Monthly Profit and Loss Statement Template for a NEMT Company, by Payer and by Van
Overview
A monthly profit and loss statement template for a NEMT company lists each payer's revenue with recoupments shown separately, then driver, van, and overhead costs, and ends in profit. Add a column for each van and one for the budget. Filled in after each month's close, it shows which payer and which van makes money.
- List each payer's revenue, then what that payer took back, so a recoupment never hides inside a smaller deposit.
- Only the interest on a van loan is an expense. The principal, the van's full price, and the owner's draws stay out of the cost rows.
- Run every van in its own column, so one losing van cannot hide inside a profitable company.
- SBA lenders want an interim statement dated within 120 days before the application goes to SBA (SOP 50 10 8.1, effective October 1, 2026).
- Use the accounting method your tax return uses, because lenders check your statements against it.
Only the title and the template print.
A monthly profit and loss statement answers one question: after paying for the month’s drivers, vans, and office, did the company keep money? A NEMT company needs two cuts beyond the basic layout. The first is revenue by payer, with what each payer took back on its own line. The second is every cost by van. This page is the worksheet for both. The 13-week cash flow forecast plans the days money arrives and leaves, and the bookkeeping guide sets up the accounts behind these numbers. This statement measures what a month actually earned.
How to use this template
- Pick the accounting method once. Use the same one your tax return uses (IRS Publication 538 says each taxpayer must use a consistent method). Under cash, Part 1 counts what remittances paid this month. Under accrual, it counts trips you completed this month. The bookkeeping guide explains both.
- Name your vans. Put each van’s unit number at the top of its column in Part 3. Costs that belong to no single van, such as the dispatcher’s wages, go in the Shared column.
- Fill in Part 1 from the remittance, not the deposit. One row for each payer: how many trip legs it paid, what it paid for them, what it recouped, and what it withheld as penalties. How to read a remittance advice walks through each line, and the payment log keeps them in order.
- Copy the month’s costs into Part 2. Use your closed books. Put each cost in its own row so next month’s numbers compare.
- Split the van costs in Part 3. Revenue comes from your trip log by van. Fuel, repairs, tires, and insurance come from the books tagged to each van. Miles come from the shift-start and shift-end odometer readings in your mileage log.
- Set the budget. Start from the average of the last three months, then change what you already know: a rate change, an insurance renewal, a new van, a driver you plan to hire. Over or under budget is this month minus the budget, so a positive number on a cost row means you spent more than planned.
- Read the four numbers below and write down one thing to change. Then file the statement with the month’s remittances and bills. Publication 583 (revised December 2024) says supporting documents such as invoices, bank deposit slips, account statements, and Forms 1099 are what back up the entries in your books and on your return.
The template
Company: ______________________________ Month: ______________
Accounting method: cash ____ accrual ____ (the one your tax return uses)
Prepared by: ______________________________ Date: ______________
Part 1: Revenue by payer
| Payer | Trip legs paid | Paid for trips | Recouped | Penalties withheld | Net revenue | Share of net revenue |
|---|---|---|---|---|---|---|
| Medicaid fee-for-service | ||||||
| Broker 1: | ||||||
| Broker 2: | ||||||
| Broker 3: | ||||||
| Health plan: | ||||||
| Facility contracts | ||||||
| Private pay | ||||||
| Other: | ||||||
| Total |
Net revenue = Paid for trips - Recouped - Penalties withheld. Share = the payer’s net revenue ÷ total net revenue.
