The software summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year. These records provide information about a company’s ability – or lack thereof – to generate profit by increasing revenue, reducing costs or both. The P&L statement is also referred to as “statement of profit and loss”, “income statement,” “statement of operations,” “statement of financial results” and “income and expense statement.” The financial statements are submitted to a statutory body for onward submission to Governmental Authorities as is the normal procedure. The software is also tagged with the Anti-Money Laundering Council (AMLC) to keep a tab on any unlawful activities.