Profit and Loss

The profit and loss account is also known as an income statement. It will show the profit or loss of a business for a given period.

What is a Financial Statement?

What is a Financial Statement?

What is a Financial statement? Most businesses require financial statements, but not the usual bank statements that you would get from your bank. Although financial statements may seem a little complicated at first, they will make your life as a business owner much easier, because you will have a much better understanding of the numbers for your business. Today, we are going to take a detailed…

What is the difference between Gross and Net Income?

What is the difference between Gross and Net Income? Both figures appear on the profit and loss account. Below we look at the breakdown of the profit and loss account or income statement and explain each section. What is Turnover? Turnover is the gross income of the business. It can include income from products and services it sells. An example is a computer company sells and…