Part 2: Profit and loss for the month
| Line | This month | Budget | Over (+) or under (-) | Last month | Schedule C line |
|---|---|---|---|---|---|
| Revenue | |||||
| Net trip revenue (Part 1 total) | 1 | ||||
| Other income: fuel tax credits and refunds, anything not from a payer | 6 | ||||
| Total revenue | |||||
| Driver costs | |||||
| Driver wages | 26 | ||||
| Employer payroll taxes: Social Security, Medicare, federal and state unemployment | 23 | ||||
| Contract drivers | 11 | ||||
| Driver drug tests, background checks, and training | 27b | ||||
| Van costs (by van in Part 3) | |||||
| Fuel | 9 | ||||
| Repairs, maintenance, and tires | 9 | ||||
| Auto liability and physical damage insurance | 9 | ||||
| Registration and plates | 9 | ||||
| Tolls and parking | 9 | ||||
| Van lease payments | 20a | ||||
| Other insurance and licenses | |||||
| Workers’ compensation | 15 | ||||
| General and professional liability | 15 | ||||
| Licenses and permits paid each year | 23 | ||||
| Office and dispatch | |||||
| Office, dispatch, and billing staff wages | 26 | ||||
| Dispatch and billing software and services | 27b | ||||
| Phones and internet | 25 | ||||
| Rent and utilities | 20b and 25 | ||||
| Accounting and legal | 17 | ||||
| Advertising | 8 | ||||
| Office supplies and postage | 18 | ||||
| Bank and card fees | 10 or 27b, ask your preparer | ||||
| Other costs | 27b | ||||
| Tickets and government fines (never deductible) | Not deductible | ||||
| Total costs before depreciation and interest | |||||
| Profit before depreciation and interest (total revenue minus total costs) | |||||
| Depreciation: vans, lifts, and equipment | 13 | ||||
| Interest on van and business loans (interest only) | 16 | ||||
| Owner’s wages, only if the company is a corporation that pays you as an employee | Not on Schedule C | ||||
| Net profit before income tax | 31 |
The Schedule C column is for a sole proprietor or a single-member LLC and uses the 2025 form’s line numbers. Your preparer may place a cost on a different line than this column suggests. A sole proprietor leaves the owner’s wages row blank and keeps owner draws off this sheet.
Part 3: Profit by van
| Line | Van 1 | Van 2 | Van 3 | Van 4 | Shared | Total |
|---|---|---|---|---|---|---|
| Unit number | ||||||
| Net trip revenue | ||||||
| Driver wages and payroll taxes | ||||||
| Fuel | ||||||
| Repairs, maintenance, and tires | ||||||
| Insurance | ||||||
| Registration, tolls, and parking | ||||||
| Lease or depreciation | ||||||
| Loan interest | ||||||
| Profit before shared overhead | ||||||
| Trip legs paid | ||||||
| Miles driven (odometer) | ||||||
| Miles with a rider on board | ||||||
| Paid driver hours | ||||||
| Revenue per trip leg | ||||||
| Cost per mile driven |
The Total column should match Part 2. If it does not, a cost is missing a van tag or a payer’s revenue is posted twice.
Part 4: Before you trust this month
| Check | Done (date and initials) |
|---|---|
| Bank and card statements matched to the books | |
| Every payer’s remittance posted, with recoupments and penalties in their own columns | |
| Every completed trip leg is on a claim, or on a list to bill | |
| Payroll tax deposits match the payroll report | |
| Each van’s miles come from its odometer log, empty miles included | |
| Part 3 totals match Part 2 | |
| A van purchase, sale, or repair that adds to the van’s value is on the van list, not in an expense row | |
| Budget for next month set |
Four numbers to read off the statement
- Profit per van. The Part 3 line “Profit before shared overhead” tells you which van pays for the dispatcher and the office and which one does not. The profit per vehicle calculator runs the same math with your inputs.
- Cost per mile driven. Total van costs divided by odometer miles. Compare it across vans and across months. The cost per mile calculator does the arithmetic.
- Takeback rate by payer. Recouped plus penalties withheld, divided by paid for trips. A rate that climbs for one payer points to missing signatures, late pickups, or trips billed in error, and Medicaid recoupment explains how payers recover money.
- Share of net revenue by payer. One payer carrying most of the revenue means one contract change can reshape the month. The break-even calculator shows how many trips cover your fixed costs.
How much a NEMT business makes shows what revenue and profit per van look like at published rates, so you can set your first budget from something real.
What stays off the statement
Five items commonly land in the wrong place. Each has a home elsewhere, and a lender or preparer reading your statement will look for them there.
