Profit & loss, balance sheet and cash flow

Pro

The three statements that describe your business, and what each answers.

Profit and loss

Income minus costs over a period. This is the one that answers whether the work you did in a month or a quarter made money.

Balance sheet

What you own and what you owe at a single point in time. Where the P&L covers a period, the balance sheet is a snapshot on a date.

Cash flow

Money actually moving in and out. A profitable business can still be short of cash if customers pay late, which is precisely what this statement exposes and the P&L does not.

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