports → Business Overview → Statement of Cash Flows.

What to look for:

Negative cash flow from operations is a red flag. It usually means you’re growing revenue but not collecting cash fast enough.

Make These Reports a Monthly Habit

Set a recurring calendar reminder on the 5th of every month to run these five reports. It takes less than 15 minutes once you’re set up.

The owners who do this consistently stop guessing. They know which work is worth taking, when they can afford to hire, and where the real opportunities (and problems) are hiding.

Frequently Asked Questions

How do I set up service lines or classes in QuickBooks so these reports actually work?

Go to Settings → All Lists → Classes (or Locations) and create one for each of your main service offerings. Once set up, assign the right class to every transaction and time entry. This is the foundation for almost every useful consulting report.

How long should these reports take to run each month?

Once your classes and customers are properly set up, the whole process takes about 10–15 minutes. The first month might take longer while you get everything organized.

What if my bookkeeper already runs reports for me?

Ask them to send you these exact five reports every month. If they don’t know how, that’s a sign they’re only doing basic bookkeeping instead of helping you grow.

Can these reports really help me make better pricing decisions?

Absolutely. Once you see your true profitability by service line and by client, you’ll know exactly which rates need to go up and which offerings may not be worth keeping.

Do I need to be a QuickBooks expert to use these reports effectively?

No. You just need to know how to run them and what to look for. That’s why I walk clients through this exact process during our Growth Diagnostic calls.

Ready to make your QuickBooks reports actually useful for growth?

Book a free Growth Diagnostic with me. In 20 minutes we’ll look at your current setup and I’ll show you the highest-impact changes you can make right away.

Or start simple with the free Growth-Ready Scorecard.