There are many excellent reasons for starting a business: being your own boss, loving what you do and enjoying the challenge of getting your enterprise up and running. But at the end of the day, you need your business to make money. Now that you know that your business idea has legs, it’s time to see if your business makes sound financial sense.
Income Statement
An income statement (also known as a 'profit and loss' statement) tallies the total revenue, expenses, gains, and losses. This statement shows you where money is moving in and out of your business. Over time, your income statements can be taken together to help you forecast future earnings and spending.
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