An income statement, also called an operating expenses statement, summarizes your company’s revenue and expenses over a specific period of time. Additionally, organizations use it to secure investments and calculate taxes. Moreover, an income statement gives managers and investors a clear overview of a company’s financial situation. Learn how to use your own data and set up an in-house income statement template with spreadsheets.
Why use Excel to generate income statements?
- Flexible: Google Sheets lets you manage and analyze your financial data in the way that suits your business. Whenever you need to change the system you can simply adapt the spreadsheets — without accounting software or IT support.
- Accessible: Because Excel can be stored online, your accountants or admin staff can access and transfer their data at any time, from their phone or laptop.
- Compatible with everything: Every piece of software on the planet integrates with Excel. This means that if your company has data in other programs, you can easily import that information straight into Excel.
- Easy to use: Most people in your company probably already use spreadsheets and Excel is user-friendly for beginners. As a result, the system is easy to maintain and onboarding your team is quick and simple.
Start generating your income statement automatically
How to get started
Sheetgo’s spreadsheet-based template is ideal for anybody looking for a way to convert real-time income and expenses data into an automatically generated monthly income statement.
On top of that, it includes a pre-built dashboard outlining the company’s income and expenses. No matter the size of the organization, this income statement template in Excel allows teams to easily collect and share financial data.
What is an Excel template?
A spreadsheet-based workflow template gives you:
- Organization and data privacy: Each file is dedicated to one task, for better data protection and accuracy. Instead of working in a large shared spreadsheet, colleagues record financial data in their own personal spreadsheet. Sheetgo connections export this data to the manager’s master sheet automatically.
- Scalability: You can build upon your Excel-based system as your company grows. It’s easy to expand the workflow by connecting more spreadsheets, without redesigning the system or switching to a new solution.
- Integration: Excel is compatible with everything, so accountants and managers can easily import and combine data from other software packages. In a couple of clicks, you can connect data from Operations, Sales, or other company workflows to create an integrated financial management system.
Get the Sheetgo Excel income statement template
Click the blue button below get the income statement workflow template.
How to use the income statement template in Excel
Once you downloaded the template, start by opening the Income statement master sheet.
In this sheet, find an automated overview of net operating income per month, your gross margin, expenses, and more.
Step 1: Set up the master sheet
- In the Instructions tab of the Income statement master sheet, choose which year you want to analyze.
Step 2: Configure the Income Inputs sheet
- Go back to the Sheetgo web app with the Income Statement workflow and open the Income Inputs sheet by double-clicking it.
Your colleague(s) responsible for processing invoices use this file to enter the company income.
This template contains sample data to give you an idea of how it works. Simply delete or replace this with your own finances.
Another option is to connect your existing finance spreadsheets to this workflow with Sheetgo connections.
- Click the Instructions tab on the left and enter the year you wish to analyze.
- Share this spreadsheet with your accountant or the person responsible for processing invoices and income.
- Click the Share button on the top right side of your screen.
Once your colleagues start entering data in the Income tab, the template creates automated income reports in the Accrual Mapping and Summary per Month tabs automatically.
Step 3: Configure the Expenses Inputs sheet
Now that you have successfully set up and shared the Income Inputs spreadsheet, do the same for the Expenses Input sheet.
- Go back to the Sheetgo web app with the Income statement workflow and double-click the Expenses Input file to open it in a new tab.
Start generating your income statement automatically
Similar to the Income Inputs file, the Expenses tab contains sample data that you can delete or overwrite. The template uses the data in the Expenses tab to automate an Expenses report in the Summary per Month tab.
Share this spreadsheet with the person responsible for making payments in your company. Do so by clicking the Share button on the top right side of your screen.
All done!
Congratulations on setting up your Automated Income Statement!
If you need more check out our full solution for finance and streamline your finance management with a spreadsheet-based solution.
