Making Sense of Profit and Loss Statements (P&L Statements)

One of the most valuable tools in the small business owner’s belt is an accurate profit and loss statement. It provides exceptionally beneficial information about the progress of your business and allows you to make projections about the future. A P&L Statement, when prepared correctly, measures the profit accrued by a business against the loss. This, basically, indicates whether your business is gaining profit or losing revenue over a specified period of time. Usually done monthly, quarterly and/or annually, P&L Statements keep you informed on the financial state of your company. With accurate tracking of where and when the business is performing strongly, coupled with opportunities for improvement, you can make valuable decisions about what is working for the company and what is not.

At VAST we hear murmurs here and there about business owners either not receiving clean P&L Statements or not paying much attention to them at all because they are unclear what they are viewing. But, with our virtual accounting services, we handle the difficult work for you. We will track your income and your expenses automatically. Depending on our agreement, we will provide a full Profit and Loss Statement as frequently as requested; we can even consult on how often you should be reviewing your P&L Statements based on your type of business. Our reports are complete and easy to read, making your job simpler and more manageable.

Gain an edge with your business’s financial future with hassle-free and timely P&L Statements provided by VAST. Our services always keep your busy schedule in mind, handling all possible details to streamline your day and free you to focus on more pressing business matters. Virtual accounting has never been easier than with VAST. We provide the services that make accounting reliable and powerful; it’s the VAST solution.