Creatives: How to Use QuickBooks to Run a Profit and Loss Report (And Why You Should)
As a creative professional, tracking your financials can often take a back seat to your projects, deadlines, and clients. But if you want to turn your creativity into a sustainable business, one of the most important things you can do is understand your Profit and Loss (P&L) report.
Whether you’re a freelancer, artist, designer, or content creator, running this report in QuickBooks Online is one of the smartest steps you can take to ensure your business is actually profitable.
Step-by-Step: How to Run a Profit and Loss Report
Log in to QuickBooks Online.
Go to the Reports tab on the left.
Click on Profit and Loss.
Choose your date range (last month, year-to-date, custom, etc.).
Click Run Report.
This gives you a breakdown of your income and expenses over time—so you can finally answer, “Am I actually making money?”
Why Creatives Should Run a P&L Report Monthly
✅ Understand Project Profitability – See which services or clients are worth the effort.
✅ Track Software + Tool Costs – Adobe, Canva, domain fees—know what’s eating your profit.
✅ Plan Ahead for Taxes – Quarterly tax payments are easier with accurate reports.
✅ Make Informed Pricing Decisions – Know your real costs before setting rates.
Best Practices for Creatives
Run Reports Monthly: Know your numbers consistently—not just during tax season.
Customize Categories: Separate income by client, platform, or service type.
Tag Your Expenses: Use classes or tags for shoots, campaigns, or client work.
Hire Support When Needed: A bookkeeper can help you grow, not just file taxes.
Common Mistakes to Avoid
🚫 Not reviewing your P&L until tax time
🚫 Mixing personal and business expenses
🚫 Ignoring monthly subscriptions (they add up!)
🚫 Not reconciling accounts before running reports
FAQ
Q: Can QuickBooks help with tracking project expenses?
A: Yes. You can tag or categorize by project/client to see profitability clearly.
Q: Do I need a bookkeeper or can I do this solo?
A: Many creatives start solo, but bringing in a pro saves time and avoids costly mistakes.
Q: Can I run reports from my phone?
A: Absolutely. The QuickBooks app lets you run key reports on the go.
Q: Is QuickBooks worth it for a small freelance business?
A: Yes—especially if you want to grow or stay organized for tax season.
🎨 Ready to make your creative business financially clear?
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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