Download a free Income Statement Template over here and develop income statement for you company in minutes instead of hours. Income statement is one of the major financial statements of a business establishment or company which is generally used to have an accurate idea about financial health of the company during the accounting year. In simple words, income statement is used to tell managers and share holders that whether the company was profitable during the year or not because it reflects the revenues generated and expenses occurred of a company for a specific period of time usually a year. Business owners use income statement to find out what areas of their business or company are over budget or under budget as well as to tackle the situation in future accordingly.
An income statement is one of the most important financial statements of the company which describes the revenues and expenditures of the company in a particular accounting period. An income statement is also known as profit and loss statement. It is a perfect tool to measure the financial performance of a business or company during a specific time period. Income statement may prepare by the general accountant of the company. The major purpose of the income statement is to give customers, investors or banks a clear overview of the company’s financial position, including revenue generated, expenses incurred over a specific time period. An income statement can be prepared in Microsoft excel. Many companies are using software to prepare financial statements of the company. Income statement template is a best tool to use in order to make an income statement without mistakes and errors.
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