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Begin with a profit and loss statement, cash flow statement, and balance sheet.
Know where your money goes, where you can save money, if you're getting the most out of your deductions, and if you're ready for an audit. Accounting Reports in FreshBooks provide you with the double-entry accounting tools you need to plan for the future.
Bring your accountant on board with FreshBooks.
Your accountant can change Journal Entries and your Chart of Accounts with custom access to your FreshBooks account. They can then assist you in planning for expansion by providing you with business health reports. It's accounting software that was created with you and your accountant in mind.
To Avoid Mistakes, Link Your Cards and Bank Accounts
To avoid manual entry errors, connect a bank and credit cards to auto-import transactions. Then use Bank Reconciliation to organize and categorize transactions so you're ready for tax season.
Accounts Payable makes it simple to keep track of your bills.
Organize your bills so you know where you stand with your vendors. Then, to check outstanding bills and how much sales tax you've paid, run reports like Profit & Loss and Cash Flow Statement.
Yes, indeed! FreshBooks provides accounting reports for your business, such as the Profit and Loss Report and Sales Tax Summary, that include the critical figures you'll need to complete and file your tax return. We've even compiled a list of useful tools to help you prepare for tax season, which you can find below. You can also work with an accountant or bookkeeper to assist you fill out your tax return.
Tax Time Hub: https://www.freshbooks.com/tax-time
Profit & Loss Report: https://support.freshbooks.com/hc/en-us/articles/219089507-What-is-a-Profit-Loss-Report-
Sales Tax Summary Report: https://support.freshbooks.com/hc/en-us/articles/219103028-What-is-a-Sales-Tax-Summary-Report-
Taxfyle: https://www.freshbooks.com/integrations/pages/taxfyle
FreshBooks allows you to add your accountant to your company's staff. They'll be able to run accounting reports like the profit and loss statement from there, as well as assist you in making sure your books are in order. You can also export your financial reports and send them to your accountant immediately.
FreshBooks Plus and Premium plans include free invites to up to 10 accountants per firm. If your accountant wants to learn more about FreshBooks' accounting capabilities and become a FreshBooks certified accounting partner, they can enroll in the Accounting Professionals Program. More information about Accounting Permissions can be found here.
If you've created an accounting report that you'd like to submit to your accountant, you can export it to Excel, print it, or email it directly to his or her email address. Here's more information about each accounting report choice.
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Bank Connector for the US and Everywhere Else Not Called Out Below: https://support.freshbooks.com/hc/en-us/articles/360007323452-How-do-I-set-up-a-Bank-Connection-with-Yodlee-
Bank Connector for Canada and the UK: https://support.freshbooks.com/hc/en-us/articles/360033417072-How-do-I-set-up-a-Bank-Connection-with-Plaid-
Bank Connector for EU: https://support.freshbooks.com/hc/en-us/articles/360043841172-How-do-I-set-up-a-Bank-Connection-with-Salt-Edge-
The Profit and Loss Report (P&L) is a financial statement that shows your total revenue and total costs over a specified time period. This report is also known as a "Income Statement," a "Statement of Operations," a "Statement of Financial Results," or a "Income & Expense Statement," among other terms.
The Profit & Loss Describe (income statement) is one of three essential financial statements used to report a company's financial performance for a certain accounting period, with the Balance Sheet and Cash Flow Report being the other two main statements.
Learn more about the Profit & Loss Report here: https://support.freshbooks.com/hc/en-us/articles/219089507-What-is-a-Profit-Loss-Report-
The Profit and Loss Report (P&L) is a financial statement that shows your total revenue and total costs over a specified time period. This report is also known as a "Income Statement," a "Statement of Operations," a "Statement of Financial Results," or a "Income & Expense Statement," among other terms.
The Profit & Loss Describe (income statement) is one of three essential financial statements used to report a company's financial performance for a certain accounting period, with the Balance Sheet and Cash Flow Report being the other two main statements.
Learn more about the Profit & Loss Report here: https://support.freshbooks.com/hc/en-us/articles/219089507-What-is-a-Profit-Loss-Report-