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financial reports

Guide to profit & loss statementWhen you’re trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L).

This is a simple set of figures that will give you a summary of what your business has spent and sold, normally in a 12 month period.

Crucially, a P&L statement will tell you how much profit or loss your business has made so it’s useful to have a good grasp of it.

Here’s an overview of Profit & Loss Accounts for a small business owner.
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You may have heard the expression: ‘Revenue is vanity, profit is sanity and cash is reality’. If ever there was a philosophy which I passionately believe in, it is this.

However, there are three important financial measures, which we need to unpack in this expression. Let’s look at each of them in turn; Continue…

Financial reports are standardised measures of a business’ financial health. They are a necessity for publicly traded companies, but this does not mean that they are only useful for large organisations.

Each of the various types of financial reports in this article takes a different view of the business. These reports can seem intimidating at first, but you don’t need to be an accountant to understand them. With a little knowledge you’ll find new ways to look at and analyse your business.

To help you get a fresh insight into your business, I’m going to show you what the purpose of each financial report is, and the kind of information it can reveal about your business. Continue…