An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. It shows how much money you are spending on each of your costs, and how much money you are making from each of your projects and products. The income statement is one of the basic accounting documents all businesses should have so that they have a basic idea of how their business is doing and how it compares to last period.

We will create an income statement for your business so that you won’t have to worry about how your money is being spent or if you are making a profit or if you are making or losing money from certain projects.

An income statement allows you to…

Track revenues and expenses so that you can determine the operating performance of your business.

Determine what areas of your business are over-budget or under-budget.

Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.

Track dramatic increases in product returns or cost of goods sold as a percentage of sales.

Determine your income tax liability.

Figure out if theres a specific cost you are spending more money on than you should be.

Decide if there is a project that you should sink more money into since it makes a larger profit than you previously realized.

Discover if there are any changes you can make to keep your business from being unable to pay for things and what exactly those changes are.

We here at Economic Solution Services are here to help you  with all of your business and accounting needs! Please set up a meeting to discuss our services here.