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#11: UNDERSTAND YOUR PROFIT & LOSS LIKE A BOSS
SEND LESLIE A TEXT MESSAGE
In this episode, I explain the importance of the Profit and Loss statement for small businesses. I’ll also cover its components, why it matters, and how to set realistic profit margin goals in your business. Common misconceptions/misunderstandings about this statement will also be addressed, as well as the optimal frequency for evaluating your P&L.
Key Topics:
· What is a Profit and Loss statement?
· Components of a P&L
· Importance of setting profit margin goals
· Common misconceptions about net profit
· Actionable steps for regular P&L analysis
Thanks for tuning in! You can reach out to me with any questions at [email protected]. Be sure to hit ‘follow’ or ‘subscribe’ wherever you listen so you don’t miss out on any valuable financial tips for your business!
Recommended payroll software (affiliate link): ADP:
http://accountantprogram.adp.com/accept/?EID=5453c160-167e-4c6b-aedc-893d78fb3f87&type=ShareUrl
GUSTO (affiliate link): https://gusto.com/r/leslie4559
QuickBooks Online is my go-to accounting software. Get the best discount possible (30% off for 12 months) when you buy with my affiliate link below, through Complete Business Group. Message me at [email protected] with any questions regarding signing up.
https://completebusinessgroup.com/leading-ledger-bookkeeping-llc/
My favorite budgeting app w/ an amazing free version: https://www.ramseysolutions.com/ramseyplus/everydollar
My preferred business credit card with cash rewards (affiliate link): If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
https://i.capitalone.com/Jnub3fUEX
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
View all episodes
By Leslie RothSEND LESLIE A TEXT MESSAGE
In this episode, I explain the importance of the Profit and Loss statement for small businesses. I’ll also cover its components, why it matters, and how to set realistic profit margin goals in your business. Common misconceptions/misunderstandings about this statement will also be addressed, as well as the optimal frequency for evaluating your P&L.
Key Topics:
· What is a Profit and Loss statement?
· Components of a P&L
· Importance of setting profit margin goals
· Common misconceptions about net profit
· Actionable steps for regular P&L analysis
Thanks for tuning in! You can reach out to me with any questions at [email protected]. Be sure to hit ‘follow’ or ‘subscribe’ wherever you listen so you don’t miss out on any valuable financial tips for your business!
Recommended payroll software (affiliate link): ADP:
http://accountantprogram.adp.com/accept/?EID=5453c160-167e-4c6b-aedc-893d78fb3f87&type=ShareUrl
GUSTO (affiliate link): https://gusto.com/r/leslie4559
QuickBooks Online is my go-to accounting software. Get the best discount possible (30% off for 12 months) when you buy with my affiliate link below, through Complete Business Group. Message me at [email protected] with any questions regarding signing up.
https://completebusinessgroup.com/leading-ledger-bookkeeping-llc/
My favorite budgeting app w/ an amazing free version: https://www.ramseysolutions.com/ramseyplus/everydollar
My preferred business credit card with cash rewards (affiliate link): If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
https://i.capitalone.com/Jnub3fUEX
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.