In number three in our series on financial forecasting, we go on a tour of the ‘big three’ financial reports. They can be a scary prospect! But knowing a few key bits of info can really help you understand these useful tools and give you confidence in your forecasts.
Why is this sandwich being measured? Read on to find out :p This week we take a look at the profit and loss forecast. This simple guide goes through each part of the P&L and explains how to make use of the figures it produces.
The Profit and Loss Statement is probably THE most confusing of the big three financial reports. But why is it confusing? In this article, I’ll demonstrate how the P&L works and give examples of some common confusions 😀
When I first came to Brixx I didn’t know the first thing about finance.
But I did know something about small businesses and how they operated.
Within a week I was starting to understand that the Dark Art of accountancy wasn’t so dark, it’s just rarely explained in terms non-accountants understand. The reason why a balance sheet should balance, or the difference between retained earnings and opening cash is lost to most non-accountants. Business people and entrepreneurs see the world divided in different ways to the rules of accountancy.
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