Your income statement (or P&L) tells the entire financial story of your business at a glance. The income statement is also an industry-standard statement, so it's readily understood by banks or investors. The story it tells? The story of how realistic your business is based on your forecasts, how many expenses you have, your product, sales & marketing costs, as well as your staffing projections.
Next, we will walk you through the Financial Model — spotlighting the Income Statement. This covers your P&L and cash flow statements. (While there's nothing for you to input here, it's critical to review it.)
Remember to download the Financial Planning Model & Example Files.