It's one of three primary financial statements. Focuses on income and expenses over a specific period. Aims to report a company's net income or earnings. Essential for assessing financial performance.

Joseph, Director at Wise Business Plans, has overseen 15K written business plans, raising over $1Bn in funding in more than 400 industries. As you create your financial projections for your business ...

Learn what Net Income After Taxes (NIAT) means, how it's calculated, and see examples to understand this key financial metric ...

Discover the differences, advantages, and drawbacks of single-step vs. multiple-step income statements for better financial ...

Income statements detail revenue, expenses, and net income from top to bottom. Reading starts with revenue, deducts expenses, and ends with net income. Subtotal figures help identify missing account ...

A profit and loss statement summarizes a business’s revenue and expenses. Learn how to use a profit and loss statement to ...

Understanding the Profit and Loss (P&L) statement is critical for business success. Differentiating between fixed costs and variable costs is essential. Businesses rarely sell a single product or ...

Editor’s Note: This post is focused on helping you understand profit and loss statements. This financial statement is used by most small business owners to help assess business profits and losses ...

Understanding the difference between revenue and profit is essential in understanding basic and complicated economics. Even if you don’t know exactly what these terms mean, you’ve heard the words in ...