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What Is an Income Statement, and Why Is It Important?

  • FinSightAccounting
  • Oct 11, 2024
  • 1 min read

Updated: Oct 13, 2024


Accounting Nerd Answers "What Is an Income Statement, and Why Is It Important?"

What’s an income statement, and why does it matter for your business?


An income statement (or P&L statement) shows your business’s revenues and expenses over a specific period, helping you determine:


1️⃣ Profitability


2️⃣ Cost management


3️⃣ Financial trends


Regularly reviewing your income statement helps you make informed business decisions. 





 
 
 

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