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Are you running a small business and unsure about the financial status of your business? If you’re a budding entrepreneur, there are some things you must know about your business performance. You have to work closely with accounting so you would know how your business is doing and you can easily monitor your income and spending.
For starters, you can request a monthly income sheet and expense report from your accountant to keep track of your profit and loss. There are simple and printable templates online that you can use if it’s just for your business monitoring.
Browse through Template.net’s various income sheet samples so you will have an idea of how it would look like. There are also balance sheet templates available for download in both Excel and Word formats so you can edit them offline to keep your records updated. But keep in mind that your income sheet must have lines for revenue and expenses as well as profits and losses within the time period specified.
You also need to verify all of the transactions that will be included in your report, especially those repeat transactions on every period. It is important that you maintain the quality of the data in your income sheet so checking it on every level is imperative. If you find that there are transactions that are too small or too large, you can easily review them.
The next time you need to work on your income statement, make sure you have your form ready. Download your free template now!