Publication number: ELQ-61641-1
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Further information
An income statement, also known as a profit and loss (P&L) statement, is a financial statement that shows a company's revenue and expenses over a specific period of time. It is one of the core financial statements.
Every business needs an income statement, regardless of size or industry. It is an essential tool for managing finances and making informed business decisions. Here are some of the specific benefits of having an income statement:
• Track profitability: The income statement shows a company how much money it is making after all expenses have been paid. This information is essential for tracking profitability and making informed decisions about the future of the business.
• Identify areas for improvement: The income statement can be used to identify areas where costs can be reduced or revenue can be increased. For example, a company may find that it is spending too much money on advertising or that it is not charging enough for its products or services.
Power BI P&L template applies best in the following conditions:
- When you need to create a P&L statement quickly and easily. These templates are designed to be easy to use, so you can create a P&L statement in minutes, even if you are not familiar with Power BI.
- When you need a customizable P&L statement. These templates are fully customizable, so you can add or remove fields, change the formatting, and create new visualizations to meet the specific needs of your business.
- When you need a P&L statement that is interactive and easy to analyze. These templates include interactive visualizations and drill-down capabilities, so you can easily see trends and patterns in your financial data and get more detailed insights into your financial performance.
- When you are a small business or startup with limited resources. These templates are a cost-effective way to create and analyze your financial statements without having to invest in expensive software or hire a consultant.
Businesses need comprehensive financial statements, including a balance sheet and cash flow statement. The current template does not include these, but they can be added without starting from scratch.
