Comparative Income StatementHere is a list of comparative income statements along with an explanation of what financial information they provide. Budget vs Actual Comparison The budget versus actual report allows you to compare side by side the income and expenses you forecasted for a given time period versus your actual income and expenses for that same time period. This report can come in handy throughout the year in showing you whether you are sticking to your budget or not, and helping you make financial decisions on whether or not you can afford to spend money on a particular item. In addition, this is a helpful report to review at the end of the accounting period, when you are planning your budget for the next accounting period. Previous Year Comparison The Income Statement Previous Year Comparison allows you to analyze the current year and previous year side by side. You can view this statement as a year-to-date comparison with the same period for the previous year or by comparing month to month with the same month(s) of the previous year. Profit and Loss by Customer Job Comparison This statement allows you to compare the income and expenses for each customer and job. However in order, to create this statement, you have to allocate your income and expenses by customer job when you enter those income and expenses. This statement is helpful in showing you how much money your gained or lost for each job so you can determine which projects are costing you money and which ones are bringing in money. For example, in a plumbing business, this report will tell you for each plumbing job you did, how much you made minus how much you spent on plumbing parts, outsourcing services, etc, for that particular job. Return to Summary of Profit and Loss Statements
|
