New report: Profit & Loss
If you’ve glanced around the “Reports” tab recently, you might have seen our latest addition: the Profit Loss report. This report determines your gross profit, net profit, total expenses, and finally, your net profit. It also introduces a FreshBooks reporting first: Cost of Goods Sold, or COGS.
Expenses can become a Cost of Goods Sold one of two ways. Firstly, any expenses you rebill to a client (ie put on an invoice) will be included in your Cost of Goods Sold. Second, when you are on your Profit & Loss report, you can “edit” your Cost of Goods Sold (note the blue “edit” link above) and add expense categories you want to be included in your COGS. We’ll remember which categories you consider COGS so this report runs smoothly in the future.
I won’t get too deep into the thick of things, but the Profit Loss report is a powerful new tool in your FreshBooks arsenal. Login to your account, have a look, and tell us what you think.
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1:19 pm
I love it guys.
This moves Freshbooks one step closer to becoming a full fledged accounting system. This will help me tremendously with my taxes in 2010.
Keep it up!
1:22 pm
My Accountant THANKS YOU for making it a little easier for him and for me!
2:55 pm
I moved over to Xero.com but have been intrigued by your recent email. Looks like you are making great progress. Will check in more regularly now!
3:53 pm
It’s nice to see how Freshbooks constantly evolves. I am sure the Profit and Loss feature was added due to demand. However, I remember the times when Freshbooks stood its ground saying it does not want to become an accounting system. I am just looking at the value for myself: I am not using Expenses in Freshbook, so Profit and Loss is to no value for me. It may be to others, I am not disputing that. I love the “Estimates” feature in Freshbooks. To me that is much more valuable than all these accounting features. Unfortunately “Estimates” has hardly evolved. You can’t even get a simple tally of all “accepted” estimates to check how much work is still in the pipe. It would be nice if estimates received some attention as it helps with the “chain of production”. Thanks for your consideration and keep up the good work!
6:13 pm
[...] This post was mentioned on Twitter by Andrew Peek, brad pollard. brad pollard said: Cool. @FreshBooks to track your profit and loss http://bit.ly/30Xcc6 [...]
6:31 pm
If I am marking goods up, do I just mark the price on the invoice higher? I wish that it would let me put in the price I paid (for the COGS purposes) and then select a price to bill for it from the expense form.
2:13 pm
Social comments and analytics for this post…
This post was mentioned on Twitter by amonle: in the UK @freeagentapp is unmatched for invoicing/accounting – now Freshbooks taking a step there too http://su.pr/172dTl…
2:00 am
Hi,
I really wonder where the focus is of Freshbooks… I’m really supprised, every time we get an update.
It’s always new buttons, new layout, etc.. Why don’t you listen to the community and fix some small SERIOUS issues.
Are you guys using Freshbooks yourself? I bet not..
I don’t ask much and what I ask is not so complexe
- Add Title to an estimate so we can find them back easely to resellers.. We have resellers requesting us 20 to 25 estimates. There is no way to keep track on it. (I know there is idiot workaround for it)
- Recent Activity, add a number of overdue email that is send, why just show: Overdue invoice if you can show: Overdue invoice (3)
so i have a direct trigger to take action
- Why can’t i print an estimate without logo’s so i can print it to my company paper AND actually use it to make nice offers
- Set clients to different payment conditions
- Switch off payment reminders for certain clients
I always get “workaround” guidance, why not just add some simple functions instead of trying to improve stuff that is already working more then fine?
Do understand, i love Freshbooks but I really am frustrated that so much basic features are missing.
Sander
1:10 pm
@Henning – FreshBooks is a billing company and we are all about “getting you paid”. We see the invoice as the end result of many things. We offered expense tracking because people need to get expenses onto invoices, the same is true of time tracking and estimates. We offered this Profit and Loss report because is seemed odd to offer invoice reports and expense reports when many of the businesses we serve are cashflow sensitive and just need to know where they stand. With that report they can know.
@Sander – we recently sent out an email that outlined a series of improvements we’ve made. The ones on your list, were not included I guess…that said your list is great and we will consider all these going forward.
7:04 pm
This is why I love Freshbooks! You guys are always looking for new ways to make my invoices more accurate and more professional. I love the new features, and I use the reports almost every time I log in to the site. I just love reports.
Anyway, great work, and I am upgrading this weekend!
9:29 am
Thanks you, thank you, thank you! I am a freelance graphic designer and your software is perfect for my purposes. The recently added statements and profit/loss feature is really great.
11:03 pm
A really handy reporting feature and I love the constant little tweaks that you are doing with Freshbooks. Keep up the good work!
10:17 am
Ce qui manque dans les pertes et profits c’est de tenir compte de la différence de la TVA facturé et payé aux fournisseurs.
Après cela ça serais parfait.
6:13 pm
Is Fresh Books DCAA approved as a cost accounting system? Is there a permanent audit trail for the General Ledger?