How to get the income statement?

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Operating profit
It is the indicator that measures the profit generated by a company without taking into consideration taxes, financial expenses or other types of accounting expenses that do not imply a real outflow of money from the organization.

And it is calculated by subtracting gross profit from operating expenses.

6. Financial expenses
These are payments that must be covered by the concept of interest on bank commissions or a loan.

7. Profit before taxes
It refers to the loss or profit that a company has after financial and operational commitments are covered, but does not take into consideration income tax.

8. Tax
These are all the contributions that the company makes to the government in which it operates based on the profits it has generated.

9. Net profit
It is the result obtained by the company after having met its operating, financial and tax expenses.

To obtain the income statement, the 9 accounts mentioned above are used, and broadly speaking, it is obtained by following the steps explained below:

The period to be analyzed is chosen.
The total amount of sales is indicated: subtracting returns and discounts.
Gross profit is calculated , that is, the costs that influenced the products to reach the final consumer are subtracted from the previous point.
Operating sales expenses are determined: sum of rent, advertising , services, among others.
Operating profit is calculated by subtracting gross profit minus benin telegram screening operating sales expenses.
Financial income is added : this is not related to the product or service offered but to income such as bank loans or government support.
Financial expenses are subtracted : this corresponds to the interest paid on the loan, other expenses that are not specified are also subtracted and other undefined income is added.
With the above, we obtain the result before tax.
Income tax is calculated: it depends on the profits and the laws in force in the entity in which the company operates.
Net profit is obtained : Income tax is subtracted from the result before income tax.
And that's it!

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Why is the income statement important for your company?
This is of vital importance because it is a support element for the management of any business, as it provides valuable information that allows efficient strategic planning to obtain results in the short, medium and long term. Its importance lies in the fact that:

It provides an accurate assessment and reflects a company's profitability and its ability to generate profits.
Help with the above to know how resources can be optimized to maximize profits.
It measures the operational performance of a company in a given period.
It makes it easier to determine the distribution of dividends in a better way.
It allows cash flows to be estimated, as it facilitates the projection of sales in a more precise way by having it as a basis.
Identify weaknesses, because we can know the part of the process in which the greatest amount of economic resources are consumed.
As you can see, an income statement is key for any organization, regardless of its size, as it allows us to know relevant data that will help you make the best decisions for your company.

Now, if you are looking not only to know the economic performance of your company but also want to improve your work management, we recommend that you learn about the OKR methodology, as it will help you achieve team progress objectives through qualitative and quantitative measurement.