Income Statements and Balance Sheets for Your Business
We love helping you save on your business taxes. Having these two statements gets us both off on the right foot when preparing those taxes accurately and efficiently.
1. Top Recommendation: Use QuickBooks
QuickBooks is the go-to tool for generating professional financial reports. With its intuitive interface, you can easily produce:
•Income Statements (Profit & Loss): Track your revenue, expenses, and net income.
•Balance Sheets: Summarize your assets, liabilities, and equity for a clear snapshot of your business’s financial health. They describe what’s in your bank account, what you owe, and what obligations are outstanding.
Learn more about creating these reports on the QuickBooks website.
2. Income Statement Example
For a visual guide, check out this YouTube video:
It walks you through the format and details of a professional income statement.
3. Balance Sheet Example
Need help understanding a balance sheet? This YouTube video offers a concise, step-by-step example:
By using tools like QuickBooks and referencing these examples, you can make a huge step towards being IRS-compliant and saving on your taxes.
If this isn’t your cup of tea, reach out. We can take care of everything above for you, so you can do what you do best — help your own customers and team grow.