The income statement, also called the profit and loss statement, is a report that shows the income, expenses, and resulting profits or losses of a company during a specific time period. The income statement is the first financial statement typically prepared during the accounting cycle because the net income or loss must be calculated and carried over to the statement of owner’s equity before other financial statements can be prepared. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. Use the sheet for monthly, quarterly, and annual tasks. Last but not least our financial dashboard example provides an immediate visualization of your current Accounts Payable and Accounts Receivable situation. It affords you an opportunity to quickly reflect on your current expenditures and money to be collected in order to ensure that no payments remain outstanding for too long, and similarly that payments you owe do not take you into arrears. Here’s a sample financial statement template that shows the order of how each statement works together to report the full economic position of a company beginning with the balance sheet. At first, the cash management dashboard examines your Current Ratio and your Quick Ratio. The Current Ratio is a financial metric that indicates the liquidity of a company and its ability to pay short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables).