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

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

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!

About The Author

Juliet Aurora is the CEO of AIS Solutions and Co-Founder of Kninja Knetwork. Through both of these businesses she fulfills her mission to Educate and Empower those around her. In 2017, her firm was named Intuit's Global Firm of the Future, the first time the title has ever been awarded to any firm outside of the US. She has also has been named as one of the Top 50 Women in Accounting, one of the Top 50 Cloud Accountants and one of the Top 10 Canadian Influencers in the Bookkeeping Industry. Her passion for education is channeled through the Intuit Trainer Writer Network, hosting Kninja Knowledge Webinars and most recently, developing a Cloud Accounting Course for the next generation of accounting professionals.

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