Profit & Loss Statement
The P&L statement is a critical tool for businesses to evaluate their financial performance and determine their profitability. It is used by stakeholders such as investors, creditors, and management to make informed decisions about the business.
The P&L statement typically includes the following components:
- Revenue
- Cost of goods sold (COGS)
- Gross profit
- Operating expenses
- Operating income
- Other income and expenses
- Net income
Trial Balance
The purpose of a trial balance is to ensure that the total amount of debit balances equals the total amount of credit balances in the general ledger.
Preparing a trial balance is an important step in the accounting cycle as it ensures the accuracy of the financial records. If the total debits and credits do not match, it indicates an error in the accounting records that needs to be corrected before preparing the financial statements.
The trial balance includes the following information:
- Account names
- Debit and credit balances
- Total debits and credits
Balance Sheet
The balance sheet equation is Assets = Liabilities + Equity. This means that the total assets of the company must equal the total of its liabilities and equity. This equation provides a basic framework for understanding the balance sheet and helps to ensure that the balance sheet is in balance.
It shows the company's assets, liabilities, and equity, and provides an overview of the company's financial health. The balance sheet is divided into two main sections:
- Assets
- Liabilities
Other Features of Financial Statements
Financial Statements also come with several features which help you make faster and better decisions.
PDF & Excel
These statements also available in excel and pdf to download it for future usage.
Drill Down
The drill down helps you to get the narrow down the transaction to see base entries with it.
Custom Date Range
Custom Date range picker is available to modify custom dates to get results.
Profit & Loss
Evaluate your company's revenues, expenses, and net income over any reporting period.
Balance Sheet
Get a complete snapshot of assets, liabilities, and equity to assess financial health.
Cash Flow
Track the movement of cash in and out of your business across operating, investing, and financing activities.
GL Report
Detailed general ledger reports to review all journal entries and account activity.
Ratio Analysis
Analyse key financial ratios to benchmark performance and support strategic decisions.
PDF & Excel Export
These statements also available in excel and pdf to download it for future usage.
Drill Down
The drill down helps you to get the narrow down the transaction to see base entries with it.
Custom Date Range
Custom Date range picker is available to modify custom dates to get results.
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