- The principal on a van loan. IRS Publication 334 lets you deduct interest on debts related to your business. It says property you expect to last more than a year generally cannot be deducted all at once, and its cost is spread over more than one tax year as depreciation (Publication 334 for 2025 returns). So the interest goes on its own row, the van’s cost goes through the depreciation row, and the principal stays on your loan balance and your cash flow forecast.
- The price of a van, lift, or major repair. The Schedule C instructions say repairs deduct only when they do not add to the property’s value or appreciably prolong its life, and amounts spent to restore or replace property must be capitalized. They also say Part V other expenses do not include the cost of business equipment or furniture.
- Owner draws and a sole proprietor’s own pay. Publication 334 says you cannot deduct your own salary or personal withdrawals, because a sole proprietor is not an employee of the business. Schedule C line 26 leaves amounts paid to yourself out of wages.
- Federal income tax and self-employment tax. Schedule C line 23 lists the taxes that belong in the expense lines, including the employer’s Social Security and Medicare match, federal unemployment tax, and some state payroll contributions. It says not to deduct federal income taxes, including your self-employment tax.
- Personal and family costs, and government fines. Part V says personal, living, and family expenses stay out, and that you cannot deduct fines or penalties paid to a government for violating any law. A traffic ticket belongs on its own row, as in Part 2, so the total of the deductible rows stays clean.
Why your monthly statement will not match Schedule C line for line
Your statement measures how the company did. Your return follows tax rules. These are the gaps to expect, and your preparer closes them at year end.
- The mileage rate. If you take the standard mileage rate on a van, the 2025 instructions have you multiply business miles by the rate, add parking fees and tolls, and enter the total on line 9, with no depreciation, lease payments, or actual operating costs. You must use actual expenses if you used five or more vehicles at the same time. Your monthly statement should show actual costs either way, because those are the costs of running the van. See NEMT business taxes for how to choose.
- Depreciation. Publication 334 (2025) says a 100 percent additional first-year depreciation deduction is allowed for certain qualified property acquired after January 19, 2025, and a section 179 election can deduct part of the cost in the first year. Your statement can spread a van’s cost evenly by month, while your return may take more of it in the first year. Your preparer’s year-end entry closes that gap.
- The method. Cash and accrual put the same trip in different months. Publication 538 says to use one method consistently, so match your statement to your return.
- Payer forms. The line 1 instructions say that if you received Forms 1099-NEC, line 1 must include the amounts properly shown on them, and that if the box 1 totals are more than you report, you attach a statement explaining the difference. Not every payer sends a form. At year end, compare the Paid for trips total in Part 1 with each form you do receive.
- Interest on the 2026 form. The 2025 form has one line for non-mortgage interest, 16b. The 2026 Schedule C draft the IRS posted in May 2026 splits it into 16a mortgage, 16b vehicle loan, and 16c other. The draft says it is not for filing, so check the final form before you hand your preparer the interest row.
Who asks to see your statement
SBA lenders. SOP 50 10 8.1 took effect October 1, 2026 (published September 25, 2026). Appendix 20 of the SOP sets the general requirements for the application for any 7(a) loan: business financial statements or tax returns for the last 3 years, plus interim financial statements dated within 120 days before submission to SBA. The appendix’s list names year-end Profit & Loss Statements for the last 3 years, an interim Profit & Loss Statement, and balance sheets with a detailed debt schedule. For a standard 7(a) loan, above $350,000, the lender analyzes an existing business on its three most recent years of history, either tax returns or a balance sheet with a debt schedule and an income statement, plus an interim statement.
For a 7(a) Small Loan, $350,000 or less, the lender can measure repayment from the last year-end statement alone, which may be a tax return, an internal statement, or an accountant-prepared one, if it is dated and received within 120 days of year end. It can also use that statement plus an interim statement, or 12-month projections. On a Small Loan the lender also reviews the two most recent months of bank statements for your main operating account.
