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You are here: Home » Archives for profit and loss

profit and loss

steps to successful financial planning

Good planning is important for both startups and established businesses, and a financial plan is no exception.

As a new business owner, you have probably never had to produce a financial plan, so it can definitely be a daunting prospect. However, investing a little time and effort in making a financial plan for your new business can save you a lot of money and pain down the line.

So to help you get your financial plan right we asked Robin Booth of Brixx.com to outline the 6 steps to develop a coherent, holistic financial plan of your business. Continue…

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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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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…