What's new on Summit

Financial Planning Software as a Service

November 28, 2020

A (More) Proper P&L Format

As we prepare to integrate accounting systems, we're improving the way we organize and display your financial model output to conform to generally accepted accounting practice. As a part of this, we've released a major improvement to the way we organize the financial output table, such that it now matches common profit and loss statement format as you might see in Quickbooks, Xero, etc.

In this new format, Balance Sheet terms - such as cash and debt, and runway calculation, are at the bottom of the output, below the Profit & Loss rows.

This new display also includes an automatic calculation of your Gross Margin (%), a question founders of software companies frequently get asked about, but aren't always sure how to answer. As you'll see, Customer Success and Support costs are categorized under Costs of Goods Sold, along with data subscriptions used to support your subscribers. This makes for a fairly accurate calculation out of the box! As your business improves and your sales offset your fixed costs, so will your margins.

By translating your business inputs to outputs that can be understood by finance professionals, Summit aims to build bridges between team members that are experts at running the business and those that are experts at running the numbers.

emoji negative reaction for 'A (More) Proper P&L Format ' emoji neutral reaction for 'A (More) Proper P&L Format ' emoji positive reaction for 'A (More) Proper P&L Format '
Thanks for your feedback
Create your own newsfeed