The Income Statement Template Spreadsheet is a very useful tool for controlling the monthly finances and expenses of any company.
The Fiscal Year Income Statement is an accounting report that displays an economic summary with all the operational and non-operational activities of a company if they are generating a profit or loss, considering a certain period of time. The Fiscal Year Income Statement is a great ally of the entrepreneur.
Therefore, knowing how to handle it is so essential for the management of your company. This overview displays the business’ income and expense data. Offering the net result data of its performance and detailing the real operational situation of a business.
Although it is prepared annually due to legal disclosure obligations. In general, the Income Statement is also prepared on a monthly basis for administrative and management purposes.
It is one of the most powerful tools for analyzing results for those responsible at the various management levels of a company.
Despite being one of the main tools to ensure the financial health and stability of a company, not all entrepreneurs know or make use of the Fiscal Year Income Statement.
This is because, at first glance, it may seem complicated, due to the large amount of information that must be filled in and the calculations that need to be made.
But the truth is that with a little patience, dedication, and discipline it is not difficult to use, and it can be the key to aligning your business finances and avoiding losses.
With the Income Statement you can record all your company’s income and expenses in detailed categories.
With it, you can know whether your company is making a profit or loss and where your money is going, which can save a business before it’s too late.
What is the function of the Income Statement?
In addition, it is a key document for agents outside the company. The government uses it to check whether taxes have been calculated correctly. In this sense, it also compares the profit declared in the DRE with the profits declared by the partners in the IRPF.
The declaration is still often crucial when it comes to getting a little extra help. However, banks and financial analysts may require the statement to prepare an assessment of the business situation and decide whether or not to grant fiduciary status to the applicant; while possible investors will analyze it to have more security when applying their money.
In summary, in order to correctly prepare the Fiscal Year Income Statement for legal compliance purposes, several controls, summaries, and calculations must be performed. That said, keep all the receipts that are related to your company.
And keep track of your accountant’s records in each process.
Based on this point, the Fiscal Year Income Statement Template in Excel made available by the Excel Coaching Team has complete and optimized items for ease and agility for those who use it.
And provides the following complete categories for completion, such as: Revenue, Cost of Goods Sold, Expenses, Other Revenue, Name, Time Period, Net Sales, Gross Profit (Loss), Total Expenses, Net Operating Revenue, Total Other Revenue, Net Revenue (Loss).