Reports & Taxes
Hand your accountant
a clean year.
A real profit & loss statement — revenue, cost of goods sold, gross margin, operating expenses, net profit — built from the invoices and expenses you already logged all year. The GST/HST you collected sits next to the ITC you paid. One click exports the whole package. No shoebox required.
- Built in Ontario
- Real P&L from your actual data
- CSV & PDF export in one click
- No credit card to start
How it works
1
Log income & expenses all year
Send invoices, record expenses, run payroll. You're already doing this to run the business — the data is accumulating in the background the whole time.
2
Open Reports
Your P&L statement, expense breakdown donut, revenue trend, and GST/HST summary are already built — from the same data. No separate import step, no re-entry.
3
Export for your accountant
One click exports a clean CSV or sends directly to print. Your accountant gets organized numbers instead of a mess of receipts — and you pay less for their time.
What it shows you
The reports a Canadian small business actually needs
Not every accounting module imaginable — the specific reports that matter to a sole proprietor or small team at year-end and throughout the year.
A real Profit & Loss statement
Not a summary card — a proper P&L built from your actual data. Revenue (pre-tax, excluding HST/GST that belongs to CRA) → Cost of Goods Sold (materials, subcontractors, inventory) → Gross Profit + gross margin % → Operating Expenses by category → Net Profit Before Tax → Estimated Income Tax line → Net Profit. The same structure your accountant uses, generated automatically from the invoices and expenses you already entered.
Overview: four stat cards at a glance
Total Revenue, Total Expenses, Net Profit, and Profit Margin — colour-coded and updated from your live data. Know at a glance whether the year is going the direction you think it is.
Expense breakdown by category
A donut chart breaks your total expenses into categories — Vehicle Fuel, Materials, Subcontractors, Office, and so on. Top Expense Categories lists each one with its dollar amount and percentage bar so you can see where the money actually goes.
COGS vs Operating Expenses — automatically split
Materials, subcontractors, freight, and inventory costs are classified as Cost of Goods Sold; everything else (insurance, office supplies, software) goes under Operating Expenses. Gross margin is calculated from the COGS split — the same distinction your accountant draws on a T2125.
GST/HST collected vs Input Tax Credits
The Tax Centre shows total HST/GST collected on paid invoices next to total ITC you paid on expenses. The difference is what you owe CRA on your next remittance — visible year-round, not just at filing time.
Revenue vs Expenses trend (last 6 months)
Once you have data from 2+ months, a line chart shows revenue and expense trends side by side — useful for spotting slow seasons, growth trends, and months where costs spiked relative to income.
Invoice aging & collection rate
The Income tab shows outstanding invoices bucketed by age — current (0–30 days), 31–60, 61–90, and 90+. Collection rate (total collected ÷ total invoiced) surfaces in one number so you can see whether your customers actually pay on time.
Export CSV & Print — on every tab
Every report tab has its own Export CSV button. The P&L exports as a structured spreadsheet your accountant can open in Excel and drop straight into tax prep. A Print button is there for when you need a paper copy to hand over in person.
FAQ
Reports & Taxes questions answered
Does it produce a real Profit & Loss statement?
Yes — a proper P&L, not a summary card. It runs: Revenue (pre-tax, excluding HST/GST which belongs to CRA) minus Cost of Goods Sold (materials, subcontractors, inventory) equals Gross Profit with a gross margin percentage. Then Operating Expenses by category subtract to give you Net Profit Before Tax. An Estimated Income Tax line follows — calculated using the same progressive federal and provincial brackets as the Taxes page — and the bottom line is Net Profit. The structure matches what your accountant fills in on your T2125. It's generated automatically from the invoices and expenses already in the app — no separate entry step.
Does it show GST/HST collected and ITC paid?
Yes. The Tax Centre has a Sales Tax tab that shows total HST/GST collected on your paid invoices next to total Input Tax Credits from your expenses — and the difference is what you owe CRA on your next remittance. It's broken down by expense category so you can see where the ITC is coming from. This runs year-round, not just at filing time, so you always know roughly where your sales tax position stands.
How accurate is the income tax estimate?
The estimated income tax line uses the actual progressive federal and provincial brackets for a self-employed sole proprietor, including CPP contributions — the same calculation as the Owner Tax tab in the Tax Centre. It's a solid working estimate based on your net business income to date, but it's not a substitute for professional advice. Your situation may involve other income, personal credits, deductions we don't know about, or circumstances specific to your province. Always confirm with your accountant before filing or making installment payments.
Can I export the P&L for my accountant?
Yes. Every report tab has its own Export CSV button. The P&L export is a structured spreadsheet — Revenue section, COGS section, Gross Profit, Operating Expenses by category, payroll costs, Net Before Tax, Estimated Tax, and Net Profit — formatted so your accountant can open it in Excel and use it directly in their tax prep workflow. There's also a Print button for a paper copy.
Does it replace my accountant?
No — and it's not trying to. ToolFluency keeps your records clean and organized so your accountant spends less time chasing receipts and re-categorizing transactions, and more time on the advice that actually costs you money if you miss it (installment planning, filing elections, provincial quirks). Hand them a clean CSV instead of a shoebox and you'll likely pay less for the engagement. The income tax estimate is a planning tool — your accountant is still the one who files.
Does it handle payroll in the P&L?
Yes. Finalized payroll runs are included in the P&L under Operating Expenses as "Payroll (gross + employer costs)" — both the gross wages you paid your employees and the employer-side CPP and EI you remitted appear as an expense line. This means your P&L reflects the full cost of your team, not just the gross payroll number.
Does it separate Cost of Goods Sold from Operating Expenses automatically?
Yes — expenses categorized as Materials, Subcontractors, Inventory, Freight, Cost of Goods, and similar direct-cost categories are automatically bucketed into COGS. Everything else (insurance, office supplies, vehicle expenses, software) goes into Operating Expenses. This separation is what produces a meaningful Gross Margin number — the margin on your actual work before overhead. If an expense category is misclassified, you can rename the category on the expense; the P&L updates immediately.
Also in Business
Reports are only as good as the data behind them
Your P&L builds itself from income you invoice and expenses you log. Every piece of Business feeds into the reports — the cleaner the upstream data, the cleaner the year-end.
The income side: Invoicing & Estimates
Revenue enters the P&L from here.
Every paid invoice becomes a revenue line in your reports. Province-correct HST/GST is tracked on each one, so the collected side of your sales tax position is always current.
The cost side: Expenses & Receipts
COGS and Operating Expenses come from here.
Categorized expenses feed the P&L expense sections automatically. The GST/HST you marked on each expense becomes your ITC total — already calculated when you open the Tax Centre.
Coming: Canadian Payroll
Payroll costs roll into the P&L automatically.
Finalized payroll runs — gross wages plus employer CPP and EI — appear as an Operating Expense line in the P&L. Your full cost of labour is reflected without any double-entry.