In any business, the most important thing is profit and loss it is the base of any business. No business is without loss and profit both exist in at a time. If you are running a business or you are in the process of setting one up profit and loss account template excel is the most important document. This template shows the performance of your business and records of incoming, outgoing, purchase and sale. This profit and loss account template summarizes the investment and outcome of the business. It also tells about the net earnings of the business for the time.
There are two types of profit and loss account excel templates both have different features and facilities.
Monthly Profit and Loss Template
It depends on the nature of business if the business requires regular reporting and details then monthly profit and loss template is the best option for such a business. It is feasible for all type of businesses it can be easily modified as per requirement you can add or eliminate details as required.
Annual Profit and Loss Statement
Now here comes the businesses that are running for several years and require some annual reports to see the performance of the company this document is the best choice for such businesses. Annual profit and loss statement have the same format as of monthly statement the basic change is of the duration of updating.
Excel is the best source to form such templates and it’s free also so affordability is there as well. So if you want to have some changes in the profit and loss account template according to your business you can easily do that by adding some rows and columns and make sure that the formulas for calculations still working properly.