Run your QuickBooks profit and loss report to see how your business is doing.
To me, this report is one of the three most critical reports you should be monitoring on a regular basis. The other two? Your accounts receivable report and a cash flow report.
If your business only gets a profit and loss report (aka income statement) when your CPA hands you a wad of papers at tax time, you're really, really missing out.
Without hesitation, your profit and loss report should be reviewed on a monthly basis.
ACCESSING THE PROFIT AND LOSS REPORT
Getting there is easy - click Reports > Company and Financial > Profit and Loss Standard. You'll see something that looks like this:
Now come the hard parts of dealing with your income statement:
- Making sure the information in the report is accurate
- Trying to figure out what it means (in something other than accounting-speak!)
GET THE HELP YOU NEED TO MAKE SENSE OF IT ALL
Knowing that you aren't an accountant (and likely don't want to be!), I've created two easy ways to get you the help you need to manage (and improve!) your finances.
Take a closer look my solutions: