P&L is a type of financial statement that measures how much money a business makes versus how much it spends, which sets the foundation of strategic financial decision-making. When businesses have a clear, accurate view of how much they’re profiting, they can make smarter investments, adjust pricing strategies, and improve profitability over time.
But managing a P&L budget effectively goes beyond simply recording numbers at the end of a period. Without a structured financial data system, businesses risk working with incomplete reports, outdated numbers, or scattered spreadsheets.
This disorganization can lead to misinformed decisions, unexpected cash flow issues, and missed opportunities for growth. Finance teams perform best when they have accurate, automated P&L tracking that gives them the insights they need to make strategic decisions that drive long-term success.
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Profit and loss software makes it easier for businesses to track their revenue, expenses, and profitability over a given period. Finance leaders use P&L software to monitor profitability and model the effects of their various decisions. Accounting teams use it to track expenses, reconcile revenue, and generate their reports. Business owners and department heads rely on it to manage cash flow and control spending.
With accurate, up-to-date numbers, companies can move beyond basic bookkeeping and start making strategic decisions that drive better growth.
Profit and loss software and accounting software might seem similar, but they serve different purposes. P&L software focuses on profitability. It analyzes financial health and highlights areas where a business can cut costs or increase spending.
Accounting software focuses on more of the day-to-day bookkeeping. It records transactions, handles invoices, tracks payroll, and ensures taxes and compliance are in order. While some accounting tools can generate financial reports—including profit and loss statements—they don’t always provide deep financial analysis or forecasting like P&L software.
For businesses that want to move beyond just keeping records and start making strategic financial decisions, P&L software bridges the gap by turning raw numbers into actionable insights.
Now that you know how profit and loss software can help your businesses unlock more revenue opportunities, let’s look at today's best options.
Cube is the first spreadsheet-native FP&A platform that uses AI to help businesses track P&L, forecast revenue, and optimize cash flow directly inside Excel and Google Sheets. Businesses use Cube to monitor profitability, analyze spending, and project future sales—all without manual data entry or complex financial tools.
With Cube, you just open Excel or Sheets, select your report, and choose the data range you need—Cube pulls in the latest numbers automatically. You can say goodbye to copy-pasting from different sources or worrying about outdated data. Cube syncs in the background with accounting software, CRMs, and ERPs, so P&L statements, forecasts, and budgets always reflect the most up-to-date financials.
Finance teams can customize their reports, compare budget vs. actuals, and run calculations—without breaking formulas or rebuilding templates. Businesses like Edge Fitness Club and Smart City use Cube to eliminate spreadsheet headaches, make more confident financial decisions, and free up time for strategy.
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Pricing: Custom pricing starts at just $2,000/mo
FreshBooks is an accounting software aimed at freelancers and small businesses. While it doesn’t offer dedicated P&L management tools, it generates basic P&L statements as part of its reporting tools. Users can track income, expenses, and net profit over a given period.
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Patriot Software is an accounting and payroll solution that includes basic P&L reporting. Users can display sales for each product they sell and all expense accounts. While it provides P&L statements, its reporting is more focused on bookkeeping and payroll management rather than in-depth profitability analysis or forecasting.
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Xero is an accounting software that offers P&L reporting with live financial data. Users can generate customizable income statements to analyze financial performance and identify profitability trends. Unlike basic bookkeeping tools, Xero provides adjustable P&L reports, automated expense tracking, and integrations with other financial tools.
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QuickBooks Online is another accounting platform that helps businesses track income, expenses, and overall financial health. It provides custom P&L reporting, automated bank transaction syncing, and cash flow insights. Businesses can use it to monitor how money moves in and out over time.
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Compare how NetSuite and QuickBooks stack up for P&L tracking and financial reporting.
Jedox offers P&L planning and forecasting software for businesses of all sizes. It can automate financial data collection, integrate with multiple systems, and enable real-time profitability analysis. Its AI-based driver analysis allows businesses to identify key financial influences and forecast outcomes with validated scenario planning.
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Pricing: Custom pricing.
​Phocas Software is an FP&A tool that offers financial analysis tools that help with profit and loss P&L management. It turns static financial data from spreadsheets into interactive insights. Users can view P&L data through income statements, balance sheets, and cash flow statements.
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Pricing: Custom pricing
Zoho Books is an accounting and financial reporting software that helps businesses track profitability with P&L reporting. Users can generate custom P&L statements anytime, compare income and expenses, and organize financial data with reporting tags for deeper analysis. They can receive updated P&L reports on a weekly, monthly, or quarterly basis.
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Premium: $70/mo
Wave Accounting is another accounting software aimed at small businesses and freelancers looking for basic P&L reporting. Users can generate month-to-month or year-to-year comparisons to identify trends in revenue and spending. Wave automatically imports and categorizes bank transactions to keep financial records up to date.
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​NetSuite is an enterprise resource planning (ERP) platform that offers P&L management tools. It automates P&L tracking, allows finance teams to generate custom reports, and analyzes profitability ratios. Users can access NetSuite's AI to streamline repetitive tasks like journal entries and transaction reconciliation.
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Pricing: Custom pricing.
Sage Accounting provides standard and comparative P&L reporting. Businesses can access a breakdown of sales, direct expenses, overheads, and net profit or loss. Income statements can be generated for the current or past financial year.
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Pricing: Custom pricing.
With the right software, you can automate profit tracking, consolidate financial data, and eliminate version control issues. This helps you track your financial health, reduce errors, and ultimately make better, more informed financial decisions for your business.
If you're looking for a beginner-friendly all-in-one P&L solution that pulls live financial data, automates consolidations, and calculates gross profit inside the spreadsheets you already use, consider Cube. Cube gives finance teams instant visibility within the spreadsheets they already know and love.