Most business owners check their Profit & Loss (P&L) statement just to see if they made money. But did you know it can reveal much more? A well-structured P&L is not just a financial report—it’s a management tool that works like a clutch in a car, allowing you to adjust and fine-tune your business operations in real-time.
Not only can you gain insights from individual accounts on your P&L, but comparing different accounts can highlight critical patterns. By analyzing revenue, expenses, and profit together, you can make smarter decisions to increase income, control costs, and improve efficiency.
Setting up your P&L correctly in QuickBooks Online makes these insights easy to track. Our free guide walks you through:
📊 How to customize your P&L for meaningful comparisons
🔁 Setting up prior period and % change tracking
📈 Using graphs and reports to spot trends quickly
🔎 What your expenses, revenue, and profit trends are telling you
💡 How to adjust spending and pricing based on financial insights