Profit and loss statement template

A profit and loss statement, also known as an income statement, is one of three important financial statements that any business must deliver regularly. It provides a clear picture of all your revenue, expenses, and costs over a certain period of time. Not only is a profit and loss statement vital for having a clear understanding of your business’s financial position, but it can also secure financial investments or calculate your taxes. Turning all your financial data into a comprehensive invoice statement can be a long and complex process, indeed. If you hire an external accountant to do it for you, it can be a costly process. However, if you choose to do it in-house, you risk creating a lot of mistakes by manually copying and pasting your data. What if there’s a way that you can quickly and easily create your own profit and loss statement within your business without the risk of any financial errors? Introducing the Sheetgo profit and loss statement template.

Most businesses keep all of their financial information on Google Sheets. Google Sheets is a great cloud-based spreadsheet tool perfect for this type of data management. Not only is it extremely accessible, but it also offers great collaboration capabilities so that various members of your team can easily input the latest financial data. The Sheetgo profit and loss statement template uses your Google Sheets for these exact reasons; so that you can get the most out of your financial management processes.

Why use the Sheetgo profit and loss statement template?

The profit and loss statement template by Sheetgo is a Google Sheets file that generate comprehensive monthly income statements and reports.

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Here are just a few of the additional benefits of using this spreadsheet-based template:

  • Flexible: No matter what kind of business you run, Google Sheets allows you to build a tailor-made system. You can adapt it as needs change, without any new software.
  • Accessible: You and your coworkers can access, share and work with all of your financial data from any corner of the world. All you need is an internet connection.
  • Compatible with everything: Every other piece of software in the world integrates with Google Sheets. As a result, you can easily pull together income and expenses data from multiple departments simultaneously.
  • Easy to use: There’s no need to onboard your team as they’ll already be working with spreadsheets on a daily basis. Maintenance is easy and there’s no need for IT support.

Now that you understand the benefits of using a template in Google Sheets to automate your profit and loss statement process, let’s look at how the Sheetgo template works and how you can start using it.

How to use the Profit and Loss Statement template

The Income Statement Template consists of three Google Sheets files with pre-built Sheetgo connections. Each file serves a specific purpose:

  1. Expenses Inputs spreadsheet: This file is shared with the person or team responsible for payments. They record expenses such as taxes, purchases, salaries, and other outgoings in this file.
  2. Income Inputs spreadsheet: This file is shared with the person or team responsible for processing invoices. Every time the company receives money, they log it in this spreadsheet.
  3. Automated Income Statement master sheet: This is for the CFO, accountant, or administrator. Here they get an automated income statement, an expenses report, and an income report.
Income statement template

Step 1: Install the Profit and Loss Statement template

Install the template by clicking on the button below:

Step 2: Enter the year for your Profit and Loss Statement

In the Instructions tab of all files, enter the year for the time period you want to track and analyze.

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Step 3: Fill out the Income input sheet

For the Income Input worksheet, you should delete all sample data before you begin. Then, you should add all your data in the Income input tab.

Income statement template

The template will then create income reports in the Income Accrual Mapping and Income Summary per Month tabs automatically. As you can see, these tabs are also padlocked, avoiding the risk of users making any changes.

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Step 4: Fill out the Expenses input sheet

For the Expenses Input spreadsheet, you will input all expenses into the Expenses tab.

Income statement template

The template then uses this data to automatically create an expenses report in the Summary per month tab. As you can see, this tab is padlocked, reminding users that they should not edit anything inside of it.

In the Expenses Summary per Month tab, you can get an overview of all your monthly expenses.

Start generating your income statement automatically

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Step 5: Schedule automatic transfers and have all your reports up-to-date

Income statement template automation

Step 6: Analyze your Profit and Loss Statement

All the data from the workheets will automatically transfer to your Income Statement Monthly tab.

The template will calculate totals and subtotals for each section and generate an income statement automatically.

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How do I make a P&L statement?

And there you have it! You can automate your entire profit and loss statement process with a template in Google Sheets that connects your data together and gives you real-time insights for the most accurate results.

If you’re looking for an all-in-one automated solution to control your finances, check out our spreadsheet-based solution to automate your financial management and track all your business transactions.

Start generating your income statement automatically

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