The most common financial report in small business is a profit and loss, also known as a P&L or income statement. A typical profit and loss report begins with your sales, or revenue, followed by a list of expenses that are subtracted from your sales, and end with showing your business profits (or losses), also known as net income or your "bottom line." A profit and loss can be displayed in various levels of detail and complexity, but the key components of income, expenses, and profits or losses always exist.
A profit and loss is shown over a period of time. It's common to see a P&L shown monthly, like the chart below, but you can also view an income statement daily, weekly, quarterly, or annually. Weekly or monthly views of your profit and loss can be extremely valuable in understanding how your business is doing, and your quarterly and annual profit and loss reports are helpful when it's time to calculate estimated or end of year income taxes.
Outright customers can view their profit and loss on the dashboard or in the reports tab. You can easily adjust the time period on your P&L report, as well as the period each bar represents. And, if you have your Outright account set up to automatically pull transactions from your online accounts, your profit and loss will always be up to date. You can also have your P&L emailed to you on a weekly or monthly basis.