{"id":22877,"date":"2020-02-20T08:00:00","date_gmt":"2020-02-20T13:00:00","guid":{"rendered":"https:\/\/honeybook.site.strattic.io\/?p=22877"},"modified":"2023-08-03T08:55:23","modified_gmt":"2023-08-03T15:55:23","slug":"3-areas-to-analyze-your-profit-loss-statement","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/3-areas-to-analyze-your-profit-loss-statement","title":{"rendered":"Your profit and loss statement: 3 areas you should Analyze"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong> <\/strong><em>What is a profit and loss statement? Here are three key areas you should analyze to better understand your small business operations from HoneyBook Pro and CPA,\u00a0<a href=\"https:\/\/pros.honeybook.com\/pros\/dondrea-owens-cpa?utm_source=blog&amp;utm_medium=content&amp;utm_campaign=hb_honeybookpros\">Dondrea Owens<\/a><\/em><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2022\/04\/img_62696af5ed747.\" alt=\"\" class=\"wp-image-60031\"\/><\/figure>\n\n\n\n<p>Analyzing your financial reports is an absolute must if you\u2019re taking the time to do your\u00a0<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/streamline-bookkeeping-business\" target=\"_blank\" rel=\"noreferrer noopener\">small business bookkeeping<\/a>\u00a0every month. Reports and financial statements\u2014such as a profit and loss statement\u2014help you make better decisions and have greater profitability as a business owner.<\/p>\n\n\n\n<p>The questions I hear most are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Which <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/5-annual-financial-reports-update\" target=\"_blank\" rel=\"noopener\" title=\"financial reports\" data-wpil-keyword-link=\"linked\">financial reports<\/a> should I analyze?<\/em><\/li>\n\n\n\n<li><em>What exactly am I looking for in these reports?<\/em><\/li>\n\n\n\n<li><em>What difference will it make in my business?<\/em><\/li>\n<\/ul>\n\n\n\n<p>Well, I\u2019ve got answers.&nbsp; Let\u2019s get into it!<\/p>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"88924\" class=\"elementor elementor-88924\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-99ad397 e-con-full cta_click e-flex e-con e-parent\" data-id=\"99ad397\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-ec10187 e-con-full e-flex e-con e-child\" data-id=\"ec10187\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c538a76 elementor-widget elementor-widget-image\" data-id=\"c538a76\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"404\" height=\"740\" src=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png\" class=\"attachment-medium_large size-medium_large wp-image-88479\" alt=\"\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino.png 404w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/07\/cta-payments-banner-merino-164x300.png 164w\" sizes=\"(max-width: 404px) 100vw, 404px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0d64de4 e-con-full e-flex e-con e-child\" data-id=\"0d64de4\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a918e8 elementor-widget elementor-widget-heading\" data-id=\"8a918e8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Get the free profit &amp; loss template<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dea38c1 elementor-widget elementor-widget-text-editor\" data-id=\"dea38c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Use our free profit &amp; loss template to track revenue and expenses.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cb141f click-profit-loss elementor-widget elementor-widget-button\" data-id=\"7cb141f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Get the template<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<h2 class=\"wp-block-heading\">What a profit and loss statement shows about your business<\/h2>\n\n\n\n<p>Overall, a P&amp;L statement will show a company its revenues and expenses and profit and loss over a specific period of time. It\u2019s also called an income statement, and it\u2019s one of the three major financial statements that you should incorporate into your bookkeeping, along with a balance sheet and\u00a0<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/what-is-cashflow\" target=\"_blank\" rel=\"noreferrer noopener\">cash flow<\/a>\u00a0statement.<\/p>\n\n\n\n<p>I recommend reviewing your P&amp;L statement every month to better understand your business. Once you\u2019re more comfortable or have more robust bookkeeping and accounting, you can review the report every quarter or even annually.<\/p>\n\n\n\n<p>Inside the report, you\u2019ll be able to see your total income for the given period of time, your cost of goods sold which yields your gross profit, and your total expenses, which leaves you with your net profit or loss.<\/p>\n\n\n\n<p>The three basic areas you should be analyzing on your profit &amp; loss statement every single month are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Income sources<\/li>\n\n\n\n<li>Operating expenses by category<\/li>\n\n\n\n<li>Profit margin<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">1. Income sources on your profit &amp; loss statement<\/h3>\n\n\n\n<p>As you look at all the income sources in your P&amp;L statement, ask yourself:<\/p>\n\n\n\n<p>1. Which offer generated the most amount of sales?<\/p>\n\n\n\n<p>2. Which offer generated the least amount of sales?<\/p>\n\n\n\n<p>3. Was my target sales goal met?&nbsp;<em>&nbsp;Why or why not?<\/em><\/p>\n\n\n\n<p>Figuring out which offer generated the most amount of sales can help you determine if a particular service offer might appeal more to your audience.&nbsp; Armed with that information, you can tailor your marketing efforts to target more of that audience and increase sales.<\/p>\n\n\n\n<p>On the flip side, knowing which offer generated the least amount of sales can help you determine if it\u2019s time to ramp up your marketing efforts to sell more or if it may be time to discontinue the offer altogether.<\/p>\n\n\n\n<p>Most business owners set an annual sales goal; however, setting monthly checkpoints for that goal is crucial to tracking progress and eliminating year-end surprises.