A profit and loss statement is also often referred to as an income statement, an operating statement, or a statement of financial performance. It details the business's revenue during a given period of time and the costs and expenses charged against that revenue. The profit and loss statement shows business owners, investors, and stockholders whether the company made a profit or operated at a loss over a specific period of time. Because the profit and loss statement is a critical input for making business decisions, it is typically produced every month.
QuickBooks Online makes it easy to create an accurate profit and loss statement so that you can make sound business decisions. QuickBooks Online is # 1 in cloud accounting for small businesses1. It is one central location in which all of your financial data is organized and recorded so that you always have access to the information you need to efficiently manage your business. It helps you track income and expenses, manage your invoicing and billing, generate financial reports, and much more. Your data is organized for you, making it easy to monitor the day-to-day finances of your business. Try it for free.
QuickBooks Online makes it easy to generate an accurate profit and loss statement
The profit and loss statement is one of the most important reports for business owners as it details whether the business is operating at a profit or a loss for a specific period of time. QuickBooks Online includes a pre-installed profit and loss statement template, making it easy to produce the profit and loss statement in just a few clicks. Because QuickBooks accurately records and organizes your financial information for you, it's always easy to access and create up-to-date and accurate financial statements anytime.
The profit and loss statement in QuickBooks Online shows subtotals for each income and expense account in your chart of accounts. Once you generate the profit and loss statement, you can easily see your total income, your gross profit, expenses, and your net income or loss. You can click on any number in the total column to get a more detailed transaction list for that particular item. You can even set QuickBooks to calculate each expense as a percent of income so you can quickly see where you are overspending or under-spending in a particular category.
It's easy to customize your profit and loss statement in QuickBooks Online. Simply click on the blue "Customize" button to add sub-columns to your report. In just one click you can compare the current period to last month, compare the current period to the previous year, view year-to-date totals, display percentage of expenses, percentage of income, and more. QuickBooks Online makes it easy to generate a profit and loss statement that can help you make smart business decisions.