Understanding the Income Statement - Every small business owner needs to know this!

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!

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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.

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[lunamorris]

This is just the best video on the internet which explains all the procedures so efficiently.

[anabellesulit]

Wow! I’m learning so far. This approach is great for non-accountant prospective. Cheers! Great Job!

[erikaclifford]

This video and the balance sheet video are really helpful. I always learn something. Thank you!

[MrChargerbowl]

Thanks Hanna - love your videos. I appreciate you

[jasondelacruz]

Hannah, love your videos! Especially the case studies going over real small business' financials.

[Viviko]

Great work. I just know enough about this stuff so I know what my CPA is talking about. Some of these things you mentioned are new to me :)

[cutefunnymoments]

Hi Hannah, can you give an example for reimbursable exp. income?
and why did you put it under the income section? Thanks!

[alonzolopez]

BEAUTIFUL AND WISE. MY NEW FRIEND THANK YOU ANGEL

[HamidurRahman]

Hey Hannah, I Like your tutorial - I am not seen your all video till but I want to more deep about Tax setup and filling at the end and also payroll management need to know clearly on QuickBooks Online. If you already published you can mention me.