Free Income Statement Template
As a business owner, you know how important it is to keep your numbers in check. Knowing how much revenue is coming in, how much money is going out, and how much profit you are making is essential to making smart business decisions.That’s why you need an accounting system that helps you stay organized. With the free Income Statement template from FreshBooks, you have everything you need to track your income and more.
Simply download the template in your chosen format, customize and save. You’ll have a complete sheet to save for your records and a simple way to stay on top of your numbers.
Get a Free Invoice Statement Template
If you want your business to thrive, you’ll need a straightforward way to track ytehour numbers. Good news is, the free invoice statement template from FreshBooks is here to help you get a grasp on your bookkeeping.
You can download your free income statement template in the format that suits you best. If you like using spreadsheets, you can use the free Microsoft Excel or Google Sheets invoice statement to get started.
With the free income statement excel template, you’ll gain access to a helpful income statement formula. This can be hugely rewarding if you don’t have the time or means to structure one yourself.
The blank income statement has customizable fields for you to plug in your revenue and expenses. From there, you can calculate your profit or loss for the given period. A profit or loss statement is a crucial component of understanding a company’s financial health and can assist when making important decisions on how to run a business.
Some business owners even create monthly income, quarterly or yearly statements. No matter how often you want to calculate your profit or loss, the FreshBooks income statement example will be a helpful resource for you.
Available for download in .DOC, .PDF, .WORD, Google Docs and Google Sheets.
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Track Your Income with FreshBooks
Take bookkeeping into your own hands with FreshBooks income statements.
What is an Invoice Statement?
An invoice statement is an accounting report that is used to list your net income or business expenses, which would be either profit or loss. This statement is also commonly referred to as a “profit and loss report” or “P&L” statement.
You can generate an invoice statement whenever you choose, but they are typically used to report your business’s financial activity during a designated accounting period, such as per month, quarter, or year.
The invoice statement template serves as a great guideline to make sure you’re including all of the proper information on your income and expense statement.
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Why Use an Income Statement?
The success of your business depends on you making informed decisions. That’s why having your business financials organized and on-hand is one of the best things you can do to get started on the right track.
An income statement will show you exactly what your net profit is and will help you determine whether you need to decrease your costs or increase your revenue to stay in the black. Sound simple? Use the FreshBooks income and expense template to get started.
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How Do I Fill in an Income Statement?
Want to create your own Income Statement in minutes? Simply download the financial statement template and follow the steps below to get started.
Choose a File Format
Choose one of our invoice statement template formats.
Download Template
Once you’ve chosen which template to use, download it to your device.
Add Your Branding
Add your business name and logo at the top. Change the fonts to match your branding.
Fill in Revenue
Create revenue subcategories. Fill them in and calculate total revenue.
Fill in Expenses
Customize the expense subcategories and fill them in. Calculate the total costs.
Calculate Net Income
Determine whether you’ve made a profit or a loss. Subtract expenses from revenue.
Check Out Our Other Accounting Sheets
There is more to accounting than determining if you’ve turned a profit. You need to see where each dollar has come from or gone to. That’s why FreshBooks provides a number of other sample accounting sheets.
Frequently Asked Questions
Why should I create income statements for my business?
Income statements are used to compare your revenue to your expenses to determine if you have made a profit or a loss. Creating income statements will help you track your income, net profit and more to keep you organized.
What items should I include on my income statement?
When creating your own income statement, you’ll want to include a breakdown of your revenue, expenses, and net income.
The income and expense statement template from FreshBooks includes blank, easy-to-use fields for all of the information that you need to include.
How is profit calculated on an invoice statement?
Net income is calculated by subtracting expenses from income. If the number is positive, you have a profit and if it’s negative, you have a loss.
Does FreshBooks offer other free accounting report templates?
Most definitely. FreshBooks has other free resources, such as general ledger templates, expense reports and more.
Why do I need FreshBooks if I have the free income statement template?
Our free accounting resources, including the free income statement format, are designed for business owners looking to take a do-it-yourself approach to accounting. But the FreshBooks cloud accounting software is a much more powerful and efficient resource that’s designed to help businesses save money and time on their bookkeeping.
What are some of the features included in the FreshBooks cloud accounting software?
The resources that are included in the FreshBooks cloud accounting software are a lifesaver for business owners who want a thorough understanding of their company’s finances. Keeping your accounts organized is a fundamental part of any healthy business plan, and that’s where a practical, fully customizable bookkeeping resource comes in.
FreshBooks offers cleverly-designed accounting reporting features that can help any business easily keep track of their finances, including their revenue and losses. You’ll gain unlimited access to practical financial templates that are the backbone of business planning and will help you keep track of your critical business activities.
What other financial statement templates does FreshBooks provide?
If you’re looking for more free templates to help keep your business running as smoothly as possible, check out some of the other free templates on the FreshBooks website.
An income statement or balance sheet is a necessary financial document that tracks how much money is coming in and out of a business, and with the free balance sheet template from FreshBooks, every dollar will be accounted for.
A small business income statement showcases a company’s revenue and expense over the course of a specific time frame. FreshBooks provides a specialized small business income statement template, perfect for any small business owner who requires accuracy and is looking for efficiency in their accounting.
Take control of your finances and automate your bookkeeping with FreshBooks. You can get back to business and start running your company the way it deserves.
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