An Income Statement is a financial record prepared by the company to outline its activities and discover how much income the business generates, what is the value of goods sold and services provided, and what are the gross profits made by the organization during a particular period of time. You can download a basic Income Statement template through the link below.
As one of the major Financial Statements every company should have, it will allow the finance department to keep track of the money that comes in and out. This tool will help you to find out how profitable your organization is whether you manage a large corporation or just launched a small business and assess the value of the business if you are ready to sell it.
Although it is up to you to decide the period of time you want to evaluate properly, a traditional Income Statement contains information collected during the calendar year. Alternatively, you may draw a monthly or quarterly Income Statement to summarize the performance of your business over shorter periods and later calculate the total results of the year.
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