Create Your Profit & Loss Statement Online
This online profit and loss template is made for sole proprietors, freelancers, independent contractors, and single-member LLC owners who need a straight-forward view of business income, expenses, and net profit. This may be very helpful for Schedule C business owners to use before tax filing, funding applications, or conversations with a virtual accountant or other accounting professional.
Step 1: Monthly Business Revenue
Enter monthly revenue collected from operations across the 12-month period.
| Revenue Stream | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total ($) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Business Revenue | $0.00 |
Step 2: Operating Expenses
Enter monthly operating expenses.
| Expense Category | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total ($) |
|---|
Profit & Loss Statement
Auto-calculated financial summary based on monthly inputs. No Assurance Provided. Unaudited.
| Income & Expenses | Total ($) |
|---|---|
| Gross Sales Revenue | $0.00 |
| Cost of Goods Sold (COGS) | $0.00 |
| GROSS PROFIT | $0.00 |
| Operating Expenses | |
| Total Operating Expenses | $0.00 |
| NET PROFIT / (LOSS) | $0.00 |
Statement of Retained Earnings
Track accumulated business earnings and owner distributions.
| Retained Earnings Breakdown | Amount ($) |
|---|---|
| Beginning Retained Earnings | |
| Plus: Current Net Income / (Loss) | $0.00 |
| Less: Distributions / Owner Draws | |
| ENDING RETAINED EARNINGS | $0.00 |
Save or Send Your P&L Statement
Print a copy directly for your records, or email it to your inbox below.
Your email is confidential. We never sell your information to third parties.
WHY THIS ONLINE PROFIT AND LOSS STATEMENT TEMPLATE IS DIFFERENT — QUICK HIGHLIGHTS
- ✔ No Downloads. No Spreadsheets. No Subscriptions.
- ✔ Built by Sanz Virtual Enterprise, LLC, a local, trusted, US based Atlanta, GA CPA Firm: Formatted using real accounting rules, not generic math formulas.
- ✔ Instant Browser Calculations: Nothing to install, save, or configure—works on any device.
- ✔ Two Reports in One: Generates both an annual/monthly Profit & Loss summary and an ending Retained Earnings statement automatically.
- ✔ 100% Free & Private: Calculate your totals without behind-the-email paywalls.
Understanding Your Online Profit and Loss Template Results
What does a Profit & Loss statement show?
A Profit & Loss statement summarizes your operating business revenues and expenses over a specific time frame. The resulting figure is your net profit (if earnings exceed expenses) or net loss (if expenses exceed revenue).
Why tracking Retained Earnings matters
While your P&L shows performance for a specific period, your Retained Earnings reflect accumulated profits left in the business after owner draws or distributions. Tracking this ensures you know exactly how much equity your business retains over time.
Organizing numbers for Schedule C
For qualifying self-employed individuals, IRS Schedule C (Form 1040) requires reporting gross receipts and categorized business expenses. Using this tool significantly helps with sorting out your business expenses cleanly and professionally which also helps reduce missed deductions. You can then review your records yourself or share them with your virtual accountant or tax professional.
Frequently Asked Questions
Is there any cost or catch to using this online P&L template tool?
No. It is completely free to use directly on this page with no hidden fees or required trial periods.
Do I need Microsoft Excel to run this report?
No. The entire online profit and loss template runs inside your web browser.
Is my financial data stored on your server?
No. Your inputs process locally in your browser session to protect your privacy. You only receive an email record if you choose to request one in the Email tab.
Can I use this generated statement to file my tax return?
This tool serves as an educational organizer and summary aid. As a result, it helps you aggregate numbers for Schedule C or your tax accountant, but it does not file tax returns directly.
Is there a more comprehensive DIY bookkeeping and financial statements solution?
You can try our Bookkeeping & Financial Statements Template which includes a balance sheet, profit & loss statement, statement of owner’s equity, and depreciation schedule. Note: the comprehensive version is an excel-based downloadable version.
Need a More Hands On CPA Advisory Services?
This online profit and loss template is a great DIY resource, but if your records are out of date, messy, or you want strategic advice on lowering your tax liability, our virtual accounting team can help. Sanz Virtual Enterprise, LLC provides virtual business accounting services for business owners who need ongoing online bookkeeping, financial reporting, and CPA guidance.
Based in Atlanta, supporting small business owners in Georgia and nationwide.
Disclaimer: This free online tool is provided for general bookkeeping, educational, and planning purposes only. It does not prepare or file tax returns and is not a substitute for accounting, tax, legal, or financial advice tailored to your specific circumstances.