Profit and Loss 101: Do you really understand your P & L?

An income statement (commonly known as a profit and loss statement or your [P&L]), is a critical tool to know as a business owner. It answers the most important question: Is your company profitable? Is it running efficiently? And what opportunities are there in identifying areas to focus on i.e. opportunities for increasing revenue and/or decreasing costs. Naturally, when you work closely with your BAS Agent, you have the peace of mind knowing that this is created accurately, however, as a business owner, it is also useful to know how to interpret this fundamental statement. This blog is your profit and loss 101 training document. Our aim to provide an… Read More

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