Run and Review a Profit & Loss Report (aka P&L or Income Statement)
HOW? Reports – Company & Financial – Profit & Loss Standard
To increase the fun, modify the report to include a prior year comparison. This will highlight any major discrepancies from prior years. If you know your business, these will be obvious. When report is open:
Customize Report – Prior Year Comparison (check off $ and %. It’s enlightening!!)
WHY? You know your business. Line items that don’t look right, probably aren't.
WHAT TO LOOK FOR:
Line items that don’t look right (Wages seem too low? Meals and Entertainment too high? Income seems off?) You know you went on a business trip but don’t see anything in the ‘Travel” line? You can double click on any line to open up the detail to see what’s behind the numbers.
