Project Description
Kurt Wehrle said, an income statement is essential to assess the health of your business; its creation is the first step towards proper profit and loss management. Creating an income statement is the first important step in managing income and loss, and along with your balance sheet and cash flow statement, your income statement is one of the three most important financial documents in your repertoire.
Kurt Wehrle said, the income statement (P&L), or profit and loss statement, or profit and loss statement, is a financial statement that contains a summary of a company’s income, expenses, and profit/loss for a certain period of time. Like the financial statement, the income statement provides you with detailed information about both the income and expenses of your business. An income statement is a financial statement that summarizes your company’s income, costs, and expenses incurred during a specific period (such as a month, quarter, or year), as well as net income.
Kurt Wehrle added Profit and loss statements are used to track the total income and general expenses of a company over a period of time, usually prepared on a monthly or quarterly basis. These records provide information about a company’s ability or inability to make a profit by increasing revenue, cutting costs, or both. For non-profit organizations, income and expenses are usually tracked on a financial statement called a statement of assets (sometimes called a statement of financial assets or a statement of support).