3 Reports You Can’t Live Without at Tax Time

Easily access all the tax info you need directly from your FreshBooks account.

If you own a small business, you likely have a big fear of missing something when it comes to doing your taxes. We’ve all been there: Digging through mountains of receipts, triple-checking invoices from half a year ago, losing sleep over wondering if you categorized your expenses correctly. And even if you think you’ve covered all your bases, you’ve lost valuable time looking for information that you could retrieve in a few clicks.

To help, FreshBooks gives you access to all the data you need in 3 thorough Reports. The Profit & Loss Report, Expense Report, and Payments Collected Report will save you time and spare you the stress of collecting and verifying everything you need to file your taxes with confidence.

Profit & Loss Report

Your Profit & Loss Report (a.k.a. P&L) shows your total Income and Expenses in a specific period of time to give you a net profit or loss. This is an essential Report come tax time, as it contains the information you’ll need to report on for your tax returns. Think of it as a snapshot of your business over the last year.

How Do I Access My Profit & Loss Report?

Easy! To run your report:

  1. Go to the Reports section of your account.
  2. Select Profit & Loss under Accounting Reports.

Here’s what it looks like in-app:

tax time

Expense Report

The Expense Report gives you a detailed list of all the Expenses you have in your account for a selected timeframe. It’s an invaluable tool that makes sure you’ve categorized everything correctly and you’re not missing any potential tax deductions.

How Do I Access My Expense Report?

To run your Expense Report:

  1. Go to the Reports section of your account.
  2. Select Expense Report under Invoice & Expense Reports.

Here’s what it looks like in-app:

tax time

Payments Collected Report

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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. It’s an easy way to dig into your billing income for the year and make sure all the information is correct.

How Do I Access My Payments Collected Report?

To run your Payments Collected Report:

  1. Go to the Reports section of your account.
  2. Select Payments Collected under Payments Reports.

Here’s what it looks like in-app:

tax time

Other Reports to Consider at Tax Time

The 2 other Reports worth looking at are the Tax Summary Report, which breaks down all the sales tax you’ve collected over the course of the year, and the Invoice Details Report, which provides a detailed summary of all the invoices you created and sent over a period of time.

Need Help Getting Started?

If you have any questions about these Reports, a team of Support Rockstars is ready to help you out. Contact them here.

This post was updated in March 2021.

about the author

Sr. Copywriter, FreshBooks Dave is a Senior Copywriter currently working for FreshBooks, serving all the amazing businesses using the platform. When he’s not writing, Dave can likely be found binging Netflix alongside his dog Indy.