The income statement is important because it shows the profitability of a company during the time interval specified in its heading.
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 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 to use it.