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Inside this Google Sheets P&L Template, you will find three tabs:
1) P&L MoM Comparison Dashboard: This tab stores the core Profit & Loss/Income Statement dashboard with a dedicated column for tracking Month-on-Month (MoM) growth.
2) Live P&L from QuickBooks: This tab stores a real-time Profit & Loss report from our company called Acme US. The report automatically updates every hour and feeds data into the "P&L MoM Comparison Dashboard" tab.
Months: The months tab stores a range of months, from January 2022 to December 2022. The months listed here are automatically plugged into our months pickers in the P&L MoM Comparison Dashboard tab.
Templates in Google Docs/Google Sheets often need a little bit of guidance to use, so we've outlined the most vital steps below:
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Click the "Get the template for free" button to open the template in Google Sheets
Click on File -> Make a copy to make your own copy of the Google Sheet template
Save the copied file to your own Google drive and you are ready to go!
Month-on-month growth in your Profit & Loss is a vital metric to track to understand how your business is growing (or declining) every month. You should monitor how your revenue is growing, how your cost of goods sold is growing, and how your operating expenses are growing.
We also highly recommend that you monitor how your gross margin is performing on a month-by-month basis, as this has a huge impact on your bottom line.
A Profit and Loss/Income statement is one of the core financial statements used worldwide to track the performance of a company. Understanding how the Profit and Loss statement works is a major advantage for business owners, startup founders, and finance teams.
What goes into a Profit and Loss/Income Statement?
The P&L statement has three core sections.
Small businesses should be tracking all of these categories of the P&L closely to make sure they understand their core business metrics. It's also a great idea to closely monitor your Balance Sheet and Cash Flow.