The profit and loss statement helps you make sound business decisions…
A profit and loss statement is often referred to as an income statement, operating statement or a statement of financial performance. It details the revenue during a given period and the costs and expenses charged against that revenue. The profit and loss statement shows business owners, investors and stockholders whether the company made a profit or loss. Because the profit and loss statement is a pivotal point for making business decisions, it is normally produced monthly.
QuickBooks is the one place in the cloud where all of your financial data is organised and recorded so that you always have access to the information you to manage your business efficiently. It helps you track income and expenses, manage invoicing and billing, generate financial reports and much more. Your data is organised for you, making it easy to monitor the day-to-day finances of your business.
QuickBooks makes it easy to generate an accurate profit and loss statement
The profit and loss statement in QuickBooks shows subtotals for each income and expense account in your chart of accounts. Once created, the profit and loss statement shows your total income, your gross profit, expenses and your net income or loss. You can click on any number in the totals column to get a detailed transaction list for that particular item. You can even set QuickBooks to calculate each expense as a percentage of your income so you can quickly see any overspend or underspend.