<\/p>\n\n\n\n<p>Determining why or why not could produce valuable insight you can use when setting future goals\u2014things such as a slow or busy season, increased competition, unexpected downtime, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Operating expenses<\/h3>\n\n\n\n<p>When looking at your income and expenses, here are some questions to ask about how you\u2019re spending your money:<\/p>\n\n\n\n<p>1. What are the top three operating expenses?<\/p>\n\n\n\n<p>2. What percentage of operating expenses went toward marketing expenses?<\/p>\n\n\n\n<p>Your top three operating expenses should be ones that help you create, sell, or deliver your offer to clients\/customers. If they don\u2019t, evaluate just how necessary they are and how you can reduce or eliminate them.<\/p>\n\n\n\n<p>A potential area for overspending is marketing expenses. Your general marketing budget should be around 5%, with a max of 10% during periods of extreme visibility and growth. If marketing expenses consistently go beyond 10%, your business could experience slower profit growth (thus, decreased\u00a0<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/achieve-financial-sustainability\" target=\"_blank\" rel=\"noreferrer noopener\">financial sustainability<\/a>) even when your sales are booming.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Profit margin<\/h3>\n\n\n\n<p>Your profit margin takes your revenues and expenses into consideration. A healthy profit margin is when your revenue outweighs all your costs. Your operating profit is what you have when you subtract operating expenses from your gross profit.<\/p>\n\n\n\n<p>Ask yourself these questions to better understand your profit margin:<\/p>\n\n\n\n<p>1. What is the profit margin percentage?<\/p>\n\n\n\n<p>2. How can I make more sales?<\/p>\n\n\n\n<p>3. Where can I streamline expenses?<\/p>\n\n\n\n<p>To find your profit margin percentage, take total profit and divide it by total sales.<\/p>\n\n\n\n<p>A good profit margin is 70%. If you\u2019re already at 70% or better, great! You have opportunities to spend and generate even more sales\u2014<em>think, outsourcing. Or, save!<\/em><\/p>\n\n\n\n<p>If you\u2019ve not hit a 70% profit margin, think of free ways to get in front of people who need your offer.\u00a0 Also, consider how you can streamline your expenses and maintain or improve your level of service\u2014<em>think,\u00a0<\/em><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/automations\" target=\"_blank\" rel=\"noreferrer noopener\"><em>business automation<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Uplevel your bookkeeping and accounting<\/h2>\n\n\n\n<p>Paying attention to these three basic areas is a great place to begin analyzing your profit &amp; loss statement, but your\u00a0<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/financial-health-check\" target=\"_blank\" rel=\"noreferrer noopener\">business&#8217;s financial health<\/a>\u00a0doesn\u2019t stop there.<\/p>\n\n\n\n<p>Make sure you\u2019re using a\u00a0<a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CRM for small businesses<\/a>\u00a0like HoneyBook, which lets you track all of your client payments and expenses. Inside HoneyBook, you can view your profit and loss statement with more information about your lead sources, operating and expenses, and more. You can even sync with Quickbooks for the most robust bookkeeping and accounting.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is a profit and loss statement? Here are three key areas you should analyze to better understand your small business operations from HoneyBook Pro and CPA,\u00a0Dondrea Owens Analyzing your financial reports is an absolute must if you\u2019re taking the time to do your\u00a0small business bookkeeping\u00a0every month. Reports and financial statements\u2014such as a profit and [&hellip;]<\/p>\n","protected":false},"author":224,"featured_media":74358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[200,107,490],"class_list":["post-22877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-tips","tag-business-expenses","tag-business-tips","tag-finance"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash.jpg",2048,1367,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash-150x150.jpg",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash-300x200.jpg",300,200,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash-768x513.jpg",768,513,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash-1024x684.jpg",1024,684,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash-1536x1025.jpg",1536,1025,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2020\/02\/christina-wocintechchat-com-1Ym8pU4gewk-unsplash.jpg",2048,1367,false]},"post_excerpt_stackable_v2":"<p>What is a profit and loss statement? Here are three key areas you should analyze to better understand your small business operations from HoneyBook Pro and CPA,\u00a0Dondrea Owens Analyzing your financial reports is an absolute must if you\u2019re taking the time to do your\u00a0small business bookkeeping\u00a0every month. Reports and financial statements\u2014such as a profit and loss statement\u2014help you make better decisions and have greater profitability as a business owner. The questions I hear most are: Which financial reports should I analyze? What exactly am I looking for in these reports? What difference will it make in my business? Well, I\u2019ve&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/finance-tips\" rel=\"category tag\">Finance tips<\/a>","author_info_v2":{"name":"Dondrea Owens","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/dondreaowens"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Analyze Your Profit and Loss Statement | HoneyBook<\/title>\n<meta name=\"description\" content=\"There are 3 areas you should analyze to understand your profit and loss statement each month to stay on top of your business finances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/3-areas-to-analyze-your-profit-loss-statement\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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