Monthly Profit & Loss Statement for a Small Business
Originally published: 16/06/2021 04:13
Publication number: ELQ-92390-1
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Monthly Profit & Loss Statement for a Small Business

The model gives the chance to business owners to prepare the profit and loss statement

Description
General Overview
The model is profit and loss statement with variance analysis
The model is constructed for small business to be used by financials and business owners

Why the model is important for your as business owner?
The model gives the chance to business owners to prepare the profit and loss statement in short time on monthly basis by recording the revenue and expenses as well as to prepare the budget for 12 months
The profit and loss statement shows your business’s revenue, expenses, cost and income on monthly basis.
Business owners can use the profit and loss statement to determine whether they need to improve their bottom line by increasing revenue or cutting cost.
As a business owner, you must track the money going in and out of your company to keep your finances on track, on way you can do this is by monitoring your profit and loss statement for your business
The model is also a great tool for all sized enterprises but need to add the balance sheet and cash flow

Very simple to use, the user only needs to fill the green cells in the green tabs for actual data and fill the green cells in the orange tabs for 12 months budget and the outputs are updated instantly

When you select the current month in the front page, the budget YTD, actual YTD are updated instantly


Inputs
Update the general info in the Front Page
Select the current month by choosing the selection box in the “Front Page” sheet, column D, row 18
Fill the actual data on monthly basis in the green tabs, fill only the green cells
Fill the budget in the orange tabs, Fill only the green cells

Outcome
The data will dynamically flow in to the following below

-Profit and loss statement by month including 3 major component, gross profit, operating and net profit
-Budget for 12 months including 3 major component, gross profit, operating and net profit
-Variance analysis actual versus budget

Conclusion and customization
This is a highly versatile, very sophisticated financial model template, and is also user-friendly.
If you have any inquiries, modification request or other requests of assistance to customize the model template for your business case please contact us here: https://www.eloquens.com/channel/ecorporatefinance

This Best Practice includes
Excel Template

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