![]() ![]() Using an income statement template enables you to generate your own income statements automatically, in-house, with the data you already have. Many small companies send that data to an external accountant … and then wait for the accountant to process it. Normally, you have to manually collect and enter data into accounting software to create an income statement. Finally, there is the balance sheet, which summarizes your assets and liabilities.Įssentially, an income statement shows directors and investors whether or not the company made money during that accounting period. It differs from a cash flow statement in that it is based on the accrual of expenses and revenues for accounting purposes rather than for payment. It summarizes company revenues and expenses over a specific period of time. On top of that, it can be used to secure financing as well as to calculate and pay taxes.Īn income statement is one of the three main financial statements for reporting. Also referred to as a profit and loss statement (PnL), revenue statement, or operating expenses statement, an income statement helps you measure the performance of your company. For small to medium-sized enterprises (SMEs), creating an income statement can be a time-consuming and costly process. ![]()
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