Management Profit & Loss
The profit or loss of your business is monitored by the regular preparation of a periodical Profit and Loss Statement (P&L). These should be done on a monthly, then total financial year basis. Your business is too volatile, that is it can change too quickly to risk not measuring how you are performing at appropriate, regular intervals.
This sample P+L Statement is a great example of what should be included in your P+L and can be used to measure the profitability of your business.
A healthy balance sheet will help you on your way to getting the work/life balance you may be seeking, putting your business under management or laying the foundations for expansion.
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