![]() You might be asked for a P&L budget by a lender or investor, but keeping an internal one is always good practice. With this kind of accounting, it’s important to note that budgeting on a profit and loss basis means that your income and expenditure is accounted for when you incur them, rather than when the money is actually in the bank. In short, the P&L budget shows you how much profit or loss your business is planning to make, most often on a monthly basis. Your profit and loss is your business’s financial plan, comprised of your income and expenditures – including interest. Understanding the difference between your budget and forecasts can help you to properly plan for the future of your business. In order to make confident decisions, you need to know what lies ahead. ![]() Planning for the future is essential for business success.
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