Free profit and loss template for small businesses
Manage your businessesโ financial health with our free profit and loss statement template designed for Australian small businesses.
Create a profit and loss statement in minutes
Free template
Our Australian profit and loss statement template can save you time & money.
Fully editable
Ready to customise with all requirements like revenue, cost of sales and expenses.
Easy to use
Simply add your data and our template will do all the calculations for you.
Download your free profit and loss template
Profit & loss template in Excel
Use our free profit and loss statement for small business. The P&L creator is a fully editable & customisable document to help you stay on top of your income & operating expenses and manage your businessesโ financial health at ease. Simply add in your revenue, cost of sales, and expenses to the categories to get your net profit (or loss) before tax!
Why choose software over a profit & loss template?
Power up your reporting with Reckon’s accounting software for just $22/month.
Automatically calculate profit and loss reports
Reckon accounting software saves you time by automatically inputting your data into a customisable profit and loss report.
Your data refreshes your reporting in real-time
As your business grows, so does your data. There is no need to add changes manually; Reckon software updates in real-time and refreshes your reports in seconds.
As you use Reckon software overtime, your reports build off your data saving you from manually entering figures like: business expenses, business revenue, net income etc.
Flexible reporting with a range of categories and insights
Not only does Reckon software provide customisable profit & loss reporting, you also have over 30+ insightful reports at your fingertips to help you understand your financial position.
Reckon One software vs free profit and loss template
Features
Free Profit & Loss Template
Real-time financial position
Easily share online with your accountant
Update date range with a click
Manual data entry
Weโre here to help.
Help when you need it. We offer local, round-the-clock support. (You can reach us over the phone and talk to a real person.)
What our customers are saying
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Gary Angel
House Proud Realty, Real Estate
โWe needed simple, functional and reliable accounting software. It had to be something Mum could confidently use from her place. I could use from anywhere and my accountant could access with a click.โ
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Gravel & Grace, Retail
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Katy Walker
The Clearing Room, Professional Services
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Frequently asked questions
What is a profit and loss statement?
A profit and loss statement is a simple way to summarise your business’s income and expenses over a specific period, showing how much money your business is making or losing. It’s key to understanding and managing your business’s financial health.
What is the difference between a profit and loss statement and a statement of revenue?
There is no difference between a profit and loss statement and a statement of revenue. Profit and loss statement, profit and loss income statement, and statement of revenue are all terms used to describe the same financial report.
Some businesses may also compare a profit and loss statement alongside a balance sheet or cash flow statement to gain deeper insights into company performance and overall financial position.
How is a profit and loss statement used by a small business?
Small businesses use a profit & loss statement in a number of ways:
- Report revenue, total expenses, net income/profit over a specific time period .
- Inform ATO, government & potential investors of your financial position.
- Forecast sales, identify seasonal trends & estimated costs.
A well-prepared profit and loss statement template can help business owners make more informed decisions and better understand how much profit their business is generating over a set period.
What is the importance of a profit and loss statement for small business?
A profit and loss statement is an essential report. It is a financial document that provides insight into a business’s financial position over a specific time period.
Businesses use P&L reports to either investigate previous years, current or forecast future performance as a means to inform on:
- Identifying where costs to the business can be reduced.
- Investigating the current financial health of a business.
- Review gross revenue, sales, and profitability trends.
- The due diligence of a prospective buyer of a business.
What should a profit and loss statement template include?
To create a profit and loss statement template youโll need to fill in actual or forecasted figures against each of the below items for each year. If you use estimated costs, youโll need to label them clearly.
Youโll also need to clearly state on your profit and loss statement whether your figures are GST inclusive or exclusive.
Sales
A sale is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money. You can forecast sales by looking at previous years, identifying seasonal trends and analysing the market.ย This includes total sales, cost of goods sold and gross profit.
Expenses
An expense is the cost of operations that a company incurs to generate revenue. Businesses often divide expenses into fixed and variable to better manage costs and improve forecasting. You can anticipate cash outflows by looking at previous years, identifying seasonal trends, and accounting for your major business expenses. This includes:
- accountant fees
- advertising and marketing
- rent and rates
- utilities (electricity, gas, water)
- insurance
- and more
Total expenses
Calculate total expenses by adding all expenses.
Net profit
Net profit is the money left over after expenses are paid. Calculate net profit by subtracting expenses from sales.
Make sure to download our freeย profit and loss statement example templateย to make things easy!
How do you calculate your net income for a profit and loss statement?
To calculate net income for your small business you need to do the following:
- Determine gross profit by subtracting the cost of goods sold from your total sales/total revenues.
- Determine operating profit by subtracting total expenses from your gross profit.
- Calculate net profit/income or net loss by subtracting interest incurred and taxes from your operating expense.
Ourย freeย profit and loss statement example templateย makes calculating your net income easy โ try it out now!
Why should businesses use a profit and loss statement template?
A profit and loss template helps businesses organise financial data in a structured, easy-to-read format. Templates can help simplify financial reporting, improve consistency, and reduce manual errors.
Using our free profit and loss template can help businesses:
- Track income and expenses more efficiently
- Monitor monthly, quarterly, or annual performance
- Improve financial planning and forecasting
- Support lender, investor, or tax reporting requirements
- Better understand business finances and profitability
Templates are particularly useful for small businesses that want a simple and affordable way to monitor performance and prepare financial statements regularly.
Ourย freeย profit and loss statement example templateย makes calculating your net income easy โ try it out now!
