Profit and loss statement template

Written by
Holly Meikle
A profit and loss statement, also known as an invoice 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 an automated workflow that connects your pre-existing spreadsheets together. As a result, it automatically transfers your financial data from your Google Sheets into comprehensive monthly income statements and reports.

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

  • Easy integration: With a workflow based on your Google Sheets files, you can easily share and collaborate on your spreadsheets, receiving the latest financial data from different teams or departments across your organization.
  • Complete control over data: You have complete control of who has access to each file, keeping important information safe and secure.
  • Start-to-finish automation: With an automated workflow, you receive the latest profit and loss insights without lifting a finger – the system is entirely self-sufficient.
  • Scalability and customization: As your process grows, so can your workflow. Connect more files whenever you need them, or create a custom workflow with the help of one of our Sheetgo experts.
Now that you understand the benefits of using a workflow to automate your profit and loss statement process, let’s look at how the Sheetgo template works and how you can install it.

How to use a profit and loss statement template

The profit and loss template is a workflow that consists of 3 spreadsheets. Here is an overview of what they do and how to correctly use them:

  • 1 Expenses inputs spreadsheet: Used to input expenses such as taxes, salaries, purchases, and other outgoings. Share this spreadsheet with the person(s) responsible for managing all payments.
  • 1 Income inputs spreadsheet: Used to input all income. Share this spreadsheet with the person(s) responsible for managing all invoices.
  • 1 Automated income statement spreadsheet: Used to merge data from the Expenses and Income sheets to create an automated income statement, income report, and expenses report. This spreadsheet should be managed by the CFO, accountant, or whoever is responsible for managing the overall operation.
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Step 1: Install profit and loss statement template

Click on the button below to install the template. The official name of the template is Income statement, but this is the same thing as profit and loss.

Income statement

Track income and expenses and generate an automated statement report.

Click Install template. Sheetgo will save the files to your Google Drive.
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Step 2: Prepare master sheet and income inputs sheet

In Workflow, expand the sidebar and head to the Files tab. Select the master sheet Automated Income Statement and click Edit file.

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Under the Instructions tab, enter the year in the Inputs box.
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Repeat the same steps for the Income Inputs spreadsheet.
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Step 3: Share the Income inputs sheet

It’s time to share your Income inputs spreadsheet with those responsible.

To do this, simply open the spreadsheet in a new tab and press the green Share button. Add the email address of the person(s) you want to share the spreadsheet with, and click Send.

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For the Income Inputs spreadsheet, those responsible should delete all sample data before they begin. Then, users should add all their data in the Income tab.

The template will then create income reports in the Accrual Mapping and 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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You can also automate the data entry process within this spreadsheet using Sheetgo forms.

To find out how to do this, take a look at our support page article on How to create your own Sheetgo form.

Step 4: Share the Expenses inputs sheet

Now share your Expenses inputs spreadsheet.

Again, open the spreadsheet in a new tab and press the green Share button. Add the email addresses of those responsible for the spreadsheet, and click Send.

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For the Expenses Inputs spreadsheet, those responsible will input all expenses into the Expenses tab.

Sheetgo 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.

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You can add Sheetgo forms to your workflow to automate the data input process for the Expenses spreadsheet too.

Step 5: Run the workflow

Now that you have prepared and shared these spreadsheets, it’s time to run the workflow so that the entire system is updated.

To do this, head to Workflow and click Run.

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All the data from the Income and Expenses spreadsheets will automatically transfer to your master spreadsheet.

This master sheet not only contains a tab dedicated to your income and expense reports, but it also includes an Income Statement Monthly tab that uses pre-written formulas to create your latest income statement.

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Step 6: Automate your workflow

You can create a custom schedule so that your workflow automatically updates itself. As a result, you’ll receive the latest data insights without having to press a button!

Simply head to Workflow, and click Automate.

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A pop-up will appear. First, slide the Run automatically button to access the settings. Then, create your custom schedule by choosing the different days of the week and the hours you wish your workflow to run.

Once finished, click Save.

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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 simple workflow that connects your Google Sheets data together and gives you real-time insights for the most accurate results. Are you self-employed or work alone? Why not download our standalone template for income statements?

If you’re interested in more ways you can automate important financial statements and reports for your business, check out our article on the Sheetgo Budget vs Actual template in Google Sheets.

Alternatively, take a look at our related blog posts below!

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