Building Better Finances – Understanding the Profit and Loss Report
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!