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Free Profit and Loss Template

Every business owner wants to know that they are in the black, right? With the profit and loss statement template from FreshBooks, you can quickly create P&Ls and determine the net income of your business.

Take your business accounting into your own hands with a variety of accounting report templates, including the free downloadable P&L statement. Simply download, add in your numbers and keep your business financials organized – all for free.

Download the sample profit and loss statement from FreshBooks to get started on yours today.

Profit and Loss Template by FreshBooks

Get Your Free Profit and Loss Template

Downloadable, customizable and free? Sounds like a profit and loss statement template sent from the clouds.

The FreshBooks P&L template is simple to use. Download the form in Google Sheets, Google Docs, PDF, .DOC or .XLS in seconds. Fill in the blank fields to create the perfect report. With all of the required information broken down on the sheet, you’re able to avoid costly mistakes and save money in your business.

Creating accounting reports has never been so simple. Get your P&L template today to see for yourself.

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Free Profit and Loss Template

Profit and Loss Template by FreshBooks

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What is a Profit & Loss Statement?

Knowing whether or not your business is profitable is important. You need to determine whether your revenue is higher than your expenses, and whether you are actually making a profit. Profit and loss statements help you to figure out if you’re in the black or in the red.

A profit loss statement includes three main sections: expenses, revenue and net income.

Revenue refers to money coming in. This is what people (clients or customers) are paying you. Expenses are costs associated with operating your business. That’s what you’re paying other people and businesses. Net income is the difference between these two numbers.

If you subtract your expenses from your income, that is your profit. Whether you have a positive or negative balance lets you know if your business is profitable.

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Remote work is becoming more and more popular. Afterall, the ability to work on your own time is pretty convenient. To assist in bookkeeping for business owners on the go, FreshBooks provides cloud accounting software that’s designed to be used outside of the office.

With the mobile app and cloud storage, you can access your business’s accounting information from anywhere, as long as you have a wifi connection.

Send invoices, collaborate with your team and automate your P&L statements with FreshBooks.

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Why Use a P&L Statement?

P&L statements are extremely useful when it comes to accounting. Business owners like yourself use profit loss statements to see how their business is doing when it comes to profitability. They also use them when they are filing taxes.

Profit and loss statements assist in analysis and planning. Many business owners use their P&Ls to determine what sort of quarterly or annual bonuses to give their staff, or whether they have money to invest back into their business.

Get Your Free P&L Template From FreshBooks

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How Do I Create a P&L?

Ready to create your P&L with the template from FreshBooks?

1

Choose a Format

Decide which template format you’ll use.

2

Download the Template

Download your free P&L template from FreshBooks in seconds.

3

Enter Revenue

Add your revenue numbers in the appropriate field.

4

Enter Expenses

Input all of your business expenses.

5

Calculate Net Income

Subtract your expenses from your revenue to calculate net income.

6

Determine Profitability

When net income is positive, your business is profitable. If it’s negative, you’re operating at a loss.

Additional Free Bookkeeping Resources

If you are looking for all of the accounting templates you’d ever need, you’re in luck. FreshBooks has created templates for all sorts of financial reports to help you manage your accounting with ease.

Frequently Asked Questions

What is the difference between a profit and loss statement and an income statement?

The only difference between a P&L statement and an income statement is the name. They report the exact same information. Both are valuable when it comes to tracking your business revenue, expenses, and profit.

How often should I generate a profit and loss statement?

It is up to you how often you should create a P&L statement. However, most businesses generate a report but monthly, quarterly and annually.

What is included on a profit loss statement?

A P&L statement include your business revenue, business expenses, net revenue and profit. By subtracting your expenses from your net revenue, you’re able to see whether your business is profitable.

How do you calculate net revenue on a profit and loss statement?

To calculate the net revenue, you subtract the expenses from your revenue. A positive net revenue signifies profit, and a negative number signifies loss.

Does the FreshBooks accounting software generate profit and loss statements?

Yes. The FreshBooks accounting software automatically generates profit and loss statements for you. Beyond that, you can send invoices to clients online, access your dashboard on the go and take advantage of the range of FreshBooks accounting features.

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Why Create P&L Statements with FreshBooks?

Fast and Simple

FreshBooks accounting software is fast, affordable and easy to use, even if you are new to business accounting.

Invoicing Services

Create and send invoices online, track payment and send reminders when payments are overdue.

Accept Payments

Encourage clients to pay through the secure FreshBooks payment portal.

Simple Navigation

The FreshBooks interface is designed for business owners. No bookkeeping experience necessary.

Affordable Plans

After a 30 day free trial, FreshBooks cloud accounting plans start at $15 a month.

Accounting on the Go

Access your business’s books from anywhere with the FreshBooks mobile app.

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