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Statement of Profit and Loss Template

Simple Alliance, Kenya Limited


The Income Statement         

The income statement is a fiscal report that summarises your income and expenditures over a given time period. it deducts the expenditure from the income items. The resulting figure is either the loss or profit value for your business during the specified time period. Usually, the financial statement covers a one-month, three-month or a one-year time duration. An income statement is also referred to as an income and expense statement or a statement of profit and loss.  

Function

You would use the income statement to execute a number of roles. Key ones include:

  • Executing financial analysis by assessing the ability of your business to make profit by minimising expenses and increasing income
  • Comparing your business’ projected performance with actual performance
  • Determining the amount of money you are making
  • Comparing your business’ performance with industry standards
  • Developing reasonable projections based on past performance
  • Timely detecting and addressing sales, expenses, and profit margin problems
  • Providing income evidence in case you require a loan
  • Calculating your expense and income values when filing tax returns        

 Welcome Aid   

To help you prepare an income and expense statement for your business, we have availed a ready-to-use template in the attached MS Excel file. To download and use the template, you need to have an Excel program of version 4.0 and above. After downloading it, copy it onto your Excel or Start directory. After this, all you need to do is key in your expense and income values in the relevant slots.  Using this tool will enable you to learn how to do an income statement.

Special Features

The attached Excel income statement template offers you a number of useful features, namely:

  • It automatically computes your expense and income subtotals and totals after you enter the figures 
  • Although the file is meant for manufacturing business, you can easily modify the template to suit your needs 
  • The spreadsheet allows you ease of use
  • You need to download the file only once and use it over and over
  • The Excel spreadsheet has numerous count titles that are usually used in preparing income statements
  • Depending on your business’ situation, you can customize the template by removing or introducing categories

Attachments

 

Income Statement Template

 

The income statement is a financial statement that enumerates the expense and income items realised by your small business over specified time duration. It computes the profit and loss values. The statement then deducts total expenditure from income values and gives you the net income figure. It informs you of the losses or profits garnered during that period. If you do not how to do an income statement, don’t worry. The attached MS Excel file provides you with an income statement template which can help you to quickly enter relevant debit and credit figures. The template computes the figures, thus arriving at your net loss or profit values. You derive a number of benefits by using this template. The template allows you to easily develop an income statement. It allows you to customise your work as per your business’ requirements and nature. Another benefit is that after downloading the file the first time, you do not need to download it again. You will also benefit from the template by having most account titles used in preparing income statements already existent. This template is a handy tool especially for inexperienced business persons. The income statement is a crucial financial analysis report.

Copyright (C) 2016, Simple Alliance Kenya Limited

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