{"id":80446,"date":"2022-12-12T11:38:53","date_gmt":"2022-12-12T19:38:53","guid":{"rendered":"https:\/\/honeybook.site.strattic.io\/?p=80446"},"modified":"2023-08-03T08:49:52","modified_gmt":"2023-08-03T15:49:52","slug":"profit-and-loss-statement","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/profit-and-loss-statement","title":{"rendered":"What is a profit and loss statement? Guide for independent businesses"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><em>Learn the basics of a profit and loss statement, a foundational financial document for independent businesses.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"793\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-1024x793.jpg\" alt=\"\" class=\"wp-image-80450\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-1024x793.jpg 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-300x232.jpg 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-768x594.jpg 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-1536x1189.jpg 1536w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>If you&#8217;re an independent business owner, your responsibilities keep you busy. You need to keep track of many moving parts, from acquiring clients and scheduling appointments to completing work and getting paid. And one crucial task on your to-do list should be understanding your profit and loss\u2014or P&amp;L\u2014statement.<\/p>\n\n\n\n<p>A P&amp;L statement basically summarizes your business\u2019 revenue and expenses for a specific period of time, typically quarterly or annually. It&#8217;s an essential tool for independent businesses because it provides critical insights into the overall health of your operation. Are you generating enough revenue? Your P&amp;L will show that. Are your expenses too high?&nbsp; Your P&amp;L statement can show you outright. Answering these questions can help you make informed decisions about how to grow your business going forward.&nbsp;<\/p>\n\n\n\n<p>This article will help you understand the ins and outs of profit and loss statements, so you can use them to better monitor your business&#8217;s financial health.<\/p>\n\n\n\n<p><strong>Jump to:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#details\">What goes into a profit and loss statement<\/a><\/li>\n\n\n\n<li><a href=\"#how-to\">How to use a profit and loss statement<\/a><\/li>\n\n\n\n<li><a href=\"#reporting\">How profit and loss fits into broader financial reporting<\/a><\/li>\n\n\n\n<li><a href=\"#track\">Track and generate profit and loss statements easily with HoneyBook<\/a><\/li>\n<\/ul>\n\n\n\n<a id=\"details\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">What goes into a profit and loss statement?<\/h2>\n\n\n\n<p>A <a href=\"https:\/\/www.investopedia.com\/terms\/p\/plstatement.asp\" target=\"_blank\" rel=\"noreferrer noopener\">profit and loss statement<\/a>, also called an &#8220;income statement,&#8221; is a financial document that summarizes your income and expenses for a given period of time. It typically covers a period of one year but can be shorter or longer depending on your business&#8217;s accounting cycle. The purpose of an income statement is to show whether your business is profitable or not.<\/p>\n\n\n\n<p>There are several different ways to <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-make-a-profit-and-loss-statement\" target=\"_blank\" rel=\"noreferrer noopener\">make an income statement<\/a>. The most common way is to list all revenues at the top followed by all expenses below it. This provides a &#8220;bottom line&#8221; number that shows your net profit (or loss) for the period covered by the statement. To read an income statement formatted in this manner, simply start at the top with total revenue and work your way down to net income (or losses).<\/p>\n\n\n\n<p>There are many different ways to itemize and break down revenues and expenses in this financial report. The most important thing is to be consistent in how you approach each category. For example, if you are listing advertising expenses, make sure that you include all your advertising spending under one heading. Some common ways to itemize expenses include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost of goods sold (COGS)<\/strong>: This includes the cost of delivering your service as well as the direct labor costs associated with generating it. COGS does not include indirect costs such as overhead or shipping. It may be more appropriate for products instead of services, but its format can be modified to adjust your service-based delivery.<\/li>\n\n\n\n<li><strong>Operating expenses<\/strong>: These are the day-to-day costs of running your business such as rent, utilities, salaries, marketing, etc.<\/li>\n\n\n\n<li><strong>Depreciation and amortization<\/strong>: This is the gradual &#8220;wear and tear&#8221; expense associated with owning capital equipment or intangible assets such as patents or copyrights.&nbsp;For most independent business owners, this may not be a category to track.<\/li>\n\n\n\n<li><strong>Interest expense<\/strong>: If your business has any loans outstanding, the interest payments on those loans will be included here.