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Income statement template
Download income statement template for free
FreshBooks income statement templates are a quick and easy solution when you need a simple, efficient income report template. Download the template or try FreshBooks accounting software for free.
What is an income statement?
An income statement, also known as a profit-and-loss (P&L) statement, is a core financial document that provides information about a company’s revenues, expenses, and profits over a specific period.
This document plays an important role in helping small businesses assess their financial performance and make informed decisions for the future. It’s a key indicator of the health of the company, its profitability, and the efficiency of business operations, allowing managers, owners, and shareholders to assess future cash flows.
How do I create an income statement?
To create an income statement, you’ll need to:
Choose a format
First, choose the P&L statement format that is most useful for you and your business’s needs.
Download the template
Next, download your free profit and loss statement template of choice in seconds from the FreshBooks website.
Enter revenue
You’ll be prompted to enter revenue information in the relevant field—keep your financial records on hand for this part.
Enter expenses
After entering revenue, you’ll input all relevant business operating expenses into the P&L report template.
Calculate net income
Simply subtract your business expenses from your business revenue to calculate your total net income.
Determine profitability
Finally, look at your bottom line. If your net income is positive, you’re profitable. If it’s negative, you’re currently unprofitable.
Download income statement template
Whether you prefer to work on your income statement in a spreadsheet or as a PDF, FreshBooks templates are easy to use and customizable to fit your business needs. If you’re searching for a more efficient way to create a small business income statement, download the FreshBooks free income statement template as a spreadsheet or PDF and start using it right away.
Income statement format
Revenue
Revenue (also called sales or income) refers to the money your business receives in exchange for goods or services you provide during a given time period.
Cost of goods sold
This section details your cost of goods sold, also called COGS. It includes expenses incurred for materials, labor, and overhead which directly contribute to the production of the goods your company sells.
Operating expenses
In this field, you enter any costs associated with running your business, such as cost of goods sold (COGS), property rental expenses, and other operating expenses.
Operating profit (loss)
Your profit/loss is your revenues minus your expenses. It will either be a positive number (indicating profitability for that period) or a negative number (indicating non-profitability).
Additional accounting templates
Business owners depend on the outstanding templates from FreshBooks because they’re easy to use and simple to customize to their needs. Download the P&L report template in seconds, free of charge, in either spreadsheet or PDF format, and start using it to grow your business right away.
Profit and loss statement template
Use our profit and loss statement template for a summary of all the revenues and expenses over a specific amount of time, showing business profitability within that period.
Income statement template vs. FreshBooks accounting software
FreshBooks accounting software takes your small business finances to the next level with simplified tracking and management, strong global client support, and professional project management tools that make your day-to-day operations more convenient. From double-entry accounting reports to automated invoicing, FreshBooks gives you the tools you need to manage and grow your business from anywhere.
| Features | Free income sheet template | FreshBooks accounting software |
|---|---|---|
Mobile access |  | |
Pre-designed templates | | |
Downloadable templates | | |
Automated data entry |  Manual Entry | |
Automated calculations | Manual formula creation | |
Reduced error risk | | |
Cloud data storage | Limited | |
Automatic report generation | | |
Scalability | Difficult | |
Automatic recurring reports | | |
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Try It FreeHelpful resources for your business
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How to Create a Multi-Step Income Statement: A Guide to In-Depth Financial Reporting
Frequently Asked Questions
