QuickBooks Tip: How to Run a Balance Sheet (for NWA Service-Based Business Owners)
As a service-based business owner in Northwest Arkansas, understanding your financial standing is key to staying competitive and sustainable in a growing market. Whether you run a local HVAC company, cleaning service, landscaping business, or mobile repair shop, a well-maintained balance sheet gives you clarity and control.
What Is a Balance Sheet?
A balance sheet is a financial report that shows:
Assets: What your business owns (cash, vehicles, equipment)
Liabilities: What your business owes (loans, credit cards, taxes)
Equity: What’s left over after debts are subtracted from assets
This document is a snapshot of your business’s financial health at a specific point in time.
How to Run a Balance Sheet in QuickBooks Online
Log in to your QuickBooks Online account
Navigate to the Reports tab
Search for and select “Balance Sheet”
Set the appropriate date (it shows the balance as of a specific date)
Click Run Report
This provides instant insights into your assets, debts, and overall equity.
Why It Matters for NWA Service Providers
Northwest Arkansas is booming with opportunity, and businesses that understand their numbers grow faster and make smarter decisions. Reviewing your balance sheet regularly helps you:
✅ Track equipment or vehicle loans
✅ Manage accounts receivable from clients
✅ Monitor overall business health
✅ Prepare for expansion, hiring, or tax season
Common Mistakes to Avoid
❌ Only looking at income and ignoring liabilities
❌ Skipping monthly reconciliations
❌ Not recording debt payments properly
❌ Waiting until tax season to review financials
FAQ
Q: Why is the balance sheet important if I’m a small local service?
A: It helps you understand if you’re growing, carrying too much debt, or need to adjust pricing.
Q: What if my books are disorganized?
A: We offer cleanup services and support to help you get on track fast.
Q: How often should I check this report?
A: Monthly is ideal—especially if you have loans, credit cards, or plan to grow.
📅 Need help organizing your QuickBooks or understanding your financials?
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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