Angela runs a beauty salon in her neighborhood. She started the salon to cater to the needs of the ladies in the neighborhood, but with the passage of time she gained popularity. Her business is growing which has created the need for bigger space and advanced equipment. Now, she does not have enough funds to meet this need and requires a loan to upgrade her business. However, she has an estimate of the amount she needs for the expansion and since she has been using expenseRegister to record and track income and expenses, she knows exactly how much her business brings in.
Angela uses expenseRegister's Report functionality to create an Income Statement. She uses the Income Statement Report to present her business results clearly in her loan application.
Let's look at steps to create an Income Statement -
Login to expenseRegister and click on Reports on the left side of the screen.
Scroll down to the income reports to find the Income Statement report, click it.
In the Income Statement screen, pick the date range for your report. Typically, income statements are for the month; so set your report period to a month and click the Go button.
Click the Show PDF Report button to create a PDF copy of the income statement. You can now save this PDF report to your disk, print it out or email it as an attachment.
Now, back to Angela... along with the loan application, she presented her income statements for 3 months to show the profitability of her business and her loan was approved easily... :)