Profit and Loss Statement (P&L)
Accounting & Bookkeeping Glossary
Definition
The P&L (also called an income statement) summarizes your revenue, costs, and expenses over a specific time period. It's the report that answers: 'Are we making money?' You should review your P&L monthly, compare it to prior periods, and look at it as a percentage of revenue — not just dollar amounts. That's where the real insights are.
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