<\/li>\n<\/ul>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88924\" class=\"elementor elementor-88924\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-99ad397 e-con-full cta_click e-flex e-con e-parent\" data-id=\"99ad397\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-ec10187 e-con-full e-flex e-con e-child\" data-id=\"ec10187\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c538a76 elementor-widget elementor-widget-image\" data-id=\"c538a76\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"404\" height=\"740\" src=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png\" class=\"attachment-medium_large size-medium_large wp-image-88479\" alt=\"\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png 404w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-164x300.png 164w\" sizes=\"(max-width: 404px) 100vw, 404px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0d64de4 e-con-full e-flex e-con e-child\" data-id=\"0d64de4\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a918e8 elementor-widget elementor-widget-heading\" data-id=\"8a918e8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Get the free profit &amp; loss template<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dea38c1 elementor-widget elementor-widget-text-editor\" data-id=\"dea38c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Use our free profit &amp; loss template to track revenue and expenses.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cb141f click-profit-loss elementor-widget elementor-widget-button\" data-id=\"7cb141f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get the template<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<a id=\"how-to\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">How to use a profit and loss statement<\/h2>\n\n\n\n<p>You can use a profit and loss statement in a number of different ways. The most common use is to simply track the profitability of your business over time. This information can be <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/3-areas-to-analyze-your-profit-loss-statement\" target=\"_blank\" rel=\"noreferrer noopener\">helpful in making decisions<\/a> about where to allocate resources or how to price your products and services.\u00a0<\/p>\n\n\n\n<p>Additionally, many financial institutions require a profit and loss statement when applying for loans or lines of credit. Furthermore, the IRS often requires businesses in the US to provide their income statements to the IRS when filing taxes.<\/p>\n\n\n\n<p>It may seem like a required chore, but a <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/profit-and-loss-for-self-employed\" target=\"_blank\" rel=\"noreferrer noopener\">P&amp;L statement for self-employed revenue<\/a> is a valuable reference sheet for understanding your business&#8217;s financial status. It\u2019s a mirror that reflects what you need to work on versus what&#8217;s working well for your business.<\/p>\n\n\n\n<a id=\"reporting\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">How profit and loss statements fit into broader financial reporting<\/h2>\n\n\n\n<p>A profit and loss statement is just one of several <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/5-annual-financial-reports-update\">financial reports<\/a> that businesses use to track their progress and performance. Other financial statements include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Balance sheet: <\/strong>Lists a company&#8217;s assets, liabilities, and equity<\/li>\n\n\n\n<li><strong>Cash flow statement:<\/strong> Tracks incoming and outgoing cash<\/li>\n\n\n\n<li><strong>Statement of changes in equity:<\/strong> This statement typically isn\u2019t necessary for independent business owners, but if you ever take your business public, this would show how stockholders&#8217; equity has changed over time<\/li>\n<\/ul>\n\n\n\n<p>You can use all of these financial statements together to get a complete picture of your business&#8217;s overall financial health.<\/p>\n\n\n\n<p>As you can probably tell, for independent businesses, documents like the Statement of Changes in Equity won\u2019t be beneficial. The balance sheet also won\u2019t be very populated, and the cash flow statement might not be so detailed.&nbsp;<\/p>\n\n\n\n<p>Instead, the profit and loss statement is quintessential for businesses at the early stages because they often reflect practically everything there is to consider in the broader sense of <a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/small-business-financial\" target=\"_blank\" rel=\"noreferrer noopener\">financial management<\/a>.<\/p>\n\n\n\n<p>Since the P&amp;L statement is a snapshot of financial performance for a given time period, it can clearly show your business trajectory as time goes on. It\u2019s up to you how well you can steer your ship with this information in hand.<\/p>\n\n\n\n<a id=\"track\"><\/a>\n\n\n\n<h2 class=\"wp-block-heading\">Track and generate profit and loss statements easily with HoneyBook<\/h2>\n\n\n\n<p>HoneyBook is an all-in-one clientflow platform that supports independent business owners like you with powerful, custom capabilities and tools. By combining all of your business needs in one place, it makes it easier to track your profit and loss.