Health and Wellness Professionals: How to Run a Profit and Loss Report in QuickBooks
Health and Wellness Professionals: How to Run a Profit and Loss Report in QuickBooks
Whether you’re a personal trainer, yoga instructor, therapist, or wellness studio owner, understanding your business finances is essential. One of the most powerful tools in your bookkeeping toolkit is the Profit and Loss (P&L) report in QuickBooks Online (QBO).
This report gives you a clear picture of how much you're earning, where you're spending, and how profitable your business really is—helping you stay financially healthy while you focus on your clients’ wellness.
How to Run a Profit and Loss Report in QuickBooks
Log into QuickBooks Online.
Go to the Reports tab.
Click on Profit and Loss.
Choose a date range—monthly, quarterly, or year-to-date.
Hit Run Report to see your income, expenses, and net profit.
Why It Matters for Wellness Businesses
✅ Track income by service – Group classes, 1:1 sessions, or product sales
✅ Manage seasonal income dips – Stay prepared for slower months
✅ Review overhead costs – Know if studio rent, equipment, or software is draining your profits
✅ Plan for growth – Use data to know when to hire or expand services
Best Practices
Run your report monthly to stay ahead of surprises.
Use classes or tags to track income from different offerings (e.g., nutrition consults vs. massage therapy).
Compare periods (e.g., this month vs. last month) to identify trends.
Use insights to budget for events, training, or equipment upgrades.
Common Mistakes to Avoid
🚫 Only checking your numbers at tax time
🚫 Not categorizing studio rent, insurance, or tools correctly
🚫 Overlooking subscription services (like booking platforms or wellness apps)
🚫 Forgetting to reconcile bank and credit card accounts
FAQ
Q: Can I track different services in QuickBooks?
A: Yes—use “classes” or “projects” to segment income and expenses by service type.
Q: What if I use both personal and business accounts?
A: It's best to separate them. Talk to a bookkeeper to clean up mixed transactions.
Q: Is QuickBooks good for solo practitioners?
A: Absolutely. QBO works well for solo providers and small teams.
Q: How do I know if the report is accurate?
A: Reconcile your accounts monthly and ensure all transactions are categorized.
📅 Want to better understand your numbers and reduce stress?
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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