Profit And Loss Report

Just like you received a report card at the end of the school quarter, your business will receive its own report that shows how much money it made or lost during a certain period. 

This is known as a profit and loss report (P&L) and is the most common financial report for businesses of all sizes. 

Investors and bankers will want to review your P&L report before investing or lending funds. This makes it crucial to create accurate P&L statements that are GAAP compliant.