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If you are self-employed, preparing an income statement can seem like a difficult task. No matter how skilled you are in business, chances are you’ve never studied finance. You do what you do because you love it, or you’re good at it—not because you love the low numbers every month.
Fillable Profit And Loss Statement For Self Employed
Doing the job yourself can be quite difficult, so for your benefit (and to ease your headaches) we’ve created a simple, straightforward template that will help you prepare a professional income statement quickly.
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Accounting has been widely used since ancient times. Some of the oldest letters ever discovered – from ancient Sumer, one of the oldest known civilizations – relate to finance and trade. And the ancient Chinese and Romans were famous for keeping records, including financial records.
Luckily for us, we no longer look for numbers on clay tablets or numbers written on papyrus. Thousands of years of civilization have made our recording easier.
If you’re working and looking for a way to manage your finances, this template is for you. Alternatively, if you need a company’s profit and loss statement template, you can find it on this page.
Remember, your income statement is different from a balance sheet, which is a summary of a business’s assets, liabilities, and cash. If you also need a balance sheet template, we have a great template for you here.
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An Income Statement (aka P&L) is a financial document that summarizes your business’s income and expenses over a specific period of time, usually a month, quarter, or year.
The information you include in your P&L provides information about your business’s ability to generate profits by increasing revenue, reducing costs, or both.
You may also see an income statement under several different names including income statement, operating statement, profit and loss statement, statement of financial results, and income and expense statement.
If you are self-employed or a business owner, an income statement is an absolute requirement for:
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An income statement (also known as a ‘profit and loss statement’) can be used to analyze the financial performance of your business over the year.
The income statement is one of the three main financial reports used by accountants and other interested parties.
Financial reports are documents prepared specifically about the financial activities of a business. They are written over a certain period of time (for example, a year) or for a certain period of time (for example, at the end of a quarter).
To be clear, a cash flow statement, unlike an income statement, cannot be used to prepare income tax reports. This is because the cash flow statement does not show ‘cash inflows’ or profits, like the profit & loss report.
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Of course, there are many other accounting and bookkeeping methods available. Others offer mobile apps, automatic bank reconciliation, automatic payments and track your inventory.
But they come at a price. Accounting software like Intuit QuickBooks can cost $1,800 per year. And that’s just an additional cost. This type of accounting software comes with a hidden cost – complexity.
Many other accounting systems are difficult to master and have a steep learning curve. Not only will you pay in cash, but also in your time.
Fortunately, the income statement template we created and provided here for you is free, easy to use, and provides everything you need to get started.
Self Employment Ledger Template
Even better, unlike other accounting software, you’ll have 100% control over creating your income statement and customize it to your needs.
Writing these lines allows you to quickly track your profits, with two simple equations that a 7 year old can do:
In English, you get gross profit by subtracting the cost of goods sold from your total revenue. And you find net profit—your profit—by subtracting operating expenses from your gross profit.
Net income is the sum of your credit sales and revenue over a specific period of time, such as a month, quarter, or year. The total amount can be calculated using the formula:
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Remember, it’s important to differentiate between costs and expenses. Cost (or ‘cost of goods sold’ as it is called in the template) is the product you purchased with the intention of reselling.
Currently, expenses are general “management” or “operation” expenses of your business. Your expenses may include rent, equipment, office supplies, computer or software upgrades, and shipping costs. Depreciation is also considered an operating expense.
Your gross profit is found by subtracting cogs (cost of goods sold) from gross profit. The pattern has ‘large profit margin’ in it.
Gross profit margin is shown as a percentage minus the gross profit/(loss) figure. Your net profit margin is calculated as gross profit divided by revenue.
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What is the gross profit percentage? That’s just an average profit. It is used to measure the success of a business. Different industries have different efficiency expectations, and we recommend you research this for your specific business, but a goal of around 50% is a reasonable goal.
The template provides your gross monthly income, as shown below.
Meanwhile, your profit after tax can be considered as ‘take home’ money. This is sometimes called ‘income’.
If total operating costs are greater than total revenue, you will experience a net loss.
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The bottom line is the profit/(loss) percentage. This tells you the total percentage of money you should save after all expenses and taxes are paid.
Your trademark or name can be typed in cell A1 in the upper left corner of the statement. Just select cell A1 and enter the name of your company or business.
Depending on the type of business you run, your income streams may include product sales, consulting services, or online courses.
You can enter your products and services under the tax heading. If you have more than 3 products or services, just enter as many rows as you need.
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To update the template to suit your financial year, select cell E2 to the right of ‘Start of financial year’ and enter the first day of your financial year in DD/MM/YY format.
To help you enter data correctly, there are helpful tips included in the template. If you see a cell with a red triangle, simply hover your mouse pointer over it to see the message.
The template comes with expense lines for all your expenses. All you need to do is fill in the numbers. You may want to check your bank statements to ensure that you have recorded all of your business expenses.
Or you may find it helpful to change other spending terms to suit your needs. For example, instead of ‘Office Supplies’, you might choose ‘Stationery’ or ‘Road Mileage.’ Just select the expenses heading and enter the name of your expense.
Profit Loss Template
Alternatively, if you have expenses that are not shown in the template, you can add rows to add specific business expenses.
To add another row, right click on the header below where you want to add the new row and from the shortcut menu click Add.
Once you add up your business income and expenses, you’ll have a better idea of how profitable you are as a sole trader.
Your completed Income Statement will show your total income. This will list all your business expenses for the year. And it will finally tell you whether you made a lot of profit or a total loss. Business School Statement Questionnaire Every self-employed person or independent contractor should fill out this form if it is not their profit. loss formula. Company Name Percentage of Company Ownership Address Type of Business Borrower Name Loan Number Date Reported MM/DD/YY – MM/DD/YY Must be at least 3 full months old Please complete the following columns to work on your business gross revenue Total Sales. Income from sales or services before deducting…
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Determine the cost of goods sold by calculating costs directly related to the production or acquisition of goods for sale.
Investors and lenders may need profit and loss statements to make informed decisions about investing or borrowing money.
Tax authorities may request profit and loss statements to ensure that businesses report their income and expenses accurately.
Email, fax or share your profit and loss form via URL. You can download, print or send the form to your favorite cloud storage service.
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Create an account. If you are a new user, click Start Free Trial and create a profile.
Prepare the files. Use the Add New button to start a new project. Then, using your device, upload your files to the system by uploading them from internal email, the cloud or adding the URL.
Change the simple income statement formula. Organize and edit pages, add and edit text, and use other tools. To save changes and return to
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