How to read your Profit & Loss report
Way back when I started in business, I figured that if I was taking in money and only spending the money I had then I was in a profit situation, right?
After all, my accountant seemed happy.
Then accounting software took the world by storm and bookkeeping got easier.
At about that time I started working with McDonalds franchisees. Wow, these guys were really smart! They knew how to read a Profit & Loss (P&L) report; they drilled down into every line and actually used it to improve their business.
So what are the secrets that make it easy to read a P&L report?
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