Feature Education: Tax Time Reports
Michelle Lalic
April 24, 2018
0 Comments
"This post contains affiliate links and I will be compensated if you make a purchase after clicking on my links."
Tax time is the dreaded time of year for small business owners. Luckily there are reports inside FreshBooks that can help:
- Profit & Loss Report: The king of all reports, your Profit & Loss lists all the money you’ve brought in this year as well as all of your expenses—giving you a net profit or net loss. This is an essential report come tax time, as it contains the information you’ll need to report on for your tax returns.
- Expense Report: While the Profit & Loss report is perfect for an overview, sometimes you need to really dig into the numbers. You may be asking yourself why your expenses were so high in a certain month, or why you have expenses categorized a certain way. That’s where the Expense Report will come in handy.
- Payments Collected: Now that you’ve looked at your expenses, you can focus next on money that’s flowing into your business—your income. The Payments Collected report gives you a breakdown of all the payments you’ve received, when they occurred, which client they came from and the method of payment.
What is Freshbooks?
