A profit and loss (P&L) statement is a financial document that summarizes revenue and costs over a specific period.
Lenders rely on this financial statement to gauge your business's current performance before a tax return has been filed for the present year. This allows lenders to see how your business is currently trending.
A year-to-date P&L statement should include:
Your business’ revenue year-to-date, from the beginning of the year to today.
Cost to make or buy your product/service—commonly categorized as cost of goods sold or COGS.
An itemized list of business expenses. Personal expenses should not be included.
Your net income this year.
The amount of money that remains after deducting your expenses.
This document must be dated within the last 30 days (the P&L statement must be dated from January to May 14th to be used as of June 14th).
If you have QuickBooks or another accounting software and it’s up to date, you can easily download this document. Otherwise, you can work with your finance team or CPA, or put together your own with a spreadsheet template.