Profit & Loss by Month & Class - Google Sheets & Excel

Profit & Loss by Month & Class - Google Sheets & Excel Template 101

Introduction

Thank you very much for showing interest in further learning the Profit & Loss by Month & Class Template. In this article, you will learn the Profit & Loss by Month & Class Template, why you are recommended to use it, and what components the template contains.

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What is the Profit & Loss by Month & Class Template

In this template, you can view monthly income statements by class from different angles. For example, you can see comparisons of two sets of monthly figures for different segments and periods (e,g, Jan 2022 data for Segment A v.s. Feb 2022 data for Segment B), comparisons of two pieces of monthly data for different months for a specific class, and so on. The back data comes from your QuickBooks Online account via LiveFlow and is automatically updated and refreshed as you set up. So, once you bake in your work on top of what exists in the template, you can quickly and effortlessly update the data in the future.

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Why do you analyze monthly financial data by class?

Analyzing financial data by class involves examining information based on different categories or classifications within a company's accounting system, such as product lines, regions, customer types, or cost categories. This analysis is essential because it can provide insights into profitability, cost allocation, performance evaluation, budgeting and forecasting, and decision-making, as described below.

1. Profitability Analysis: By examining the financial performance of different classes, a company can identify more profitable categories and areas that may require improvement.
2. Cost Allocation: Analyzing financial data by class helps accurately allocate costs, especially in cases where a company has multiple product lines or business units, aiding in resource allocation and pricing strategies.
3. Performance Evaluation: Comparing financial results of different classes allows for performance evaluation at a granular level, identifying the strengths and weaknesses of each category.
4. Budgeting and Forecasting: Historical financial data analysis by class enables more accurate projections for future periods, aiding in realistic budgeting and forecasting aligned with business goals.
5. Decision-making: Analyzing financial data by class provides valuable information for decision-making, such as assessing the financial feasibility and potential profitability of new initiatives or identifying areas that require additional investment or resources.

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What's inside the Profit & Loss by Month & Class - Google Sheets & Excel Template?

P&L by Class: MoM and YoY Comparison Dashboard

On this sheet, you can see the comparison of two classes selected for the specified months. You can choose one of the classes available in Column D with a particular month and another in Column G. You can select either MoM or YoY as the time period in Column B. The % changes are shown in Column F and Column H. They are automatically computed once you choose the categories and months for the accounting items. In summary, you can compare two monthly financials flexibly.

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P&L by Month Dashboard

In this worksheet, you can look at monthly financial data for all the classes in a consolidated view for the last two years. The numbers are categorized by period. For example, you can easily compare monthly financial data for January 2022 for all groups at a glance (on an absolute number basis).  When you add or remove a class in your worksheet, this tab will automatically update.

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Individual Class Sheets: Los Angeles, New York, San Francisco, Amazon and Ebay

By default, these sheets contain monthly financial data by class for the last two fiscal years. You can connect your account(s) and show refresh the financial data shown on the tabs quickly. When you first open the LiveFlow add-on in this spreadsheet, you can swap in your own company right away, and replace these classes with your own. You can also rename the tabs accordingly.