Tax-Ready Books Made Easy
Keep Tax Time Stress-free
Tax-Ready Reports
Stay on top of every number with detailed, tax-ready financial reports like your Profit & Loss, Expense, and Accounts Aging Reports. By tracking every dollar spent and keeping an eye on your finances, you’ll always be ready for tax time.
Switching Made Easy
Coming from another accounting platform? Currently using spreadsheets to track sales and expenses? Joining FreshBooks is simple with our easy-to-use platform and data migration services.
Work Seamlessly With Your Accountant
FreshBooks lets you give your accountant free access to the platform (available on Plus plans & higher) so you can effortlessly collaborate in one central location for tax time and beyond.
Easy-to-Use Accounting & Bookkeeping Features
Keep an Eye on the Big Picture
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Why Growing Businesses Love FreshBooks
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Make Taxes Less Taxing With Robust Reporting
It’s never been easier to share reports with your accountant. You can grant them accountant-level access to your account (available on Plus plans or higher) or download reports to send them directly instead.
Profit and Loss Report
Your Profit and Loss (P&L) is a snapshot of your business activity over the past year and is vital for filing your taxes. This report shows your net profit by subtracting your total expenses from your total income over a specific period of time. It also can be referred to as “Income Statement” or “Earnings Statement.”
Expense Report
Tracking expenses is vital, not only for tax time but to instantly see the health of your business. The Expense report breaks down all of your expenses into detail, including any applicable taxes. Want to populate this report fast? Connect your bank account to import expenses automatically.
Accounts Aging Report
Improve the number of days it takes for an invoice to get paid and improve your cash flow at the same time. The Accounts Aging report will show you which clients have outstanding and overdue invoices – all in one place for you to review. Want to get paid even faster? You can set up Online Payments on your invoices, send automatic payment reminders, and save your client’s credit card information for recurring billing.
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Save an Extra 10%
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Help From Start to Finish: Need help? Reach out to our Support team by phone, email, or chat, and get a real person every time.
4.8/5.0 Start Reviews: Yup, that’s our Support team approval rating across 120,000+ reviews
Global Support: We’ve got over 100 Support staff working across North America and Europe
Frequently Asked Questions
As a business owner, you’re able to deduct certain business expenses from your federal income taxes. This is valuable because business deductions decrease your taxable income, which will reduce your tax liability. Don’t forget to take all of your allowable deductions! Your accountant knows your business and can offer tax advice on which deductions you should be able to take.
While the 2023 tax preparation process will likely be over by the time you meet with your tax pro, you may still be able to reduce your tax bill. Talk to your accountant about what other options are available to you. One of the most common ways to reduce your tax liability after the tax year is over is to contribute money to a Registered Retirement Savings Plan.
Talk to your accountant to see if this is a strategy you can use and how much you can contribute to your retirement account. There are contribution limits based on your business income and age, but it’s a great way to improve your tax return.
Working with an accountant isn’t just about filing federal, provincial, and local taxes. A good accountant can offer tax advice and help you strategically plan for a healthy business in the years to come. Ask your accountant if they offer advisory financial services to help you assess and grow your business.
You may specifically want to ask them about:
Cash flow analysis to help find opportunity areas
If you’ve ever obsessively stared at your bank account balance for minutes on end, you know that cash flow can be one of the most difficult aspects of running a small business. Your accountant can help you analyze your cash flow issues, answer questions, and share tax advice and improvements so you peel your eyes away from those numbers and focus on growing your business!
Financial forecasts and a business budget
Do you know where your business is headed? Your accountant should be able to help you put together financial forecasts for the upcoming year. You may also want to ask them to help you create a budget so you can make informed decisions about where and how to spend your money and invest in your business going forward.
Are you sending enough money to the Canada Revenue Agency (CRA) each quarter for your taxes? Send them too much, and your tax refund money essentially becomes an interest-free loan for the government that year. Send them too little, and you could owe money, plus run the risk of facing an underpayment penalty. Your tax preparer can look at your current and projected taxable income to ensure that you’re sending the IRS the right amount per quarter this year.
Are you looking to try things out and see what FreshBooks has to offer? Sign up for a 30-day free trial here to explore our features.
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