Track your monthly growth rate without manual work


Profit & Loss Statement Template for Excel & Google Sheets - MoM Growth

Get a live overview of your Profit & Loss and compare how you are growing every month with our built in month-on-month comparison model

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Profit & Loss Statement Template for Excel & Google Sheets - MoM Growth
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Learn how to set up this template in the video below

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What's inside this Profit and Loss Google Sheet Template?

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.

Profit and Loss Google Sheets Template
P&L MoM Comparison Dashboard tab

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.

Live Profit & Loss Report - QuickBooks
Live P&L from QuickBooks

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.

Profit and Loss Months
Months tab

How do I use this P&L/Income Statement Template?

Templates in Google Docs/Google Sheets often need a little bit of guidance to use, so we've outlined the most vital steps below:

  1. Open the Template.
  2. Click on "File" -> "Make a copy" -> This will generate a copy to your own Google Drive.
  3. Once you're in, connect your Profit and Loss report to Google Sheets with LiveFlow.
  4. Click on "Extensions" -> "Add-Ons" -> "Get add-ons" -> Search for LiveFlow and install the app. If you're already a user, skip this step.
  5. Connect QuickBooks to LiveFlow to import live data into Google Sheets.
  6. Import a Profit & Loss report with the date range "This Year" and choose Display Columns By "Month"
  7. Replace all of the Chart of Accounts in Column A in this sheet with your own.
  8. Replace the value in cell B1 with the name of the Google Sheets tab that's storing your Profit & Loss report
  9. If done correctly, all of the values in the Dashboard should now update automatically.

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Get started in 3 simple steps

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1. Import the template

1. Request access

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2. Connect LiveFlow

Connect to LiveFlow, so you can import live data to your model.

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3. Customize it

Customize the template into anything you like.

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What is a Month-on-Month Profit & Loss comparison?

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.

What is a Profit and Loss Statement?

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.

  1. Revenue: As the word entails, revenue is the income that your business generates. Note, revenue is also referred to as Income or turnover in certain countries.
  2. Cost of Goods Sold (COGS): Cost of Goods Sold are the expenses associated with selling your products. Here are a few examples:
    You are a coffee shop, and you sell lattes. The expenses that will go into your COGS are the coffee beans, milk, coffee cups, and sugar.
    You are an eCommerce business, and you sell t-shirts. The expenses that will go into your COGS are things like the materials for your t-shirts and delivery fees.
  3. Gross Profit: Gross Profit is calculated by deducting the Cost of Goods Sold with your Revenue. If you made $100,000 in revenue and had COGS of $50,000, then your Gross Profit would be $50,000.
  4. Gross Margin: Underneath the Gross Profit item, you will often find Gross Margin. Gross Margin is one of the most vital P&L metrics to track closely, as this ultimately determines your product margins and whether you can sell your products with any profits. Gross Margin is calculated by dividing your Gross Profit with Revenue and multiplying by 100 to get the percentage. For the example above, our Gross Margin would be 50% ($50,000/$100,000*100 = 50%).
  5. Operating Expenses: The next section on income statements is the Operating Expenses section, where you list all of your OpEx. An operating expense is any expense that's needed to keep the business running. For instance, payroll, office space, marketing, computers, materials, travel, etc.
  6. Operating Profit: Operating Profit is ultimately the amount of money you make on the bottom line. Operating Profit is calculated by deducting your Operating Expenses with your Gross Profit (or Revenue minus COGS minus Operating Expenses).
  7. Operating Profit Margin: Operating Profit Margin is similar to Gross Margin; it's a percentage metric that is used to understand your profitability as a business. It's calculated by dividing your Operating Profit with your Revenue.
  8. Other Income and Expenses: Other income and expenses usually include ad-hoc income and expenses such as interest earned, dividends, etc.
  9. Net profit: And finally! You will your Net Profit (also referred to as EBITDA, earnings before interest, taxes, depreciation, and amortization).

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.

Frequently Asked Questions
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Who built this template?
How long can I access the template for?
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Frequently Asked Questions
How can I gain access to a premium template?
Who built this template?
How long can I access premium templates for?
Can I get help if I need it?