Profit and loss and tax reports for small business
Know whether you actually made money
Net profit after cost of goods and expenses, and the tax you collected.
What it does
- Profit & loss: revenue, cost of goods, expenses and net profit
- Choose accrual or cash basis for the profit & loss view
- Tax report: taxable sales and the tax you collected
- Expenses you record are placed above or below gross profit by their category
How it works
- Record your costsAdd product costs and record expenses such as rent and wages.
- Open the reportGo to Reports and open Profit & loss or Tax.
- Read the bottom lineSee gross profit, then net profit after expenses.
Profit, not just sales.
Profit and loss for the last 30 days: revenue, the cost of what was sold, a 41% gross margin, and net profit after expenses.
Profit and loss for the last 30 days: revenue, the cost of what was sold, a 41% gross margin, and net profit after expenses.
Gross profit is not the whole story
Sales minus the cost of goods is gross profit. A month can look healthy on that line and still lose money once rent and wages are paid. The profit & loss report takes your recorded expenses into account and shows the net figure.
A margin with no sales behind it is shown as empty, not as zero or a hundred percent.
Works with
- Record business expenses by category | BiizayRecord what the business spends, by category, paid or unpaid.
- Sales, inventory and customer reports | BiizaySales, product, customer, inventory and quotation reports for any period.
- Store currency and sales tax settings | BiizayOne base currency for every price, and one tax rate added the same way everywhere.
- Purchase orders and stock receiving | BiizayPurchase orders to suppliers, with stock and cost updated when goods arrive.
Questions
What is the difference between accrual and cash basis?
Accrual counts sales when they are made; cash basis counts money when it is received.
Do I need to record expenses?
For a net profit figure, yes. Without them the report shows gross profit only.
Which plans include these reports?
Plans with advanced reports. The plan comparison shows which.
Try it on your own store.
14-day Pro trial, no card. Everything is in the same account.