Business Coaches & Professional Services: How to Use QuickBooks to Run a Profit and Loss Report

As a coach, consultant, or professional service provider, you’re in the business of helping others succeed—but when was the last time you reviewed your own numbers?

A Profit and Loss (P&L) report in QuickBooks Online is one of the most powerful tools to gain financial clarity in your business. Whether you run a solo practice or manage a team, this report helps you make smarter decisions, stay compliant, and maximize profitability.

How to Run a Profit and Loss Report in QuickBooks

1. Log into QuickBooks Online.

2. Click the Reports tab on the left-hand menu.

3. Select Profit and Loss.

4. Set your date range (e.g., month-to-date, year-to-date).

5. Click Run Report.

You’ll instantly see how much income you’re generating, your total expenses, and your net profit or loss for the selected period.

Why It Matters for Coaches and Consultants

✅ Track revenue by offer – Courses, 1:1 sessions, retainers—know what’s bringing in money.
✅ Spot cash flow issues early – Plan ahead for taxes and lean months.
✅ Assess operational efficiency – Know if your team or tools are paying off.
✅ Guide your pricing strategy – Data-driven decisions = more sustainable growth.

Best Practices

• Check monthly to stay aligned with goals.

• Compare periods (e.g., Q1 vs Q2) to spot trends.

• Tag income by service type or client to see what’s most profitable.

• Use the report to inform hiring or outsourcing decisions.

Common Mistakes to Avoid

🚫 Only running the report at tax time
🚫 Forgetting to categorize coaching tools and software properly
🚫 Not allocating expenses across different offers
🚫 Skipping bank reconciliations

FAQ

Q: Can I track income by client or program in QuickBooks?
A: Yes. Use classes, tags, or projects to segment your income sources.

Q: Is this useful if I’m still part-time?
A: Definitely—P&L reports are helpful at every stage of business growth.

Q: Do I need an accountant to read this?
A: No. It’s designed to be intuitive—but a bookkeeper can help interpret trends and make recommendations.

Q: Can I access this report from my phone?
A: Yes. QuickBooks has a mobile app for on-the-go access.

📅 Want to make better financial decisions in your coaching business?

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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