In this Reach Reporting tutorial, we will show you how to create a profit and loss statement for your business. Whether you use QuickBooks, Xero, Gusto, or import other data, Reach Reporting can help you generate professional and accurate financial statements.
Table of Contents
- What is a Profit and Loss Statement?
- Creating a Profit and Loss Statement in Reach Reporting
- Setting up a Custom Profit and Loss Statement as a Report
- Selecting the Date Range
- Choosing the Accounts
- Customizing the Report
- Generating the Report
- Viewing and Sharing the Report
- Useful Resources
- Final words
1. What is a Profit and Loss Statement?
A profit and loss statement (P&L), also known as an income statement, is a financial report that shows a company’s revenues and expenses and the resulting net profit or loss incurred over a specific period of time. It is a critical financial document that helps business owners and stakeholders understand the financial health and performance of the company.
2. Creating a Profit and Loss Statement in Reach Reporting
Before you can create a P&L in Reach Reporting, you need to connect your accounting software. To do this, simply login to Reach Reporting, select “Integrations” from the left-hand menu, and follow the prompts to connect your software.
Now that you have connected your accounting software, you can start creating your P&L. You can have your P&L statement custom-made as both a report and a dashboard. You can also just click and select from predefined statements that have built-in variance and other calculations from our templates library.
Let’s walk you through all of your options.
3. Setting Up a Custom Profit & Loss Statement as a Report
To create a profit and loss statement, select “Reports” from the left-hand menu and then click on “Add Report” and select “Create Custom”. Then, give your report a name and select the currency.
4. Selecting the Date Range
Choose “Profit and Loss” from the list of report templates. Choose the date range for the profit and loss statement. You can select a custom date range or choose from a variety of preset options, such as “Last Month” or “Year-to-Date.”
5. Choosing the Accounts
Select the accounts you want to include in the report. Reach Reporting automatically pulls in your chart of accounts from your accounting software, making it easy to select the relevant accounts for your report.
6. Customizing the Report
Customize the report by adding a logo, changing the font and color scheme, and selecting which sections of the report to include. Reach Reporting also allows you to add annotations and comments to the report.
7. Generating the Report
Once you have customized the report, simply click “Generate Report” to create the profit and loss statement.
8. Viewing and Sharing the Report
Once the report is generated, you can review it and make any necessary adjustments. Reach Reporting allows you to drill down into the details of each account, providing you with a comprehensive view of your financial data. When you are ready to share the report, simply click “Share Report” and choose how you want to share it. You can share the report via email, s clickable link, or download it as a PDF.
9. Useful Resources
Here are some additional resources that may be useful when creating a profit and loss statement in Reach Reporting:
10. Final Words
Creating a profit and loss statement in Reach Reporting is an essential task for business owners and accountants who want to stay on top of their finances. By following the steps outlined in this tutorial, QuickBooks, Xero, and Gusto users can easily generate accurate and comprehensive P&L reports that provide insights into their business performance.
With Reach Reporting, users can take their P&L statements to the next level by customizing the design, adding interactive features, and even automating the reporting process. Additionally, Reach Reporting offers a wide range of financial reports that can help business owners make informed decisions, including balance sheets, cash flow statements, and more.
If you’re interested in exploring the full capabilities of Reach Reporting and have not started yet, sign up for a free trial today. Our platform is designed to simplify financial reporting and analysis, so you can focus on growing your business. And if you have any questions about using Reach Reporting to create P&L statements, our support team is here to help. Contact us today to learn more.