An income statement is usually referred to as a profit and loss statement in common parlance. Technically speaking, an income certificate of any organization refers to the official record of the revenues of the company. A company or an organization usually has a number of Financial Statements covering all the aspects. One of them is the income certificate which keeps a track of the overall expenses of the company and the revenue generated in one annual year. Below, you’ll find a list of numerous templates to help you design your financial statements.
Accounting Income Statement
This accounting income statement would tell you all that you need to know about income statements, balance sheets, their importance and so on. You would also be able to get your hands on the standard format when it comes to financial statements.
Basic Income Statement
For a simple and standard income statement, you can opt for this template. It would help you understand income statements better and keeps the whole concept relatively simple so that you don’t confuse yourself.
Business Income Statement
Every business owner is bound to maintain a record of all the expenses and the net income of the business he or she is running. To create one at regular intervals, you could use this template that comes in a PDF format.
Common Size Income Statement
A common size income statement is slightly different from the rest. It calculates the income statement as a percentage of the total sales. If that’s what you want, then this template is for you.
Comprehensive Income Statement
An income statement should always be thorough and comprehensive. It should be well designed and organized. That is exactly what you get here. Also, it is neat and written in a clear manner.
Consolidated Income Statement
A consolidated income statement is one that is comprehensive in nature. It takes into account all aspects of the gross revenue and the net income in an organized manner and allows the business owner to keep a tab on all expenses.
Employee Income Statement
An employee’s income certificate would contain details about the salary of the employee and would also contain details about expenses. It would help the employee come up with an efficient budget.
Operating Income Statement
This income statement template would act as a splendid sample as you try to come up with your own statement. It comes in a pdf format, which means you would be able to save and print the document with ease.
Pro Forma Income Statement
Income statements look best when they are done in excel. This vertical income statement template comes in an excel format which makes it fairly easy for you to edit them!
Contribution Income Statement
A contribution income statement template would give you an insight into the financial condition of your company. You would be able to draw up better financial statements with its help.
Traditional Income Statement
A traditional income certificate, devoid of flashy designs or experimentation, appears to be formal in nature. It would be apt for any kind of professional companies and corporations to design their income statement.
Personal Income & Financial Statement
Keeping track of your personal finances is equally important. You could keep an eye on your finances, your expenses and the net income each month or year with the help of this amazing template that comes in a pdf format.
Monthly Income Statement
Some income statements are generated each month while some are generated each year. A monthly income certificate like the one here tracks the expenses and the net income over the course of a month.
Projected Income Statement
This projected income statement that you see here comes with a proper set of guidelines. If you haven’t created an income certificate before, these guidelines would come in handy. You could follow them as you organize your details in the income certificate.
Professional Income Statement
A professional income statement is to be used by a company or an organization to keep a tab on the expenses and the net income of a company. Such a brilliant income certificate sample would make calculating gross revenues much easier.
Annual & Quarterly Income Statement
The best part about this income statement is that it is flexible and versatile in nature. Irrespective of whether your organization prefers to generate income statements annually or quarterly, you would be able to make the most of this income statement template.
Real Estate Financial Income Statement
In the field of real estate, you would have to opt for templates specially designed for the field. This income statement template takes into account all the myriad aspects in this arena, and helps you understand and plan your finances better.
Restaurant Income Statement
For restaurants, it is important to keep a tab of all expenses and the revenue generated on each night in a month diligently. This template would be perfect for restaurant owners who plan to keep a vigilant eye on their finances.
Retail Income Statement
In retail stores, it can be pretty easy to lose track of all the revenue and the net income. That’s why this template comes in handy. It can help you chalk out a proper budget and even keep an eye on your net income.
Annual/Yeary Income Statement
In most companies and organizations, income statements are generated on an annual basis. Like this template, they contain details of all the expenses in the course of the year. It also includes the net income of the company.
Formal Income Statement
An income statement is supposed to be one of the most important financial statements of a company. Naturally, it has to be professional in nature with a formal tone. If that’s what you want, then you really need to take a look at this amazing template.
What is an Income Statement?
