Your Profit and Loss statement contains information about income, expenses and profit margins. It highlights the things you are doing right, and also areas of concern. Here are five questions to ask at your next finance meeting:
- Have I made a profit or a loss?
- How do the figures compare with my last profit and loss statement?
- Is my Cost of Sales figure increasing in proportion to sales?
- Is my gross profit margin high enough?
- What do I need to watch out for in my P&L statement?