August 17th, 2018.

A profit and loss account (P&L) template is important whether you are running a business or in the process of setting one up. If the latter, as a part of P&L forecasting, it forms a required part of a business plan.

A profit and loss sheet shows business performance over a specific period of time, recording incomings and outgoings and sales income generated, including estimates of work in progress but not yet invoiced.

A part of your annual accounting
A P&L statement is usually prepared annually and shows revenues and costs and how much profit has been made over the period.It should form part of your overall bookkeeping set of documents – along with a balance sheet and cash flow forecast.

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