Benefits of Creating a Profit and Loss or Income Statement

By QuickBooks Canada Team

0 min read

As an owner of a small business, it is important to schedule time to prepare a profit and loss statement, also known as an income statement. You may feel your time may be better spent on managerial issues or improving your products or services. While these key functions help grow your business, you also need to take the time to prepare and understand your income statement. It provides crucial information on the health of your business by letting you know your revenue and expenses, with the difference being the net profit or loss. Compare this to your budgeted figures to analyze your progress so you can take additional steps, such as cutting expenses.

You can prepare an income statement any time using QuickBooks.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Boost Exposure with Content Marketing Campaigns

Enhance your non-profit marketing campaigns with content that puts the spotlight on…

Read more

Help Clients Set Up Profit Targets

Establishing profit targets helps evaluate performance and lets your clients know how…

Read more

Using The CIPFA Online International Not-For-Profit Platform for Accounting Guidance on Financial Reporting Standards

In September 2017, the Chartered Institute of Public Finance and Accountancy launched…

Read more