&nbsp;<\/p>\n\n\n\n<p>With HoneyBook, you can book clients and get paid directly through the platform, and integrate those payments with Quickbooks so they show up in your bookkeeping software asap. This means you can seamlessly view your payment information tracked through invoices your clients have paid. You can also manually add your expenses and generate a profit and loss from within the platform. This way, everything you need is organized in one place. You can see exactly where your money is going (and coming from).\u00a0<\/p>\n\n\n\n<p>HoneyBook lets you track all payments accepted through the platform and effortlessly generate a profit and loss statement without a hitch \u2014 leaving you more time to focus on running your business.<\/p>\n\n\n\n<div class=\"aligncenter wp-block-ugb-container ugb-container ugb-6bb1d93 ugb-container--v2 ugb-container--design-basic ugb-main-block\"><style>.ugb-6bb1d93-wrapper.ugb-container__wrapper{border-radius:12px !important;background-image:url(https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/03\/Banner-CTA-Background2.jpg)}.ugb-6bb1d93-wrapper.ugb-container__wrapper:before{opacity:0.5}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-container__wrapper ugb-6bb1d93-wrapper ugb--has-background-overlay\"><div class=\"ugb-container__side\"><div class=\"ugb-container__content-wrapper ugb-6bb1d93-content-wrapper\">\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>Start tracking your finances with less work<\/strong><\/h2>\n\n\n\n<p class=\"has-text-align-center\">See how your profit and loss performs each month inside HoneyBook.<\/p>\n\n\n\n<div class=\"wp-block-ugb-button ugb-button-wrapper ugb-9def6fd ugb-main-block\"><style>.ugb-9def6fd .ugb-button1{background-color:#000000}.ugb-9def6fd .ugb-button1 .ugb-button--inner,.ugb-9def6fd .ugb-button1 svg:not(.ugb-custom-icon){color:#ffffff !important}<\/style><div class=\"ugb-inner-block\"><div class=\"ugb-block-content\"><div class=\"ugb-button-container\"><a class=\"ugb-button1 ugb-button ugb-button--size-normal\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/online-payment-software\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"\"><span class=\"ugb-button--inner\">Try it for free<\/span><\/a><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn the basics of a profit and loss statement, a foundational financial document for independent businesses. If you&#8217;re an independent business owner, your responsibilities keep you busy. You need to keep track of many moving parts, from acquiring clients and scheduling appointments to completing work and getting paid. And one crucial task on your to-do [&hellip;]<\/p>\n","protected":false},"author":801,"featured_media":80450,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[350,195,197,493],"class_list":["post-80446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","tag-bookkeeping","tag-finances","tag-money-management","tag-profitability"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature.jpg",2000,1548,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-150x150.jpg",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-300x232.jpg",300,232,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-768x594.jpg",768,594,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-1024x793.jpg",1024,793,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature-1536x1189.jpg",1536,1189,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/12\/profit-and-loss-feature.jpg",2000,1548,false]},"post_excerpt_stackable_v2":"<p>Learn the basics of a profit and loss statement, a foundational financial document for independent businesses. If you&#8217;re an independent business owner, your responsibilities keep you busy. You need to keep track of many moving parts, from acquiring clients and scheduling appointments to completing work and getting paid. And one crucial task on your to-do list should be understanding your profit and loss\u2014or P&amp;L\u2014statement. A P&amp;L statement basically summarizes your business\u2019 revenue and expenses for a specific period of time, typically quarterly or annually. It&#8217;s an essential tool for independent businesses because it provides critical insights into the overall health&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>","author_info_v2":{"name":"Gino R. Di\u00f1o","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/gino-dino"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Profit and Loss Statements Guide for Businesses | HoneyBook<\/title>\n<meta name=\"description\" content=\"Understand your business&#039;s financial health with this guide on profit and loss statements for businesses. Track your revenue, expenses, and net income\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/profit-and-loss-statement\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Profit and Loss Statements Guide for Businesses | HoneyBook\" \/>\n<meta property=\"og:description\" content=\"Understand your business&#039;s financial health with this guide on profit and loss statements for businesses. 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