What Bookkeeping Reports Should I Review?

When you're running a small business, staying on top of your numbers is essential but that doesn't mean drowning in data. The key is reviewing the right bookkeeping reports each month, tailored to your business stage and complexity.

At The Hazel Group, we believe in right-sized reporting to give you the clarity you need. Whether you're a service-based startup or a growing ecommerce brand, monthly financial reports help you stay compliant, identify trends, and make smarter decisions.

Why Monthly Bookkeeping Reports Matter

Monthly financial reports aren’t just about reconciling accounts, they’re decision-making tools. When reviewed consistently, they help small business owners:

• Track profitability and expenses

• Prepare for taxes

• Spot cash flow issues early

• Understand what’s working (and what’s not)

• Make strategic investments or cuts

Even if you're outsourcing your bookkeeping, knowing which reports to ask for and how to interpret them makes you a stronger business owner.

Standard Bookkeeping Reports Every Business Should Review

1. Profit & Loss Statement (P&L)

Also known as the Income Statement, this shows your business’s revenue, cost of goods sold (COGS), and expenses over a set period.
Why it matters: It reveals how profitable your business is and where your money is going.

2. Balance Sheet

This provides a snapshot of your assets, liabilities, and equity.
Why it matters: It helps assess financial stability and prepare for loans or investor interest.

3. Cash Flow Statement

Tracks the inflow and outflow of cash from operations, investing, and financing activities.
Why it matters: Cash flow, not profit, is often the lifeline of small businesses.

4. Bank and Credit Card Reconciliations

We reconcile your bank and credit card statements against your accounting software.
Why it matters: Ensures all transactions are recorded, accurate, and compliant.

5. Accounts Receivable and Accounts Payable Aging (as applicable)

If your business invoices customers or manages vendor bills, these reports show what's owed and what you owe.
Why it matters: Supports healthy cash flow and relationship management.

Custom and Advanced Reports for Growing Businesses

As your business becomes more complex, your reporting should grow with it based on business type and goals. These may include:

• Job or Project Costing Reports (ideal for construction, creative agencies, or law firms)

• Product Sales Breakdown by Category or SKU (for ecommerce businesses)

• Departmental or Location-Based P&L (for multi-site businesses)

• Deferred Revenue Reports (for SaaS or service contracts)

• Budget vs. Actual Variance Reports

• Custom KPI Dashboards

Each of these reports helps uncover the why behind the numbers so you can move from reactive to proactive financial decision-making.

More Than Reports: Strategic Financial Insight

Numbers alone don’t drive growth, knowing what to do with them does.

That’s why The Hazel Group offers Fractional CFO Services alongside bookkeeping. We don’t just hand you a stack of reports, we walk you through them. Our clients gain access to:

• Expert interpretation of financial trends

• Guidance on cash flow, pricing, and forecasting

• Strategic planning aligned with your growth stage

We tailor our reporting and financial guidance to your industry, size, and goals, whether you're just getting started or scaling fast.

Right-Sized Financial Clarity, at Every Stage

Not every business needs deep analytics from day one. And too much reporting too early can lead to confusion, not clarity. At The Hazel Group, we believe in right-sizing your financial reporting by offering just the right level of detail for where you are now, with the ability to scale when you're ready.

Ready to Take Control of Your Numbers?

Whether you're looking for basic monthly reports or strategic financial insights, The Hazel Group is here to help. We offer flexible, tiered bookkeeping packages and optional Fractional CFO support to meet your needs now and as you grow.

Book your free 30-minute consultation today to find out what financial reports are right for your business stage and how we can help you use them to grow smarter.