The Income Statement, also called the Profit & Loss (P&L) Statement, shows how much money is coming in, how much is going out, and whether your business is turning a profit.
You’ll see a breakdown of:
Revenue: The income your business earns from sales or services.
Cost of Goods Sold (COGS): The direct costs of producing goods or delivering services.
Operating Expenses: Overheads like rent, payroll, marketing, and utilities.
Net Profit or Loss: What’s left after subtracting costs and expenses from revenue.
This report gives you a clear picture of your financial performance over time.
You can interact with the report using built-in tools designed to help you track profitability and control spending:
Date Filter: View your financial performance for any specific period (e.g., This Month, Last Quarter, Custom Range).
Total view Toggle between monthly, quarterly, yearly, branch, or project views to analyze trends and seasonal shifts.
Export Option: Download your Income Statement as a CSV or PDF to share with stakeholders or review offline.
Accrual basis view: Shows income and expenses based on when the transaction happened (invoice issued, bill received),even if payment hasn't been made or received yet. This gives a picture of what you've earned and owed, not just what's in your bank.
Cash basis view: Shows income and expenses only once money has actually moved, payment received or payment made. This gives a picture of your actual cash flow.
Ask Adam: Getting Financial Insights on Tyms
You can use Ask Adam to start a conversation and get insight into your financial position. You'll find it in the top-right corner of your account, alongside the settings, credit, and profile icons.
With Ask Adam, you can request:
A smart summary showing whether your business is in profit or loss and by how much.
Highlights of the fastest-growing expense categories, helping you pinpoint cost areas to watch.
Recommendations tailored to your numbers, such as where to reduce costs or how to improve your margins.
Think of your Income Statement as a story of how your business earned and spent money. Adam highlights the plot twists, like rising costs or shrinking margins, so you know where to focus next.