3 Benefits of Monitoring Your Profit & Loss Statement
- June 28, 2022
- Posted by: capribookkeeping
- Categories: Articles on Entrepreneurship, Bookkeeping Articles, Info about finance and accounting, Small Business Bookkeeping Articles
A Profit and Loss (P&L) statement is synonymous with the income statement and plays an important role in your business. We recently explained what a (P&L) statement is and how to use this document for your business.
Regularly running a P&L statement is essential to effectively monitoring your finances as a small business owner. We recommend that all small business owners do this to help them make important financial decisions and take corrective measures if necessary.
Here are 3 benefits to monitoring your P&L:
Prepares you to file taxes
Make decisions without guesswork
Document-ready proof of the financial health of your business
Have questions about how your Profit and Loss Statement or are you interested in having our team handle your bookkeeping and P&L monitoring? Reach out to Capri Bookkeeping Solutions Founder and CEO Ethan Capri at firstname.lastname@example.org.