The Profit and Loss Statement outlines a company's expenses, costs, and income for a specific timeframe.
A Profit and Loss Statement summarizes a company's total and net income, expenses, and costs for some time. This document can be for any period, but most businesses use it monthly, quarterly, or yearly.
Whether you've just launched a business or run a successful company, the Profit and Loss Statement serves to track a business's performance. With this information, it's easier to determine whether a particular period was profitable or if it resulted in a loss.
The Profit and Loss Statement allows businesses to figure out if their revenue can cover all expenses. Because the Profit and Loss Statement contains detailed information about a company's income, fees, and losses, businesses use it to identify sales trends and profit or loss drivers.
Depending on your state, a Profit and Loss Statement may also be known as:
Every company needs a Profit and Loss Statement, one of the four primary financial statements. It helps companies figure out if they're spending more than they're earning and the owners' equity position.
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The Profit and Loss Statement is not a legal document and does not have to be signed or notarized – unless one is ordered by a court or another authority to sign it.
Keep the Profit and Loss Statement in your records together with other financial statements, so you always have the document at your disposal. Some other significant statements include the balance sheet and cash flow statement.
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