1. Generating Profit And Loss ReportsCopy

A profit and loss (P&L) statement is a financial report that summarizes a company’s revenues, costs, and expenses over a specific period, showing whether it was profitable or experienced a loss. Its purpose is to help internal decision-making by assessing financial performance, identifying trends, and finding areas for improvement. External parties like investors and lenders also use the P&L to evaluate a company’s financial health and stability.