Which financial document assists property managers in tracking income and expenses?

The profit and loss statement is a crucial financial document for property managers because it provides a clear summary of income and expenses over a specific period. This statement, also known as an income statement, helps property managers assess the operational efficiency of a property by detailing revenues generated from rent, as well as costs such as maintenance, management fees, and utilities.

By analyzing the profit and loss statement, property managers can identify trends in their income and expenses, enabling them to make informed decisions regarding budgeting, pricing strategies, and potential areas for cost reduction or increased revenue. Essentially, this document plays a pivotal role in financial planning and performance evaluation, ensuring that property managers can effectively oversee the fiscal health of the properties they manage.