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 identify 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
Learn more about income statements: https://intuit.me/3BCuGO0
