Comparative Income Statement
The income statement is one of the three main financial reports used by all businesses, from small to large businesses. While income statements may seem overwhelming at first, they are an essential part of doing business and you will soon come to appreciate the valuable information they provide to your business. When used together, the income statement, balance sheet, and cash flow statement provide a clear picture of your company’s overall financial position and serve as useful tools for analysis, planning, and decision-making.
A comparative income statement compiles income statements from multiple periods into a single document, using separate columns for easier analysis. For example, a comparative income statement might include the months of January, February, and March, with separate column headings and a full income statement generated for each month. With this information, management can easily identify dips and spikes in revenue, expenses, and overall profits over time.
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