GENERATE AN INCOME STATEMENT
Income Statement
An income statement, otherwise known as a profit and loss statement, adds an itemized list of all your revenues and subtracts your expenses to determine a profit or loss for the period.
An income statement allows you to:
Track revenues and expenses so that you can determine the key performance indicators (kpi) of your business.
Determine what areas of your business are over-budget or under budget. Identify specific items that are causing unexpected expenditures.
Determine your income tax liability during business tax preparation.
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