What is an Income Statement and why do I need it?

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FAQWe like to use this blog to address frequently asked questions in the world of bookkeeping for businesses. Here’s one of them:

What is an income statement and why do I need it?

And here’s our answer:

An income statement shows all of the revenue and expenses for your business for a specific time period. A quarterly income statement ending March 31, shows revenue and expenses for January, February and March; a monthly income statement shows the figures for a single month. It is important because it tells you if you are making money and can be used as a tool to analyze what areas of your business are profitable and which are costing you money.

So there you have it, if you’ve ever wondered Smiley Face

Got more questions about bookkeeping for your business? Contact us today and let us know!

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Juliet Aurora

About the Author:

Juliet Aurora is the President and CEO of AIS Solutions. She has been in the Accounting and Finance space for more years than she will ever admit. When she isn’t acting as the Sensei for her team of Bookkeeper Ninjas, you will find her working tirelessly to advocate the accreditation of bookkeeping in Canada. Her vision is for AIS Solutions to become the standard against which all other bookkeepers and bookkeeping firms are measured. Juliet can be contacted by email or by calling 1 888 575 5385.
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