Having own business or a company makes the owner must know where does each dollar spend for. Every money that comes and out from the bank determine the success of the business. As a good businessman and a business planner, income statement must be done in every month. Here is a brief description of why must use and an income statement template.
Why Must Use Income Statement
This is a basic need for business because it contains expense records of the company. Here are some benefit and the reason why every company must make an income statement as a routine.
1. To Calculate Profits And Loss Easily
One of the functions of this report is to find out whether the company has a profit or loss. From this monthly report in the form of an income statement, all expenses can be identified.
Starting from the previous month’s income, details of the purchase of production materials. And even a tax deduction to be paid. After analyzing and calculating each expenditure, it will be easier to see how much profit or loss of the company.
2. To Identify Errors On Resource And Capital Money Management
Small and large businesses must do the evaluation process regularly. The aim is to improve product and management quality. It also aims to detect a new problem that maybe happen next.
From this income statement, the evaluation process will be easier to do. Because all the records are detail and clarity. It makes all financial management errors can be detected more easily and quickly.
3. Easier To Make The Next Business Plan
After doing an evaluation, the company can increase its effectiveness. The company also can determine what steps to do next.
Can it add new production, or is it have to stop certain types of products. This plan must be based on the results of a thorough analysis.
Based on the three reasons above, it is very clear that every company needs an income statement template excel format to make it easier to use. Here you can download these templates for free.
Benefit Of Using This Template
The template in this article is very good and neat. It is made with excel. Here is the benefit when using this template.
Income statement template in this article is editable. You can adjust it to your own needs. Change the font types, size, color, or table design.
Delete some useless row or columns. Customize all the things inside until you find the best income statement style.
2. Easy To Use
It made in excel. You can edit this with a computer or by phone. There is no difficult formula. And compatible to 1998 until newest excel.
It won’t make the computer’s memory full. Because the file size is not big. Just need a few seconds to download it too, even your internet speed not so fast.
3. Easy To Print
After editing, you can save it as excel format, pdf, or maybe print it directly. Select the best size for your report. For example B3, B2, A4, or A3 for a bigger result. The resolution of the document will always good because it’s not in picture format.
Simply press ctrl+P. Or click the options button then press print. Use thicker paper if you want to save it longer as an archive document.
Further, you can share it to team members. So they can evaluate and work together in this project. Save it first then send through email, chat or Google drive. Sharing it also can make the works more eco-friendly. Because there is less paper use to do this team job.
Those benefit can clearly tell you to download the templates directly. Use the income statement template to simplify your business life. Don’t waste time to make a new report.