What is an income statement?
The income statement is one of the three main financial statements that a company must maintain. It summarizes your revenues and expenses over a period of time. It differs from a Cash flow statement in that it is based on the accrual of expenses and revenues for accounting purposes instead of the payment. Present it to managers and investors to communicate the profit or loss during a certain period (different from a balance sheet which summarizes your assets and liabilities). You may also know the income statement as Profit and Loss Statement, Revenue Statement, Operating Expenses/Statement, or simply PnL. This post shows you how to easily calculate it using an automated Income statement template.
Why you should use an income statement template
Your finances are undoubtedly best managed in spreadsheets. However, it requires lots of manual work and potential data loss with copy-pasting. We, therefore, created a template for you to visualize and report financial data.
Income statements are used to calculate and pay taxes to your local authorities. But also for securing financing and measuring the performance of a company. Normally, Small to Medium Businesses (SMBs)
Let’s get you started
Step 1. Install the income statement template
Install the automated Income statement template by clicking the button below. Login using your Google account. Simultaneously, we create your Sheetgo account once the authorization step is completed. After that, click on the ‘Use Template’ button and install the template.
Step 2. Open all spreadsheets
Click on all 3 spreadsheet icons to open and start using the template. The two input spreadsheets “Income Inputs” and “Expenditures Inputs” connect to the master spreadsheet “Automated Income Statement”. To illustrate this
Step 3. Fill out the information
Inside the “Income Inputs” and “Expenditures Inputs” spreadsheets, there are instructions on how to use the template. Overwrite the sample data in the “Input” tabs of each spreadsheet with your own information.
Step 4. Configure the template
Fill out all your Income and Expenses data. After that, go back to the
Awesome, you did it! 🙂
Congrats, you configured your automated Income statement template using Google Sheets. If you are in need of a Cash flow template, we’ve got you covered! Click here to install our Cash Flow Template.