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May 11, 2020
A P&L Account is broken down by month and shows you the following for your business…
Once you have your gross profit figure, you now want to take any remaining costs from this, so the next section on the report is:
An up-to-date P&L report is very important to help you assess how profitable and successful your business currently is and it can help you make important strategic decisions. For instance, looking at whether your product is priced correctly or whether you can justify further expenses. You also need to submit a P&L for a small business loan or if you are seeking funding from investors.
If you have accounting software and keep it up to date, you will have access to a P&L account you can review through there. Otherwise, you can create your own P&L account using an excel template- I have linked to a good article which contains one here.
If you are feeling a little stuck and overwhelmed by the reports you need to review as a small business owner, I can help. I can assist you in setting up your KPI’s (Key Performance Indicators) and review them with you monthly to help you take a step back and stay on the right track. Just get in touch if you would like more details- email@example.com.
Image by: Mélodie Bouchard @allo.melo
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