{"id":1482,"date":"2020-06-09T08:42:26","date_gmt":"2020-06-09T13:42:26","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1482"},"modified":"2022-04-07T16:18:04","modified_gmt":"2022-04-07T21:18:04","slug":"what-is-an-income-statement","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/financial-management\/what-is-an-income-statement","title":{"rendered":"What is an Income Statement?"},"content":{"rendered":"\n<p>From learning about 1099 Forms, picking up bookkeeping tips, and figuring out how to calculate a cash flow analysis, it\u2019s easy to feel overwhelmed when starting your own business.&nbsp;<\/p>\n\n\n\n<p>But this is <em>your<\/em> dream and you shouldn\u2019t need to have an advanced degree in accounting to take control of your business\u2019s finances. So let\u2019s start with the basics.<\/p>\n\n\n\n<p>In this article, we\u2019ll take you through a very important part of running a business, income statements. This is one of three important financial documents that you\u2019ll want to become familiar with \u2014 the other two are a balance sheet and a statement of cash flows.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_Income_Statement\"><\/span><strong>What is an Income Statement?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An income statement, also known as the profit and loss statement, is a financial document that\u2019s important to <a href=\"https:\/\/startupfinancialhealthchecklist.com\/#\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">managing your small business\u2019s financial health.<\/a> This statement is used to report your revenue, expenses, and profits and losses over a set period of time. The income statement provides you and your accountant with a summary of your finances across the following categories:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Revenue<\/li><li>Cost of goods sold (COGS)<\/li><li>Gross profits<\/li><li>Expenses<\/li><li>Operating income<\/li><li>Net profit<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Income_Statement_versus_a_Profit_and_Loss_Statement\"><\/span><strong>Income Statement versus a Profit and Loss Statement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re new to owning a business, managing both your operations and <a href=\"https:\/\/www.northone.com\/our-customers\/small-business\">your small business\u2019s banking<\/a> can sometimes feel like choppy waters to navigate.&nbsp; If you don\u2019t have a degree in financing (most small business owners don\u2019t) some jargon can get the best of you. That\u2019s okay! That\u2019s where we come in.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" target=\"_blank\" title=\"Apply for a North One Account in less than 3 minutes.\" rel=\"nofollow noopener\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You will most likely see the term \u201cincome statements\u201d and \u201cprofit and loss statements\u201d used interchangeably, and this is because the two <em>are <\/em>in fact the same. So don\u2019t panic if someone asks about one and you\u2019ve only got the other! You\u2019re good to go, we promise.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_an_Income_Statement_Tell_You_About_Your_Business\"><\/span><strong>What does an Income Statement Tell You About Your Business?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The income statement reports information about your small business\u2019s net profit. This is based on the revenues and expenses reported in the statement. How valuable is this information? It helps a business better understand the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Budgeting \u2014 here to cut costs and how to <a href=\"https:\/\/www.northone.com\/blog\/financial-management\/how-to-create-a-business-budget\/\">drive revenue through budgeting readjustments<\/a><\/li><li>The cash flow of your business<\/li><li>Revenue and loss trends&nbsp;<\/li><\/ul>\n\n\n\n<p>These insights can help you develop actionable plans to grow your business\u2019s profitability.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Included_on_an_Income_Statement\"><\/span><strong>What is Included on an Income Statement?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When putting together your business\u2019s income statement, include the following categories:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Revenue: <\/strong>This refers to money made from selling your service or product, and non-operating income from sources like investments.<\/li><li><strong>Cost of Goods Sold (COGS): <\/strong>The amount of money needed to provide your service or product.<\/li><li><strong>Gross Profit: <\/strong>The product of subtracting your COGS from your net sales (money earned from your product or service).<\/li><li><strong>Expenses:<\/strong> This refers to operating expenses. This is money you\u2019ve invested in the function of your business, such as administrative costs, rent, payroll, or utilities.<\/li><li><strong>Operating Income:<\/strong> The profit earned from ongoing operations. This is the product of taking your gross profit and subtracting all of your operating expenses.&nbsp;<\/li><li><strong>Net Profit: <\/strong>Total money your business earned after you deduct expenses. This is the product of taking gross profit and subtracting total expenses.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Single-Step_vs_Multi-Step_Income_Statement\"><\/span><strong>Single-Step vs. Multi-Step Income Statement&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The single-step approach is simple. This approach takes revenue and subtracts expenses to equal net income. The single-step approach lumps all the revenues into one figure and the expenses into one figure to use one simple equation to make the process more streamlined.&nbsp;<\/p>\n\n\n\n<p>The multi-step income statement is a method of creating your financial statement using four critical areas of your business\u2019s operations: gross, operating, pretax, and after-tax. The multi-step approach first takes operating expenses from the gross profit to find operating income. Then additional revenues are added while expenses are subtracted to find income before taxes. Lastly, taxes are deducted in order to find net income.<\/p>\n\n\n\n<p>There you have it, a crash course on the income statement. Check out our post on <a href=\"https:\/\/northone.com\/blog\/financial-managment\/how-to-write-a-profit-and-loss-statement \">profit and loss statements<\/a> <strong> <\/strong>(see, told you you\u2019d see them used interchangeably!) for more information on how to put together this document.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns emailcapturecontainer has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"background-color:#edce81\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:55%\"><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:45%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" data-expand=\"1\" src=\"https:\/\/www.northone.com\/blog\/wp-content\/plugins\/media-ace\/includes\/lazy-load\/images\/blank.png\" data-src=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/10\/N1-DeviceLockup.png\" alt=\"\" class=\"lazyload wp-image-3928\"\/><\/figure>\n<\/div><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From learning about 1099 Forms, picking up bookkeeping tips, and figuring out how to calculate a cash flow analysis, it\u2019s easy to feel overwhelmed when starting your own business.&nbsp; But&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[138],"tags":[84,100,78,119,117,143,127,195,148,92],"class_list":["post-1482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-management","tag-accounting","tag-accounts-receivable","tag-finance","tag-financial-health","tag-financial-management","tag-financing","tag-freelancer","tag-income-statement","tag-northone-app","tag-small-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is an Income Statement | North One<\/title>\n<meta name=\"description\" content=\"An income statement is one of your business\u2019s main three financial documents. 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