Profit and loss statement

Meaning

A profit and loss statement shows your business’ profit and loss for the past fiscal year. It can also be called an income statement.

Key points

• Profit and loss statement appears frequently in invoicing, payment handling, and bookkeeping workflows.
• The term improves clarity between clients, suppliers, and accounting teams.
• Consistent use supports cleaner documentation and better reporting quality.

Practical use

In Nexbal workflows, profit and loss statement is used to keep invoice and payment operations structured and auditable.