![]() NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. Why Is a Profit and Loss Statement Useful for Business? ![]() How to Prepare a Profit and Loss Statement What Do I Need to Prepare a Profit and Loss Statement? What Does a Profit and Loss Statement Tell You? Here are the topics you’ll need to cover to prepare a profit and loss statement: ![]() The profit and loss statement, also called an income statement, details a company’s financial performance for a specific period of time. Send invoices, track time, manage payments, and more…from anywhere.Ī profit and loss statement is calculated by totaling all of a business’s revenue sources and subtracting from that all the business’s expenses that are related to revenue. Pay your employees and keep accurate books with Payroll software integrationsįreshBooks integrates with over 100 partners to help you simplify your workflows Set clear expectations with clients and organize your plans for each projectĬlient management made easy, with client info all in one place Organized and professional, helping you stand out and win new clients Track project status and collaborate with clients and team members Time-saving all-in-one bookkeeping that your business can count on Tax time and business health reports keep you informed and tax-time readyĪutomatically track your mileage and never miss a mileage deduction again Reports and tools to track money in and out, so you know where you standĮasily log expenses and receipts to ensure your books are always tax-time ready Quick and easy online, recurring, and invoice-free payment optionsĪutomated, to accurately track time and easily log billable hours Wow clients with professional invoices that take seconds to create
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