SBA measures repayment with a debt service coverage ratio. SOP 50 10 8.1 defines operating cash flow as earnings before interest, taxes, depreciation, and amortization, and debt service as the future required principal and interest payments on all business debt, including the new loan. The ratio is the first divided by the second. That is why Part 2 shows interest and depreciation on their own rows and keeps principal out of the costs. The ratios a lender needs, and the documents to gather before you apply, are in NEMT business loans.
The statements must also agree with your return. SBA’s tax verification checks that the financial statements in the application agree with the business tax returns submitted to the IRS, and for a sole proprietor the lender verifies the Schedule C. Lenders reconcile differences against IRS transcripts before the first disbursement, except on SBA Express and Export Express loans.
City and county permits. As of October 2026, Miami-Dade County’s instruction sheet for a non-emergency medical transportation certificate asks for a detailed statement it calls a balance sheet, showing assets at original cost and all liabilities, including revenue from all sources. It prefers the most recent certified statement, accepts one dated and signed by the preparer if none exists, and may take the last tax return instead.
Insurers. As of October 2026, RLI’s NEMT insurance program page lists financials among the additional requirements it may ask for: the two most recent year-end audited financial statements, a balance sheet and an income statement on an accrual basis. A company that keeps its books on a cash basis should ask its preparer what producing accrual statements would take before the request comes.
Frequently asked questions
Should my monthly statement use cash or accrual?
Use the method your tax return uses. The IRS says each taxpayer must use a consistent method: under cash you report income in the year you receive it and deduct expenses in the year you pay them, and under accrual you report income when you earn it and deduct expenses when you incur them (Publication 538, revised January 2022). The bookkeeping guide explains how to choose, and notes that changing later generally needs IRS approval.
Where do recoupments go on a profit and loss statement?
In their own column next to each payer in Part 1, so net revenue is what the payer paid for trips minus what it took back. A payer's deposit is often claims paid minus offsets, and a single deposit figure hides that. For tax, IRS Publication 334 says that if you included an amount in income and repay it in a later year, you can usually deduct the repayment in the year you make it, with a special rule over $3,000. Tell your preparer which recoupments are from earlier years.
Is a van loan payment an expense?
Only the interest is. IRS Publication 334 lets you deduct interest on business debt, and says property you expect to last more than a year is generally spread over more than one tax year as depreciation, not deducted all at once. So the principal in each payment stays off the profit and loss statement, and the van's cost shows up as depreciation. SBA lenders read both: they add interest and depreciation back to find cash flow, then compare it with principal plus interest.
How current must my statement be for an SBA loan?
SBA's general requirements for 7(a) loan applications say interim financial statements must be dated within 120 days before the lender submits the application to SBA. On a 7(a) Small Loan, $350,000 or less, the lender can also measure repayment from the last year-end statement alone, which may be a tax return, an internal statement, or an accountant-prepared one, if it is received within 120 days of year end (SOP 50 10 8.1, effective October 1, 2026). Lenders also compare your statements with your tax returns.
Why does my monthly profit not match my Schedule C?
Several gaps are common. The standard mileage rate replaces fuel, repairs, insurance, and depreciation on line 9, depreciation can be taken faster on a return than you spread it by month, your return may use a different method, and some costs, such as income tax and government fines, are not deductible. The sections below walk through each one.
Do I need an accountant to prepare the statement?
Not for your own use, and not always for a lender: SBA accepts an internal statement for the last year-end on a 7(a) Small Loan. Others ask for more. As of October 2026, Miami-Dade County prefers a certified statement and otherwise accepts one dated and signed by the preparer, and RLI's NEMT program says it may ask for audited statements on an accrual basis. Ask each one before you send anything.
Should I count my own pay as a cost?
If you are a sole proprietor, the IRS says you cannot deduct your own salary or personal withdrawals, and the Schedule C instructions keep amounts paid to yourself out of wages. Keep draws off the statement, and look at net profit as your pay before income tax. If your company is a corporation and pays you wages, those wages are a cost, so ask your preparer how to show them.