![]() ![]() A P&L statement is a high-level overview that shows whether your organization is profitable or in the red. ![]() Now you can better understand your business finances by creating a profit and loss (P&L) statement. You’ve accounted for your income and fixed, variable, and emergency expenses. You can’t predict when you’ll need to pay for an emergency expense or how much it might cost, but you can set aside a cash reserve to lessen the burden. New equipment, hiring expenses, and unplanned events can add up, so it’s wise to plan ahead as much as you can. As a business owner, you’re likely familiar with unexpected expenses. Life is full of unexpected circumstances. Prepare for emergency and one-time expenses
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