MONTHLY P&L BALANCE SHEET REPORTS

Creating monthly Profit and Loss (P&L) and Balance Sheet reports is crucial for businesses to track their financial performance, profitability, and overall financial health.

  1. Revenue:
    • Sales: Record all sales revenue generated during the month.
  2. Cost of Goods Sold (COGS):
    • Direct Costs: Include costs directly associated with the production or provision of goods and services.
  3. Gross Profit:
    • Calculate: Subtract COGS from total revenue.
  4. Operating Expenses:
    • Include: Record all operating expenses, such as rent, utilities, salaries, marketing, and administrative costs.
  5. Net Profit Before Tax:
    • Calculate: Subtract total operating expenses from gross profit.