Home Service Professionals: How to Use QuickBooks to Run a Profit and Loss Report (And Why You Should)
As a home service business owner, your days are packed with jobs, scheduling, and managing customer service. But if you don’t keep a close eye on your finances, you may be working hard without actually turning a profit.
Running a Profit and Loss (P&L) report in QuickBooks Online is one of the most effective ways to check your financial health—without needing to be an accountant.
How to Run a Profit and Loss Report in QuickBooks
Log in to QuickBooks Online.
Go to the Reports tab on the left.
Select Profit and Loss.
Choose a date range (month, quarter, or year).
Click Run Report to view your income and expenses.
This gives you a clear snapshot of how much you’re actually earning after costs—so you know where your money’s going.
Why It Matters for Home Service Businesses
✅ Track Job Profitability – See if your rates are covering labor, fuel, and materials.
✅ Catch Unnecessary Spending – Subscriptions or supply costs can sneak up on you.
✅ Plan for Seasonality – Spot trends so you can prep for slow seasons.
✅ Stay Ready for Taxes – Clean records mean less stress at tax time.
Best Practices
Run the report monthly to stay on top of income and expenses.
Customize categories (fuel, tools, subcontractors, etc.) for clearer insights.
Reconcile bank accounts regularly to avoid reporting errors.
Compare month-over-month to see how your business is growing.
Common Mistakes to Avoid
🚫 Waiting until tax season to review your numbers
🚫 Not categorizing expenses properly (e.g. lumping tools and vehicle costs together)
🚫 Skipping reconciliations and missing errors
🚫 Forgetting to include cash payments
FAQ
Q: Can I track profit by job or project in QuickBooks?
A: Yes, by using classes, tags, or projects, you can see which jobs are most profitable.
Q: Is QuickBooks worth it if I only have a few clients?
A: Absolutely—it helps you grow and stay organized, no matter your size.
Q: Can I run reports from the app while on the job?
A: Yes. QuickBooks' mobile app makes it easy to check your financials on the go.
Q: Do I need a bookkeeper?
A: You can start solo, but hiring a bookkeeper helps you avoid costly mistakes and saves time.
🔧 Ready to get your numbers working for you?
Book a free call with Dr. Bryan Raya, QuickBooks ProAdvisor
👉 https://calendly.com/dbr_bookkeeping/book-a-free-call-with-dbr
Let’s start Doing Business Right.
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