A guide to income statements for small business owners | Run your business

A guide to income statements for small business owners | Run your business

  Learn more about income statements: https://intuit.me/3BCuGO0 Income statements, also known as a profit and loss statement, reflect the health of your small business by documenting your revenue, profit, expenses, and more. In this video, Astrid Daniela Galvez (QuickBooks ProAdvisor and Tax Specialist) defines what an income statement is and how it differs from a balance sheet. Learn how you can improve your business bottom line by reviewing each line item within the income statement report and identifying actions you can take to improve your financial health. 00:00 - Introduction 01:09 - What is an income statement? 01:31 - Income statement vs. balance sheet: what is the difference? 02:17 - Types of income statements: single-step income statements vs. multi-step income statements 03:56 - How QuickBooks can help you create an income statement   This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them. Click for the latest updates...