On an annual basis, it is important to calculate the profits and loss of any company as a whole. That is because in the course of a year, a company’s actions and policies result in either profits or loss. Apart from that, there are overhead costs involved in running any organization or corporation. Naturally, it is important to keep a tab on all these expenses and the revenue generated at the end of the year.
If you’ve ever looked at an income statement, you’ll see that it lists every little expense made from the company’s account in that financial year, and weighs the revenues generated against it. Suffice to say, an Income Statement is one of the most important official documents and gives an idea of where the company stands in the scheme of things. Without this income statement, it would be difficult to chalk out the budget for the next financial year.
What is the Purpose of Income Statement?
Now that you know what an income statement is, let us find out the main purpose behind it:
These are of great importance to creditors and investors because they help determine the financial track record of a particular company and thus predict its future performance.
- It would also help estimate the flow of cash in the future based on the income and expenses of the company.
- For charitable institutions, it is important to be able to show their expenses and revenue to the donors and other concerned parties. To do that, an income statement would come in handy.
- It is much better than a simple balance sheet since the latter only represents a fixed period of time.
- It helps the company executives get an insight into the bigger picture about where the company stands, financially speaking.
- It also helps the company to come up with a proper budget for the upcoming year or quarter with a new target and goals.
Why go for Income Statement Templates?
Now you have a fair idea of what an Income Statement is and why it is important. Have you ever taken a look at an income certificate? It is incredibly difficult to design. Such an income and expense statement is detailed and covers all the aspects. It would state the overall expenditure of the company as a whole and would even draw up comparisons. Unless you are thorough with the pattern of an income statement, it is advisable to leave it to the professionals.
For instance, these templates have been created keeping in mind the requirements of your company. Plus, they come in a standard format that is sure to be accepted by all organizations. Also, most of these Income Statement templates either come in a Word or PDF format, which makes them easy to edit, save and print. You’ll have a wide variety of options to choose from, in case you’re planning to carve out an elaborate income statement.
How to Create the Income Statements?
The best way to create an income statement for your company would be to use these accounting Income Statement Format. They come in easy to use formats, so you wouldn’t require special software to download or edit the templates. Since these templates come in either a Word or PDF format, you’ll be able to edit and customize them. You can tweak the details in the income statement, or even add some information that you think is necessary. You can add details about your company, insert the company logo etc.
You could even use these templates as a sample as you create your own. Once you’re satisfied with the outlook of your income certificate, you can have it printed. The best part is, you can use the same income certificate template each year by simply editing the details. That automatically reduces your workload! With the help of these amazing templates, creating income statements become easier than before.
What do the Income Statements Contain?
In very simple terms, an Income Statement contains the total revenue of a company, the total expenses and the gross revenue or the net income generated that financial year. The total revenue refers to the total sum that has been recorded in the market, where the overhead costs of the company haven’t yet been taken into account. The expenses of a company would include the amounts spent in advertising, marketing, insurance, legal and professional services, utilities, telephone and communications, credit card and bank fees etc.
To get the net income of the company, these expenses are to be deducted from the total revenue. The amount that you get would be the actual income of your company. The income statement contains all these minute details in a logical format that almost resembles a flow chart. However, some Sample Income Statements are more detailed than others; it varies from company to company.
Benefits of Income Statement Templates
Here, you would get a number of options when it comes to the income certificate templates. All of them are practical and easy to use. In case you still haven’t tried out some of these income statement templates, here are some of the perks associated with them:
- These templates are practical. There is nothing confusing or ambiguous about them. The templates present all the details in a clear manner so that the users find it easy to understand and follow.
- The templates have been designed by professionals who are perfectly aware of what an income statement looks like. So if you haven’t created one before, you can rely on these professionals to deliver amazing samples at your disposal.
- The income statement samples follow the accurate pattern. There is a standard pattern of income statements that are followed in companies around the globe. These templates follow this standard pattern and thus prevent chances of error.
An income statement is of prime importance to any company. Naturally, special care must be taken to create it. You could us these income statement templates which can be tweaked and edited to suit the needs of various companies. As a matter of fact, they are versatile and multipurpose as well.
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