Video Tutorial: How To Set Up & Use A Basic Profit & Loss Statement
An accurate Profit & Loss Statement will help you with tax preparation and although you may feel initially that it’s time consuming – and time is money – it’s a smart investment for several reasons, not least of all it saves all that backtracking as you (desperately?) try to remember to claim for all the ‘investments’ (if they turned out to just be ‘bright shiny objects’ – the tax deduction may be the only benefit you get, so you need to be double sure you claim for those) that you’ve made in your business throughout the year.
This video runs through how to set up and use a basic P&L.
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