Understanding Financial Reports

Modified on Mon, 15 Jan 2024 at 10:02 PM

TABLE OF CONTENTS


The Financial Reports provide an in-depth set of reporting tools to help you understand the health of your company, make important decisions, review client activity, pay staff, track expenses and much more.


There are a number of Financial Reports you can use to pinpoint the specific data you need:


These reports allow you to analyze your business in various ways, to view "cash in the door", invoices created, staff pay, expenses and more.


Tip: Running key reports monthly or quarterly can help you grow your business and make more informed decisions.

What Financial Reports Can I Run? How Are They Different?

Payments Report

The Payments Report provides a list of all payments, by date the payment was recorded. You can run a Payments Report for any date range and filter by Client Area. This report totals client payments recorded, or "cash in the door". Important to note is a payment could be for a service delivered previously. For example, in January you receive a payment for work done the previous December.

Tip:  The Payments Report has many uses. You can use it to reconcile accounts (for example to ensure all deposits are accounted for and received), for taxes you can easily see all payments received for any dates selected and you can also filter by Client Area to get a targeted view of Payments.




Revenue & Tax Report: Bills Delivered

The Bills Delivered Report totals invoices by Invoice creation date, for dates selected. It DOES NOT mean the invoices are paid, only that you created an invoice for services rendered. 

Tip:  If you account on a bills delivered basis (Accruals method), you are liable to pay tax at the time of invoice creation. The Revenue and Tax: Bills Delivered Report calculates tax liability based on the invoice date.



Revenue & Tax Report: Cash Received

The Cash Received Report is a "cash in the door" report, like the Payments Report, but it also accounts for credits. For example, if you issued a credit in December 2020, then applied it to an invoice in January 2021, the credit is "realized" in January 2020 and would show in a Cash Received Report for January 2021.

Tip:  If you account on a cash received basis, you are liable to pay tax when you receive payment. "Revenue and Tax: Cash Received" calculates tax liability based on the Cash Received date.




Schedule Stats Report

The Schedule Stats Report provides the total value of the services scheduled for the dates selected. It does not account for payments received or invoices created, simply the date the service is scheduled on. For Example:  If a service starts Dec. 28, concludes January 15, is invoiced in January, and paid in February, if you run the Report for December 1-31, the visits for December 28, 29, 30 & 31 are reflected in that report, not in the January 1-31 Schedule Stats Report.


Tip:  The Schedule Stats Report is helpful for managing, understanding and growing your business. Reviewing month over month and year over year bookings for helps you plan staffing needs and when to invest in marketing. View Total Value of Scheduled Service by Client Areas and Referral Type to understand where your clients are and your best referral methods.



Staff Pay Report

The Staff Pay Report provides a summary of payments owed to sitters, and it provides detailed information for each staff member. It totals staff pay based on the service delivery date.


Tip:  The Staff Pay Report helps you plan for payment to staff and aids in cash flow management. It also gives you the Cost of Goods Sold (COGS) for any date range and provides key insights for understanding your profit margin on various services provided by various staff members.



Tips Report

The Tips Report compiles a list of all Tips received via Stripe Payment Methods for dates selected.


Tip:  The Tip Report provides a more complete picture of total compensation for your team members and helps you categorize Tips appropriately on taxes so tip payments are not realized as revenue.



Expenses Report

The Expenses Report aggregates all your Expenses throughout the year, for tax purposes. You can run the report by any date range.


Tip:  The Expenses Report aggregates all your Expenses throughout the year, for tax purposes. You can run the report by any date range.



Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article