Profit Loss Report

Accounting is a vital part of managing a business, and whether you like it or not, you've got to report your earnings to the authorities. Not only that, but by keeping track of your incomes and expenses, you can more clearly see what's really going on with the finances of your business. If you don't wish to go the accounting software route, you may want to consider using an Excel spreadsheet-based solution, and Profit Loss Report makes for a good example.

If you know your way around Excel, you likely won't have any trouble maneuvering this one. Even so, for the uninitiated, the spreadsheet is quite beginner-friendly to begin with, despite the perceived complexity at first glance. The provided tutorials can help users get started with their reports in a manageable way.

Per its name, this solution seeks to help users manage income and expenses, all in one place. Fill in the respective dates for incomes and expenses, enter their values, and the tool will help you determine where your budget stands. Monthly reports can be done this way, and based on them, you'll also be able to draft profit loss reports, which go quite in-depth. Vendors and income sources can also be introduced.

These reports can, of course, be utilized to help business owners report the relevant data to the authorities for the tax season.