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The income statement is the MOST important financial statement (followed closely by the balance sheet). This statement will show you what your business earned and what it spent during a period of time. The income statement (also know as Profit and Loss statement) will show you how profitable your business is as well! So much can be learned from the income statement! Watch this video to dig in, and make sure you catch the balance sheet version too: • How to Read and Understand a Balance ... ________________________________________________________________________ 💲 Need an accounting system? We use Quickbooks Online with clients and recommend it as the best accounting system for small businesses. Sign up to get a discounted subscription for 12 months! https://claracfo.com/QBO 🙋♀Got Employees? Talk to ADP! They can help you if you are a small business owner or an accountant or advisor who works with small businesses. Learn more here: https://claracfo.com/adprun 💸Pay vendors any way they want and get paid faster! Accept credit cards without paying merchant fees! Melio is a fantastic payments solution for every small business! https://claracfo.com/melio (As an affiliate or referral partner for these companies, I may earn rewards from qualifying purchases) Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/ Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. CODE: L8UIFLHGQUCIKXWY, PLOHFLCI6Z6NM1BU