Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period. The income statement is important because it shows the profitability of a company during the time interval specified in its heading. The period of time that the statement covers is chosen by the business and can vary. This is intended to be a simple and practical tool to be adjusted and used by SMEs working in all sectors. You may adapt it to reflect your business needs, type of clientele, products and services you offer. It provides the minimum information required by financial institutions for assessing loan applications, tax authorities and potential investors.
The file contains a Microsoft Excel spreadsheet template. Once you've downloaded the file, you must copy it to your EXCEL\XLSTART directory in order to use it.
- Download the income statement template just once, and be able to use it over and over again.
- The spreadsheet already contains many account titles used by various types of businesses in preparing an income statement.
- The spreadsheet is completely customizable: you can quickly add or delete account titles or revise the format to suit your needs.
- The spreadsheet is easy to use. Just plug in your numbers and it will automatically calculate all the subtotals and totals and compute your net income.
| ||Click on attachment to download sample Income
Statement Template |