What function does the "Reports" feature serve in QuickBooks Online?

The "Reports" feature in QuickBooks Online is designed to generate summaries and insights regarding your financial data. This feature allows users to create various types of reports, such as profit and loss statements, balance sheets, and cash flow statements, among others. These reports provide critical insights into your business's financial performance, helping you make informed decisions by visualizing trends, pinpointing areas of strength or weakness, and tracking progress over time.

In contrast, while payroll processing is an essential function of QuickBooks, it is handled by a different feature explicitly designed for payroll management. Inventory management is also a distinct function, allowing users to track and manage stock levels separately from reporting. The archiving of old transactions does not pertain to the core function of generating meaningful financial insights, as this task is generally more about data management rather than analysis. Thus, the primary role of the "Reports" feature stands out clearly as the means to evaluate and summarize financial information effectively.