Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling You. copertina

Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling You.

Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling You.

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Episode 46: Are You Actually Making Money? What Your P&L Should Be Telling YouYour QuickBooks Profit and Loss statement says your business is making money. But are you actually as profitable as you think?Increasing revenue doesn’t always mean increasing profitability. In fact, your business could be bringing in more customers, generating more sales, and working harder than ever—while your profit margins quietly shrink.In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis walk through how to read a Profit and Loss statement (P&L) in QuickBooks Online and understand what your financial numbers are really telling you.Using real-world business situations and practical examples, Lee explains how to evaluate revenue, direct costs, gross profit margins, overhead expenses, and net profit so you can make smarter decisions about your business.Free Download: Profit & Loss Review WorksheetReady to put what you’ve learned into practice?We’ve created a free, four-page Profit & Loss Review Worksheet to help you analyse your own business numbers, compare reporting periods, calculate gross profit margins, review expenses, and identify opportunities to improve profitability.Download Your Free Profit & Loss Review WorksheetIn This Episode, You’ll LearnWhat your Profit and Loss statement actually measuresWhy higher revenue doesn’t always mean higher profitsHow to calculate and understand gross profit marginWhich expenses could be quietly reducing your profitabilityWhy owner compensation matters when evaluating your bottom lineHow to compare financial reports across different periodsWhere to find your P&L in QuickBooks OnlineWhat to do when you don’t trust the numbers in your financial reportsChapters00:00 — Welcome to QuickBooks Mastery00:56 — Are You Actually Making Money?03:10 — Understanding Your Profit and Loss Statement03:49 — Why You Should Review Your P&L Monthly05:33 — Revenue Growth vs. Profitability06:37 — Labour, Materials, and Rising Direct Costs09:55 — Understanding Gross Profit and Gross Profit Margin12:10 — The $500,000 Business Example13:27 — When Sales Grow but Margins Shrink15:41 — Evaluating Overhead and Operating Expenses17:43 — Subscription Costs and Cost Creep20:08 — Insurance and Unnecessary Expenses21:25 — Understanding Your Bottom-Line Profit24:53 — Owner Compensation and the Next Episode25:22 — What Your P&L Doesn’t Tell You About Cash and Debt26:51 — Running Your P&L in QuickBooks Online28:19 — What to Do When Your Financial Reports Seem Inaccurate29:33 — Using Your P&L to Make Better Decisions30:17 — Your Practical Challenge for This Week32:01 — Coming Next: How Much Should You Pay Yourself?Your Action Step This WeekOpen QuickBooks Online and run your Profit and Loss statement.Compare this year’s numbers with last year’s. Review your revenue, gross profit, major expenses, and net profit.Then ask yourself one question:What is one thing in my financial reports that deserves more attention?You don’t need to solve everything today. Start by identifying one meaningful opportunity to improve your business.Use the free Profit & Loss Review Worksheet to guide you through the process.Resources & LinksFree Episode 46 Profit & Loss Review Worksheet:Dowload HereListen to QuickBooks Mastery:https://quickbooks-mastery.captivate.fm/listenTake the Free QuickBooks Clarity Scorecard:https://lee-davis-and-company.aweb.page/unlock-clarity-free-scorecardEpisode 45 Companion Worksheet — Profit vs. Cash Flow:Download HereLee Davis & Company:Lee Davis and Company WebsiteHave a QuickBooks question?Email support@leedavisandcompany.com.Coming NextHow much should you actually be paying yourself as a business owner?Next week, Erica and Lee discuss owner compensation, business profit, and how to think about paying yourself without putting your company’s finances at risk.Subscribe to QuickBooks Mastery for Small Business Success so you don’t miss it.
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