Free Income Statement Template for Small Business

Income statements are indispensable for managing and forecasting revenue, expenses, gains, and losses. That is why all business owners and executive managers must learn to create income statements from scratch or use a template.

Using a pro forma income statement template helps businesses:

• Create fast-track income statements.
• Inform investors about a company’s specific earnings or expenses to assess its profitability.
• Provide financial controllers, auditors, and accountants with immediate feedback on a company’s profitability and potential for future investments.

Learn how to use a simple yet professional and extremely customizable income statement template to avoid any income calculation or reporting missteps.

This post helps you understand why a simple income statement template is important for a business owner or executive manager and why you should get an Enerpize income statement template.

Importance of Income Statement Template

Templatized income statements are critical to small businesses that wish to gain immediate insights into specific financial projections or assumptions before going all out creating reportable and compliant income statements.

The income statement template could also be used to disclose certain financial information to the general public, but of course, with a caveat: making clear to whoever is addressed that the income statement templates are not formal and are only meant for informative purposes.

Templatizing income statements is particularly important compared to other financial documents. Notably, income statements are P&L records where companies gain a broad understanding of revenues and expenses in a snapshot.

Read Also: How to Track Your Business Expenses

Further, income statements provide financial planners and analysts with valuable insights into a company’s financial and non-financial performance. Financially, managers can identify specific patterns to expand or limit products in one or more market segments or geographies. Non-financially, managers can identify where production is maximized in operations or human capital activities, resulting in optimum net income.

In short, income statement templates are now increasingly replacing traditional, informal income statements as de facto statements to gain broad financial information about a company’s range of activities at a glance.

That being said, how do you use an income statement template anyway?

How to Use Income Statement Template

Specific steps are required to use an income statement template as follows:

1. Download your free statement template (shown in the next section).
2. Choose your suitable monthly, quarterly, or annual sheet based on your needed reporting period. 
3. Type over and replace each placeholder with your information (company name and date).
4. Add or remove line items, such as Service Revenue and Sales Revenue, or as you see fit according to your accounting needs.
5. Confirm all emboldened formulas are working as preset.
6. Save a copy of your modified sheet in whatever format you prefer (PDF or XLS).

Enerpize’s income statement template is as flexible and customizable as any business would wish. Instead of a monthly or annual template, as many other companies offer, Enerpize’s income statement template could be populated for monthly, quarterly, or yearly accounting or general reporting requirements.

Free Downloadable Income Statement Templates

To make matters easier, here is a free downloadable income statement template you can use anytime, anywhere.

Income Statement Template In Excel

Downloaf the income statement template in excel.

Income Statement Template Google Sheets

Copy Income Statement Template to Your Google Sheet

As shown in your embedded example above, Enerpize’s income statement template (populated using actual data from a real company’s income statement) is easy to use and fill in using any amount or type of financial data needed based on each company’s accounting needs.

The main entries—including Total Revenue, COGS, Operating Expenses, Other Income/Expenses, and Net Income—are all identifiable and fillable at a glance. Having an easy-to-use income statement template such as Enerpize’s is a convenient tool and a formidable enabler for every business to gain immediate insights into a wide range of financial data, leading to a more comprehensive overview of a company’s future financial performance.

Create Statements Automatically With Enerpize

Enerpize is built for and around customization. In all of Enerpize’s features, customization and personalization are central to helping meet every company’s business needs.

Using Enerpize’s income statement template is one example of customization and personalization going above and beyond.

Templatization at Enerpize, including for income statements, helps businesses:

• Instantly create and customize pre-filled, shareable, and trackable estimate templates.
• Generate product-/customer-custom invoices.
• Generate custom designs to adhere to different reporting and regulatory requirements.
• Customize email templates to suit every stakeholder in income statement planning, creation, or reporting.

These and more are essential features and benefits many businesses need to customize a wide range of financial documents, including income statements, better.

Toiling over a manual income statement is not your best option, particularly if you are a small business. Indeed, if you want to get results fast from your income statement, the Enerpize ERP software is your best option to:

• Spare up your resources.
• Accelerates your income statement creation process.
• Make income statement management a matter of clicks.

There is every business benefit to gain using Enerpize’s online accounting software. In addition to all benefits and powerful features stated above, Enerpize provides superior customer support, a critical component in our service portfolio. Specifically, Enerpize’s support is equipped with, and available 24/7, to accommodate all inquires businesses may have from signup service optimization and everything in between.

Getting Enerpize aboard is a decision you, as a business owner or executive manager, won’t regret. 

Try us out and get immediate insights about your business revenue and expenses using our templatized income statements. 

Final Thoughts

Income statements are critical to any business to manage day-to-day operations and also to predict future business activities. Creating in one statements can be done manually or automatically, using traditional per line item entry methods or a template.

As more and more companies undergo radical changes over short spans and in response to ever-evolving market conditions, having a handy and quick-to-creat income statements is now a standard across industries, business activities, and markets.

Templatized income statements are no longer an option for dynamic business ecosystems. Today, businesses resort to income statement templates to: 

• Gain quick access to an account of revenue, expenses, gains, and losses.
• Inform the general public about specific financial matters.

However, income statement templates come with a caveat. As informal financial accounts of a company’s overall revenue and expenses, they are not reportable to relevant regulatory authorities. They are intended for internal use only.

Conversely, income statement templates provide business owners, executive managers, and financial analysts with early and handy insights into a company's current and future financial performance.

Income statement templates come in all shapes and sizes, and as a business owner or executive manager, you should be careful about which template you choose.

Templatization of financial documents, including income statements, matters, particularly when you need a quick, internal reference to understand how your accounting works.

Take no chances with your income statement and opt for your best-fit income statement partner.