Income statement is an accounting tool used by business organizations and companies to find out value of profit or loss generated in mentioned period of time. It is one of the most important financial statements to determine financial health of the business or company at the end of accounting year. Profit and loss statement is another name of income statement and you can make one easily by way of income statement template given below the content. You can save lots of minutes and efforts by using income statement template for your own business setting or organization.
Basic purpose of each and every business is to generate profit and income statement is one of the primary financial statements that help business management to understand profitability of the company or business. It shows details about a company’s revenues and expenditures to indicate financial performance of the business during the mentioned period of time. Income statement is generally prepared by general accountant of the company at the end of accounting year. Companies and large business organizations often use their own standard formats to generate income statements. However if you need some help in this regard then feel free to utilize income statement template.
A professional accountant can easily create income statement in MS excel from scratch. Hence, a beginner may need some basic instructions to make the income statement perfect for the business needs. Internet provides you abundance of readymade income statement templates that can be downloaded for free to make professional looking incomes statements shortly. Those templates can be customized easily in MS excel to add up new business details and figures to calculate profit of loss of the business or company. Income statement templates are available at the bottom of article and really useful for all types of businesses.