How to Look at Your Profit and Loss Statement

This is one of three financial statements that you should be reviewing monthly or quarterly for your business. The other two are the Balance Sheet and Statement of Cash Flows. The Profit and Loss, also known as the Income Statement, is the one that will tell you if you are making or losing money in your business. To have a sustainable long-term business, you need to be making money that covers the cost of the business, taxes, and self-pay. In other words, it needs to generate profit.
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