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How gini's profit and loss statement template can save you time and improve your work efficiency

screenshot of gini's google sheet profit and loss template

How gini's profit and loss statement template can save you time and improve your work efficiency

What is a profit and loss statement?

A profit and loss (P&L) statement contains a summary of a company's finances. The profit and loss statement provides details on the revenues, costs, and different expenses incurred within a given period. This is usually quarterly or annually. The profit and loss statement details a business's ability to generate profit.

When managers and potential investors need to analyze a company's financial health, they use profit and loss statements. With the data and insights from this financial document, they can predict future business performance.

Profit and loss template

What is a profit and loss template?

This P&L statement template helps to summarize your business revenues and business expenses for a specified period. This helps to determine profitability for that period.

The ideal profit and loss statement template should be easy to use and adaptable to all kinds of businesses, especially small businesses. A template should be straightforward and understandable to people who don't necessarily have a university degree in accounting. 

A profit and loss template should allow you to record your income and expenses and calculate your business's profit at any point in time. When drafting a profit and loss statement, they should also contain essential and commonly used formulas by business owners or accountants.

There are a numberof places you could get profit and loss statement templates, such as gini. Most downloadable templates come in two formats, monthly profit and loss statement template and annual profit and loss statement template. These two templates are used by different businesses based on their unique preference.

While there are many free profit and loss templates out there, not all are good. A good template should be quick, integrate with multiple sources, allow for easy sharing and automatically update without any manual effort.

Profit and loss template format

These statements tend to have unique formats but share similar components. Every profit and loss statement template should contain 3 major components; revenue, expenses, and net income.

Revenue

The template should have a section that contains data on your business's income. It should list all your sources of revenue, such as sales, tax refunds, online sales, in-store sales, and so on. 

Expenses

The expenses section on the profit and loss statement template contains data on the costs of running the business. Here, there may be subcategories to compare the cost of goods sold and the total cost of operations. Under expenses, you may find details such as the cost of advertising, training, equipment, hardware, leases, and so on.

Net income

This is arguably the most important part of the template. Once every expense has been accounted for, the net income is calculated. There are various ways to calculate your net income. For example, some businesses prefer to calculate theirs before considering interests and tax.

gini's profit and loss statement template

An automated profit and loss statement template helps improve work efficiency and save time. The following are some of the benefits of using gini's profit and loss template.

Speed

Using a profit and loss template from gini allows you to save them by automating the entire data entry process. This allows you to avoid going through the time-consuming process of manually entering data. Apart from speed, it reduces the chances of making mistakes during data entry to zero. The profit and loss template also comes with prebuilt report templates that allow you to create reports quickly.

Integration

gini's profit and loss templates allow you to integrate other platforms. This way, you can sync data from platforms like Xero and QuickBooks without stress.

Automatic Data Update

The gini profit and loss template is designed to auto-update. Rather than manually update reports repeatedly, the gini profit and loss template ensures that your statement is in sync with the changes you make on your profit and loss statement. 

Internal sharing

Our profit and loss statement template, due to its compatibility with google sheets, allows you to share spreadsheets with ease. You can closely monitor the company's financial status using google sheets on our templates. It also allows others to leave comments on the data entered as well as stay up to date on the progress being made.

gini's profit and loss template

How to create gini's profit and loss statement report

Follow the given steps to use the gini balance sheet template:

  1. Sign up or sign back into the gini Webapp.
  2. Head to the "Apps" page. Connect your accounting software to our web app [either Quickbooks or Xero, or both if needed], and then connect to Google sheets.
  3. Head to the "Dashboard" page and select "Profit and Loss Report"
  4. Select the organization for which you want to create a dashboard. Click "Create report."
  5. And that's it! Once the flow is created, you will find the report under "My flows" on the "Dashboard" page. Just click "Open flow"

We have a sample profit and loss, which you can preview here.

How to use the profit and loss template

Examples of data you should find under expenses include consulting & accounting, advertisement, insurance, rent, wages and salary, and costs of goods sold. In most cases, revenue usually appears as sales, interest income, and rental income on the profit and loss statement.

As well as the revenue and expenses record, there should be tabs for an account name or company name, account category, account type, date, flow balance, year, quarter, and corrected quarter.

gini's profit and loss statement format is divided into 4 sections. Once you have imported your accounting records, gini transforms the data on the spreadsheet into a report format. The report format includes the filter section, the bar chart, the account summary, and the account breakdown.

The filter section

This allows you to control the view of the profit and loss statement report. Here you can control the date that the report starts as well as the end date. You can also decide on the period increment that appears in the report. This can be monthly, quarterly, or annually.

The bar chart

Here you can see a representation of your company or business revenue and net income on a bar chart. This allows you to compare both statistics and interpret them for yourself. The bar chart is a representation of your business income statement and revenue for each month in a year. This way, you can know the months in which your business improved and the areas you need to improve. 

Summary

This section provides the specific numbers for monthly net income and revenue. It doesn't only show a range of figures but the actual numbers. The summary helps you share key details with colleagues, clients, or affiliates.

Account breakdown

This part of the profit and loss statement report is less detailed than the profit and loss spreadsheet. But it provides key details on the business's total income, total sales, rent, insurance, gross profit, wages and salaries, total operating expenses, and net profit. This section is also categorized monthly.

Final words 

Time and time again, founders find that their previous education and work experience doesn't prepare them for the myriad of challenges awaiting them. But with help from team members and solution providers, each roadblock becomes nothing more than a valuable teachable moment. 

At gini, our mission is to simplify business financial accounting for founders so they can easily set and reach their financial goals. We also have other templates that make tracking and managing your business finance easy. 

Cash Flow Forecasting Xero
Ray Wyand, CEO of gini
Why I write content :

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