The income statement
Compare against budget, tailor your report to the company's needs, follow up on business areas and much more!
Why do you need
to keep track of the income statement?
In the Income statement you see your revenue and costs. In Kleer the accounting is updated in real time, but remember that things are only booked when they are authorised. Keep that in mind when you read your income statement. You can set the report on a number of parameters that make it easier for you to get the information you want.
Have a look at the video guide or read more below about which settings there are and how you can get to the figures you are looking for.
5 settings that help you find your way in the income statement
1. Period
Your financial year decides which period you see automatically when you bring up an income statement. Select the dates you want to look at more closely.
2. Compare
Comparing figures between periods is an easy way to get an indication of what has happened in the company over a certain time. You then get a chance to look more closely at the accounts that stand out, and simply review whether there is anything you should act on.
By default the period is compared with the previous year. If you want to follow a development further back, you state that in Number of years back, which takes up to eight years. How far back you can go is limited by how many financial years you have in Kleer.
The years are shown in chronological order, with the oldest on the left and the reported period on the far right. If you choose Same period previous year acc, the accumulated columns, that is the same periods counted from the start of the financial year, appear as a group of their own after the period columns. Each change column states which period it compares against, and the change is the reported period minus the oldest period in the group.
If the period starts on the first day of the financial year, the accumulated columns would be identical to the period columns. They are then hidden, together with their change column.
3. Part of the company
Depending on how you work, you probably follow up your figures in different ways. Whether you look at different departments, regions or processes, you can use the categories function. The function makes quick follow-up possible directly in the income statement for each area.
4. Budget
Another tool for good follow-up in the company. In Kleer you can enter your budget for the whole year, including your monthly budgets. This also makes it possible to see the difference between budget and outcome directly in Kleer. You can then easily click into an account where the difference from budget stands out, and in that way find out why.
5. Build your own income statement
The income statement has a standard layout with revenue at the top, accounts 3000 to 3999, direct costs (4000 to 4999), a summary of the gross profit followed by other external costs (5000 to 6999), personnel costs (7000 to 7999) and other financial costs at the 80 level. The rows are summed in between. However, your income statement does not have to be laid out this way. If you as a company do not think that the standard layout gives you the best overview of the revenue and costs that you have in your particular business, you can choose to tailor your own income statement. Send a proposal for how you want this layout to look to your consultant at Kleer, and they will help you.
Two examples of why you may want a different layout of the income statement
1. Other accounts for direct costs than 40 accounts
You are a consulting company where your main direct costs are your employed staff. You may then want to include the accounts at the 70 level in the Gross profit, so that these accounts are shown higher up in the income statement in Kleer.
2. Following up on other summaries
You have many accounts in the income statement where you want to sum the result in more summaries than the ones that are specified automatically today. You can then add a number of summary rows with headings of your choice anywhere in the income statement.
Who can see the income statement?
Finance managers
Finance manager is the role for the person who should be able to see everything in Kleer, often the CFO, the CEO or a finance administrator. That permission includes this report too.
Full read access
Your auditor, potential investors and board members. There can be people around your company who should be able to see all the accounting and all the information, but not be able to do anything administrative in the system. They see all parts of the system.
Project managers
If the company works with projects, there is a project manager who needs to see how the project is going. The project manager therefore sees the income statement for that project, but cannot see the rest of the figures in the income statement.
Selected employees
If the company wants to be transparent with the content of the income statement, permission can be given to individual employees. You then give permission to one or more categories, and the person can see the revenue and costs that belong to the category.