TRY OUR FREE PROFIT AND LOSS TEMPLATE: https://www.xero.com/nz/templates/profit-and-loss-sheet-template/ SIGN UP FOR A FREE TRIAL: https://www.xero.com/signup/?utm_camp... An income statement or a P&L - profit and loss - statement, is a financial report that shows how much your business has spent and earned and whether you’ve made a profit or a loss. The statement can cover any period of time, although it’s most commonly prepared at the end of a month, a quarter, or a year. This video provides specific examples and breaks down the key sections of a P&L statement; revenue, cost of sales, other income and expenses. You can use these figures to calculate your business's bottom line. Check out more guides and info here: https://www.xero.com/nz/resources/sma... Xero is beautiful accounting software for small businesses and their advisors. See your cashflow in real-time with online accounting, invoicing, payroll, billing & banking. Just login and see the difference. Like us on Facebook: http://www.facebook.com/xero.accounting/ Follow us on Twitter: http://www.twitter.com/xero Follow us on LinkedIn: http://www.linkedin.com/company/xero Subscribe to our YouTube Channel here: https://www.youtube.com/user/XeroOnli... For Xero product support please visit: http://central.xero.com These videos are intended as a general guide only. Please consider what is best for your business. If you require further information specific to your business needs, please speak to your professional advisor/s