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Order FormPurchasesSalesCash & BankCompany AccountsProfit & LossTax & AssetsVat ReturnsSales Invoice

FINANCIAL ACCOUNTING SOFTWARE AUTOMATES

 MONTHLY PROFIT & LOSS ACCOUNT

AND

FINAL ACCOUNTS FOR SUBMISSION TO COMPANIES HOUSE AND HMRC

A profit and loss account is a summary of business transactions for a given period - normally 12 months. By deducting total expenditure from total income, it shows on the "bottom line" whether your business made a profit or loss at the end of that period. A profit and loss account is produced primarily for business purposes,  how the business is performing. But most of the information is also used by HM Revenue & Customs to work out your tax bill. In this financial accounting software the financial software uses the automated entries in the profit & loss account to complete the self assessment tax return.

Screenshot of Balance Sheet automatically generated and in format ready for submission to Companies House and HMRC having been preset with the statutory statements for companies exempt from audit and able to submit abbreviated accounts

No Entries Required: Fully automated the financial accounting software prepares the self employed profit & loss account  from the entries made to the sales excel spreadsheet and the purchase excel spreadsheet 

All the financial information is generated automatically from the sales, purchases and payroll sheets each month to produce a monthly profit and loss account and the annual profit & loss account to date.

Having a profit & loss account up to date, available in real time enables progress to a successful financial result to be monitored and should banks or other institutions request up to date limited company accounts then you have exactly that, limited company accounts at the touch of a print button.

Having an up to date profit & loss account available, especially for new start up business, can seriously impress potential lenders to enable the start up business in particular provide the confidence to financial institutions to enable arrangements to stave off possible under capitalisation issues.

This is how the simple profit & loss account appears in the financial accounts section of the financial accounting software. All entries fully automated.

Monthly Management Accounts Profit and Loss Account Total Year to 31 Jan 09 Feb-08 Mar-08
£ £ £
Sales Product A 0 0 0
Sales Product B 0 0 0
Sales Product C 0 0 0
Other Income 0 0 0
Investment Grants received 0 0 0
Sales Turnover 0 0 0
Cost of Sales      
Purchases 0 0 0
Sub contractors 0 0 0
Other Direct Cost of Sales 0 0 0
Cost of Sales 0 0 0
       
Gross Profit 0 0 0
Administrative Expenses      
Wages and Salaries 0 0 0
Directors Wages 0 0 0
Employers National Insurance 0 0 0
Premises Rent & Rates 0 0 0
Premises Light & Heating 0 0 0
Distribution Transport Costs 0 0 0
Equipment Tools & Plant Hire 0 0 0
Repairs & Maintenance 0 0 0
Consumable Materials 0 0 0
Advertising & Promotion 0 0 0
Telephone Postage & Stationery 0 0 0
Travel & Hotel Expenses 0 0 0
Motor Vehicle Expenses 0 0 0
Insurance Costs 0 0 0
Leasing Charges 0 0 0
Legal & Professional Fees 0 0 0
Bad Debts written off 0 0 0
Bank Interest Paid 0 0 0
Bank Charges 0 0 0
Charitable Donations 0 0 0
Goodwill written off 0 0 0
Loss on disposal of assets 0 0 0
Depreciation 0 0 0
Administrative Expenses 0 0 0
       
Operating Profit 0 0 0
Interest received 0 0 0
Profit (Loss) before Tax 0 0 0

DIY Accounting business accounts software is crucial to the help and growth of the business. Statistically the majority of small businesses go out of business within 3 years of start up. The 2 major reasons for this disastrous track record of start up businesses are a lack of profits and under capitalisation.

DIY Accounting also recommend that when using the limited company  accounts and viewing the profit & loss account the financial future of the Limited Company and You, the Business owner, are more secure and likely to perform to high standards being pro-active in achieving the desired financial performance.

STOCK CONTROL

Another optional feature of the Accounting Software is Stock Control. It is not essential but there if your business type requires to use it.

            Calculation Of Stock Sold   Calculation Of Stock Sold
Date   Calculated Stock value   Direct Material BOUGHT   Stock % Prod A   Net Sales Product A   Direct Material SOLD   Stock % Prod B   Net Sales Product B   Direct Material SOLD
                                 
Enter % to change % materials sold    0%           0%