Building Better Finances – Understanding the Profit and Loss Report

 In Better Business Finances, Post, Profit Improvement Tips, QuickBooks Desktop, QuickBooks for Mfg + Distributors, QuickBooks for Service Businesses, QuickBooks Reports

Welcome to my “Building Better Business Finances” series.

We’ll explore various QuickBooks reports and tools that will help you keep a close eye on your finances.

Let’s drop anchor and begin with a closer look at the Profit and Loss report.

MANY NAMES – ONE GOAL

The profit and loss report has a number of different names, including:

  • P+L report
  • Income statement
  • “How did we do this month” statement
  • And of course, the profit and loss report

No matter what you call this report, it helps you answer one critical question:

“Did my business make money this month (quarter/year)?”

SEE THE QUICKBOOKS PROFIT AND LOSS REPORT IN ACTION

In this video, I’ll demonstrate to you how the QuickBooks Profit and Loss report works.

Bonus tips in the video:

  • How to compare the current month results to the prior period. For example, compare the current month to the same month a year ago or the prior month
  • How to quickly and easily “spread out” your profit and loss report to show columns by month, quarter or other bucket of time

NEED HELP SORTING OUT YOUR BUSINESS FINANCES?

I welcome the opportunity to help your business be more profitable and improve your cash flow. Learn more about my part-time controller and CFO services today!

 

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