QuickBooks Tip: How to Run a Balance Sheet (for Health & Wellness Business Owners)
As a health and wellness professional—whether you’re a fitness coach, nutritionist, massage therapist, or run a small studio—keeping your business finances in shape is just as important as keeping your clients healthy.
One essential report to help you do that is the balance sheet. It’s a simple but powerful way to understand your business’s financial health at any moment.
What Is a Balance Sheet?
A balance sheet shows what your business owns, owes, and what’s left over (equity). It includes:
Assets – cash, prepaid expenses, equipment, client invoices (accounts receivable)
Liabilities – business loans, credit cards, unpaid taxes
Equity – what’s yours after subtracting liabilities from assets
It’s like a snapshot of your business's financial posture—and it matters whether you’re solo or running a growing practice.
How to Run a Balance Sheet in QuickBooks Online (QBO)
Log in to QuickBooks Online
Go to the Reports tab
Search for and select “Balance Sheet”
Adjust the date to Today or Last month (it shows the balance as of a specific date)
Click Run Report
You’ll instantly see how financially fit your business is.
Why It’s Important for Health & Wellness Pros
✅ See where your money is going
✅ Track loans for equipment or studio improvements
✅ Keep tabs on unpaid invoices from clients or packages
✅ Know when it’s time to reinvest in your business
Whether you're planning to hire, invest in new equipment, or prep for tax season, reviewing your balance sheet monthly helps you make smart financial moves.
Common Mistakes to Avoid
❌ Only looking at your income, not your full financial picture
❌ Forgetting to update liabilities (like equipment loans)
❌ Not reconciling bank accounts before running reports
❌ Skipping monthly reviews until tax season
FAQ
Q: I don’t sell products—do I need a balance sheet?
A: Yes. Even service-based businesses have assets and liabilities to track.
Q: What if I’m new to QuickBooks?
A: We offer 1:1 training to help you get comfortable with QBO. It’s easier than you think.
Q: How do I know if my balance sheet is accurate?
A: It starts with accurate categorization and monthly reconciliations.
📅 Need help reviewing your balance sheet or organizing your QuickBooks?
Book a 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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