--- title: 5 QuickBooks Reports Every Consulting Firm Should Run Monthly description: 5 essential QuickBooks reports every consulting firm should run monthly. See which reports reveal true profitability, cash flow, and growth opportunities. image: https://pages.aebookkeepers.com/hubfs/IMG_9839%202.jpg --- [Skip to content](https://pages.aebookkeepers.com/smart-ledger-insights/5-quickbooks-reports-every-consulting-firm-should-run-monthly#main-content) [![AE Bookkeepers Logos (1)](https://pages.aebookkeepers.com/hs-fs/hubfs/AE%20Bookkeepers%20Logos%20(1).png?width=250&height=50&name=AE%20Bookkeepers%20Logos%20(1).png)Homepage](https://www.aebookkeepers.com/) - [Home](https://www.aebookkeepers.com/) - [About](https://www.aebookkeepers.com/about) - [Services](https://www.aebookkeepers.com/services) - [Contact](https://www.aebookkeepers.com/services) - [Blog](https://pages.aebookkeepers.com/smart-ledger-insights) - [Home](https://www.aebookkeepers.com/) - [About](https://www.aebookkeepers.com/about) - [Services](https://www.aebookkeepers.com/services) - [Contact](https://www.aebookkeepers.com/services) - [Blog](https://pages.aebookkeepers.com/smart-ledger-insights) ![](https://pages.aebookkeepers.com/hs-fs/hubfs/IMG_9839%202.jpg?width=1193&height=1015&name=IMG_9839%202.jpg) small business finance bookkeeping reports cash flow and profitability # 5 QuickBooks Reports Every Consulting Firm Should Run Monthly ![AE Bookkeepers](https://pages.aebookkeepers.com/hs-fs/hubfs/Ashley%20Edwards%20-%20AE%20Bookkeepers.png?width=48&height=48&name=Ashley%20Edwards%20-%20AE%20Bookkeepers.png) AE Bookkeepers May 12, 2026 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.](https://pages.aebookkeepers.com/smart-ledger-insights/financial-clarity-the-hidden-key-to-confident-business-leadership) 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](https://pages.aebookkeepers.com/smart-ledger-insights/the-true-cost-to-deliver-why-your-hourly-rate-is-lying-to-you) 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.](https://pages.aebookkeepers.com/smart-ledger-insights/the-difference-between-a-bookkeeper-and-revenue-operations) **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. [Talk to an Expert](https://meetings-na2.hubspot.com/aedwards/predictable-growth-with-ae-bookkeepers?uuid=00fff3a4-de32-4013-9673-ada61e217d14)   Or start simple with the free Growth-Ready Scorecard. 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All rights reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "AE Bookkeepers", "url" : "https://pages.aebookkeepers.com/smart-ledger-insights/author/ae-bookkeepers" }, "dateModified" : "2026-05-12T13:39:35.052Z", "datePublished" : "2026-05-12T13:39:35.000Z", "headline" : "5 QuickBooks Reports Every Consulting Firm Should Run Monthly", "image" : [ "https://pages.aebookkeepers.com/hubfs/IMG_9839%202.jpg" ], "mainEntityOfPage" : { "@id" : "https://pages.aebookkeepers.com/smart-ledger-insights/5-quickbooks-reports-every-consulting-firm-should-run-monthly", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://pages.aebookkeepers.com/hubfs/1.png" }, "name" : "AE Bookkeepers LLC" } } ``` ```json { "@context" : "https://schema.org", "@type" : "HowTo", "description" : "Step-by-step instructions for running the five most important QuickBooks reports for consulting firms in the $500K to $5M range, including what to look for in each report.", "name" : "5 QuickBooks Reports Every Consulting Firm Should Run Monthly", "step" : [ { "@type" : "HowToStep", "name" : "Run the Profit & Loss by Service Line (Class) Report", "position" : 1, "text" : "Go to Reports, then Profit and Loss by Class in QuickBooks Online. 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." }, { "@type" : "HowToStep", "name" : "Run the Profit & Loss by Customer Report", "position" : 2, "text" : "Go to Reports, then Profit and Loss by Client in QuickBooks Online. Look for the 15 to 25 percent of clients that are dragging down your overall margins. This report gives you the confidence to have the tough conversations or let the wrong clients go." }, { "@type" : "HowToStep", "name" : "Run the Accounts Receivable Aging Report", "position" : 3, "text" : "Go to Reports, then Accounts Receivable Aging Summary or Detail in QuickBooks Online. Look for anything over 30 days past due. Set a rule that no new work starts for clients with balances over 45 days until they are current." }, { "@type" : "HowToStep", "name" : "Run the Unbilled Time and Expenses Report", "position" : 4, "text" : "Go to Reports, then Time and Expenses, then Unbilled Time and Expenses in QuickBooks Online. Look for any time that should have been billed last month. Make it a monthly habit to review and invoice everything before month-end." }, { "@type" : "HowToStep", "name" : "Run the Statement of Cash Flows", "position" : 5, "text" : "Go to Reports, then Business Overview, then Statement of Cash Flows in QuickBooks Online. Look for negative cash flow from operations, which is a red flag that usually means you are growing revenue but not collecting cash fast enough." } ], "totalTime" : "PT15M" } ``` ```json { "@context" : "https://schema.org", "@type" : "FAQPage", "mainEntity" : [ { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Go to Settings, then All Lists, then 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." }, "name" : "How do I set up service lines or classes in QuickBooks so these reports actually work?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Once your classes and customers are properly set up, the whole process takes about 10 to 15 minutes. The first month might take longer while you get everything organized." }, "name" : "How long should these reports take to run each month?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "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." }, "name" : "What if my bookkeeper already runs reports for me?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "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." }, "name" : "Can these reports really help me make better pricing decisions?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "No. You just need to know how to run them and what to look for. That's why we walk clients through this exact process during our Growth Diagnostic calls." }, "name" : "Do I need to be a QuickBooks expert to use these reports effectively?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "QuickBooks reports give you visibility into what already happened. Revenue Operations connects those reports to your pricing, pipeline, and hiring decisions so you can act on the numbers instead of just reading them. Most consulting firms need both." }, "name" : "What's the difference between using QuickBooks reports and having Revenue Operations?" } ] } ```