Read Your Profit & Loss and Balance Sheet
The two reports every owner should read monthly, and what to look for.
Updated July 14, 2026
Profit & Loss
Income minus expenses over a period. Answers: 'Did we make money last month?'
- Compare month-over-month to spot expense creep.
- Filter by client or class to see which work is profitable.
- Export to CSV or PDF for your CPA.
Balance Sheet
A snapshot at a point in time: assets minus liabilities equals equity. Answers: 'What do we own vs owe today?'
- Cash + accounts receivable is your near-term liquidity.
- Credit cards and loans sit under liabilities — watch the trend.
- Retained earnings roll up your historical profit.
Print both reports every month-end. It's five minutes and catches almost every bookkeeping problem early.
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