Take control of your business performance
Prepare your income statement to gain insights and make better financial decisions
Prepare your income statement to gain insights and make better financial decisions
An income statement shows how much money your business earns and loses over a specific period. It's typically prepared monthly, quarterly, or yearly. Many small businesses create monthly income statements to monitor revenue and expenses, comparing them to the same period in the prior year or month.
Understanding these components helps you make better financial decisions for your business
The money earned from selling products or services.
Direct costs associated with selling products or services.
Expenses incurred to run the business but not directly tied to sales, such as rent and postage expenses.
Calculated by subtracting the cost of revenue and operating expenses from revenue. Net profit or loss shows how profitable your company is.
By regularly preparing income statements, you can better understand your business's financial performance and confidently decide how to grow, cut costs, or invest in new opportunities.
Smart Clerk's income statement template is designed to make creating your income statement quick and error-free. With built-in checkpoints, you'll know if there's an issue that needs attention.
Get started with our professionally designed template.
Add your company name and accounting period.
Enter your revenue and expense transactions.
Our system checks for accuracy and completeness.
View your financial performance at a glance.
Use our free, easy-to-use income statement template to start tracking your financial performance today.
You may not have time to spend figuring out a new template. Many accounting software options automate this process, but they require days of setup and still need a significant amount of manual workload.
With Smart Clerk, there's no complicated setup. Just upload your bank or credit card statements, and your P&L is ready in under 3 minutes.
No manual entry needed.
Smart Clerk detects and categorizes transactions automatically.
See all vendor transactions and generate reports instantly.
Export reports for tax filing or share them with your bookkeeper.
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