The Profit & Loss report, also known as the Income Statement or P&L, is one of the most fundamental financial reports in business accounting. It summarises all revenue earned and expenses incurred during a specific period, calculating the net profit or loss that resulted from business operations. This report is essential for assessing business profitability, identifying cost-saving opportunities and making informed strategic decisions.
Exacc's Profit & Loss report builder provides extensive customisation options including period comparisons, budget variance analysis and departmental segmentation. Users can generate reports on either a cash basis (recording transactions when money changes hands) or an accrual basis (recording transactions when they occur regardless of payment timing), with the flexibility to switch between methods depending on reporting requirements and accounting standards.
Regular review of Profit & Loss reports enables business owners and managers to track performance against targets, identify trends in revenue growth or expense escalation and respond quickly to financial challenges. By comparing multiple periods side-by-side, stakeholders can assess whether profitability is improving or declining, which product lines or departments contribute most to the bottom line and where operational efficiencies might be achieved.
Ready to generate your Profit & Loss report? Follow the steps below to configure date ranges, apply filters, customise the layout and export professional financial statements for management review or stakeholder distribution.
Create income and expense statements for any period with comparison options and detailed profitability analysis.
Your Profit & Loss report is generated - use it to assess business profitability and financial performance.