Everything You Need To Know About Google Sheets Profit And Loss Template

May 3, 2022

Everything You Need To Know About Google Sheets Profit And Loss Template

If you’re looking for quick and easy professionally designed templates to create financial reports, you’ll be pleased to know that you can find them on the LiveFlow website. Let’s take a closer look at a really useful Google Sheets Income Statement template that you can get for free, which allows you to create a full month-over-month profit and loss report in minutes.  

What Does the Month-Over-Month Profit and Loss Template Do?

When you’re running a business, you always want to see growth. Growth in sales and revenue, and most importantly, growth in profits.

One of the best ways to do that is to create a Month-over-Month Profit and Loss report, which compares key figures from one month with the same figures for another month and provides a snapshot of the growth (or lack thereof) in those figures. It’s a very important and useful financial tool for business decision-making.

This sounds like a lot of data processing work if you’re reporting in Google Sheets manually, but with LiveFlow data automation tools and QuickBooks web connector, you can get all the information you need in seconds – and it’s really easy to do!

How It Works

When you download the month-over-month profit and loss template from LiveFlow, you will automatically save it to your own Google Sheets account. While you’re practising how to use it, we recommend that you save a copy so that you don’t change the formulas on the original sheet by accident!

Next, you connect QuickBooks to Google Sheets using LiveFlow - this is when the real magic happens.

Once you have downloaded LiveFlow, you can directly connect any company account in your QuickBooks account with your Google Sheet. Then, you can select a custom date range (usually a year, so you only have to do this once!)

From here, the clever LiveFlow Google Sheets integration takes over.

It’s already programmed to pull data from your QuickBooks account to the correct cells on the template, so you also update your new Google Sheets Profit and Loss statement template whenever you update QuickBooks.

This means that once you’ve completed the very simple setup, you can use the template dashboard to compare any of the months in your date range with any other month. It’s quick, easy, and will give you crucial information about your business’s performance every time you open your Google Sheet.

Automation and Integration Make Accounting Easier for Everyone

Presenting reports in Google Sheets to non-accountants is an excellent way to ensure they get the information they really need. In this case, they can compare their sales, income and expenses in various months so that they can make critical business decisions based on accurate information.

Being able to connect QuickBooks to Google Sheets also makes everything a lot simpler for accountants, bookkeepers and finance professionals because you only have to create your sheet once, and it will always be up to date with the latest information from QuickBooks. This means you’ll never have to manually enter raw financial statement data again, and you’ll always have custom reports ready when they are requested.

LiveFlow makes it easy to connect QuickBooks to Google Sheets using their add-on, but we also go one step further by offering easy-to-use pre-made templates like this profit and loss template that you can download and edit and use as much as you need to.

So if you’ve been toying with the idea of data automation or wishing there was an easier way to generate your reports in Google Sheets, stop dreaming and start downloading. You’ll be amazed how quickly you can set this template up.

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