The two most common financial statements that you will encounter in your business are a profit & loss statement and a balance sheet. In this episode, I will be focusing on the profit and loss statement. Understanding how to properly read this statement can help you know how well (or not so well) your business is doing.

 

The most important thing to remember when reading your statement is that revenue - cost of sales = gross profit THEN gross profit - operating expenses = net profit.

 

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Related episodes:

166. What Does a Fractional CFO Do?

174. Building Wealth Habits with Candy Valentino

176. When Should You Hire a Fractional CFO?

 

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.