The income statement, also referred to as the profit and loss statement, details a business's revenue, expenses, and profits (or losses) over a specific time period. It is one of the three key financial statements used to assess a company's financial health (the other two are the balance sheet and the cash flow statement). Banks, investors and vendors use the income statement to aid them in determining credit limits, and business owners use it see exactly how much money the business is actually making.
QuickBooks Online is # 1 in cloud accounting for small businesses1. It organizes all of your accounting data in one central location, making it easy to generate accurate financial statements, including the income statement. You can access your income statement, balance sheet, statement of cash flows, and other critical reports anytime and from anywhere. Always know where your business stands with QuickBooks Online.
Small business owners use the income statement for understanding the business's revenues and expenses over a period of time. Because QuickBooks Online organizes all of your financial information in one central location, it's easy to generate the income statement anytime. QuickBooks Online comes pre-installed with an income statement template so that the hard work is done for you. Simply choose the profit and loss report (which is another name the for income statement) and QuickBooks does the rest. The five components of the income statement are sales (or revenue), cost of goods sold, gross profit, operating expenses, and net income or loss. QuickBooks does all the calculations and populates your data in the income statement template for you.
QuickBooks Online makes it fast and easy to view the detail that supports each item in the income statement. Simply click on the amount that you want to know more about (such as revenue) and QuickBooks shows you the supporting data. It's also easy to customize the report to your needs. Choose a specific date range, sort columns, and more. Choose QuickBooks Online Plus if you want to access more details about your revenues and expenses. With QuickBooks Online Plus you get access to additional reports such as the Profit and Loss Detail Report, Profit and Loss by Class, and Profit and Loss by Location. QuickBooks Online puts the data you need to keep your business financially healthy at your fingertips. Try for it free today.
1 Based on number of paying users as of August 2012
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