The lifeline of your business may depend on the status of your company’s financial health. All business-owners are aware of that. Money is the the top most goal of any business and without good profit shown in your Financial Statement Form, your business is at high risk of bankruptcy and worse, death.
Business owners and aspiring business starters may want to double check if they have prepared an Income Statement that is effective in keeping their business on track. Meaning, this income statement needs to be very meticulous and extensive as this unravels the real score of your business’ financial status.
Employee Income Statement
Personal Income Statement
Income Tax Statement
Annual Income Statement
Monthly Income Statement Form
International Student Income Statement
What is an Income Statement ?
An income statement is a type of thoroughly recorded financial statement that reveals whether your company has gained good profit throughout a specific period. Found in it is a list of the company’s assets, liabilities, expenditures and all other important accounting details including profit and losses. Most investors might see the need to go over your company’s Income Statement Forms. Thus, these income statements may also serve as a decision-factor for investors wanting to pair up with your business. That is why it is important that you give a detailed, honest and in-depth record of all financial activities of your business.
How to Prepare an Income Statement?
Preparing an income statement may require you to get familiar with the two formats of writing it – the single-step and the multi-step. Either way, here are some other steps you must consider when preparing an income statement:
- Know when you’ll have to do your income statement and the period it may cover (monthly, quarterly or annually)
- Second, get the total revenue of the company within the period known.
- Third, start subtracting the expenses of your company.
- Compute and find out whether you have gained a profit over the indicated period.
You may also want to look over your company’s Employee Statement Forms as some of these may include your employees expenses when traveling, or even give you a record of whether you have given your employees their appropriate salary.
Income and Expense Statement
Reduced Income Statement
Household Size Income
Low Income Statement
Tips to Preparing Income Statements?
Having known how crucial dealing with business accounts can be, there are tips for you to ease out the stress of preparing your income statements:
- Keep and Segregate ALL records. By all it means everything recorded that is included in a business transaction. You must compile it in order with accordance to the date of transaction and segregate it as revenue and expense.
- Compile all the Financial Statement Forms. Whether these statements were circulated months or years ago, this still helps in keeping track of the productivity of your business throughout its existence.
- Triple check data. Make sure you don’t just double check your computations, make it triple or quadruple even! Remember that you are dealing with your company’s Profit and Loss Statement Form.
- Get a second opinion or a witness. It’s always best that you consult another expert for a second opinion or better yet have a witness while doing these computations so as not to get questioned.
- Get the percentage. When doing a monthly income statement, include a summary of result by noting the percentage of profit and loss so that by the end of the year, it’s easier for you to explain how much profit or loss your company experienced on a monthly basis during your annual reports.
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