P&L statements!

A

amber101

New member
Hiiii everyone!
I have new to my role and have a meeting this coming Monday to go over my P&Ls for January (2023/2024) and February (2023/2024).
I’m way out of my league here and I wonder if anyone would be able to help me understand these! Images aren’t allowed in this post but I wonder if someone could help me out in the personal messages!

Any insight is appreciated!
Thank you
 
@amber101 A P&L (profit & loss) statement is another name for the income statement. One of the basic financial statements a business uses to see how profitable they are for a given time period.

To simplify, the top line of the statement lists the revenue generated for that month. Followed by all the expenses incurred during the month. And after subtracting your expenses from your revenue - your bottom line is your profit.

From that, you can figure your profit margin % by dividing your profit (income) by the total revenue.

And it looks like they want you to generate the reports for Jan 23 and 24 and Feb 23 and 24 and then compare them to see how your profit has changed month to month and year to year.

Good luck!
 
@amber101 Do you use Quickbooks by chance? We lean into that software a lot and it generates the reports for you. Simplifies the process and saves a lot of time
 
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