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Monthly Income Statements

Income statements, otherwise known as profit and loss statements, basically add an itemized list of all your revenues and subtract an itemized list of all your expenses to come up with a profit or loss for the period.

Income statements allow you to:

  • ZTrack revenues and expenses so that you can determine the operating performance of your business.
  • ZDetermine what areas of your business are over-budget or under-budget.
  • ZIdentify items that cause unexpected expenditures.
  • ZTrack dramatic increases in product returns or cost of goods sold as a percentage of sales.
  • ZDetermine your income tax liability.

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An income statement is one of three major financial statements that small businesses prepare to report on their financial performance. Income statements, balance sheets and the cash flow statements are essential tools for business owners. These three reports are often confused so here is a brief definition of each.

  • Income statements (also called profit and loss statements) show how profitable a business is over a specific period of time. If a business’s revenues are greater than its expenses, the income statement shows a net profit. Otherwise, a net loss is shown. Simply put, it shows whether or not a business has profited over a specific time period.
  • A balance sheet reports on your business assets, liabilities and owner’s equity. Assets are things you own including cash, bank accounts, accounts receivable, and inventory. Liabilities are things you owe, including accounts payable, taxes, and loans.
  • Cash flow statements record the amount of actual money that flows in and out of a business. It details how business operations are running, where the money is coming from, and how it is spent. This report shows how well (or how poorly) cash flow is being managed.

As your business grows, so does your need to take a more sophisticated approach to business decisions. Without sound hindsight, insight and foresight, your business may experience significant financial setbacks and stalled growth. Our financial analysis services arm you with the business intelligence necessary to take your organization further. We help you understand what the numbers really mean and what your options are moving forward.