A profit and loss statement (also referred to as a P&L) is one of the most powerful tools you can use to understand your business’s financials. With a P&L, you can easily see your revenues, expenses, and operating costs over a specific period of time so you can analyze where and how your business can increase profits.
Calculate your profit in 5 steps
Bench’s team of small business bookkeeping experts created this easy-to-use free Excel P&L template—all you have to do is plug in your numbers and categorize your transactions to see where you stand. In no time at all you’ll be doing your own bookkeeping.
Here’s how the free template works:
- Fill out the form to access the Excel template.
- On the first tab, called “Chart of Accounts,” enter all the categories of income, expenses, and costs that you use in your business.
- The second tab, called “Transactions,” is where you’ll enter your transaction details—namely date, description, amount, and category (matching the categories in your Chart of Accounts tab).
- The third tab is where your P&L statement will display. Select a date range for the statement you’d like to see (for example, March 1 to March 28).
- Voila, you have a profit and loss statement! Assess your business income and expenses with ease.
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