The profit and loss (P&L) statement, also referred to as the income statement, is a financial statement commonly used by lenders to evaluate your financial condition and prospects for future growth. You can get your P&L statement from your QuickBooks systems, your bookkeeper, or a small business accounting firm can assist you with your P&L statement preparation. To get a jump start in making a P&L statement, review sample worksheet below.
A P&L statement is important for several reasons. First, it gives you important information regarding revenues and expenses and calculates net income or net losses for a specified time period. The net result could highlight the need to make adjustments to recapture losses or decrease expenses. The P&L statement also illustrates your ability to manage and use your company’s resources. Finally, the P&L statement serves as the record of your business operation that is used to assess taxes on profits earned. It is the only financial statement required by the IRS.
About Excelsior Growth Fund
Excelsior Growth Fund (EGF) helps businesses in New Jersey, New York and Pennsylvania grow by providing streamlined access to business loans and advisory services. EGF’s signature product, the EGF SmartLoan™, provides up to $100,000 in fast, transparent, and affordable financing through a secure online platform. Larger loans up to $500,000 are also available. EGF is a nonprofit organization and is certified by U.S. Department of Treasury as a Community Development Financial Institution (CDFI). Learn more atwww.excelsiorgrowthfund.org.