What is Profit and Loss statement?
Finance & accounting. A plain-English definition for Australian business owners.
The P&L (also "income statement") summarises revenue and expenses over a period, producing a net profit or loss figure.
For an SME, the P&L is the primary tool for understanding period performance. A monthly P&L is standard for businesses past ~10 staff; the report should drop within 7-10 business days of month-end to be useful for current decisions.
In a connected back office this sits with the Finance hub, where Valont runs bookkeeping, managed payroll and bas & tax compliance for Australian SMEs as one team. The full definition set is on the glossary.
Talk to an Advisor
General information, not advice. For how this applies to your business, talk it through with a Trusted Advisor or start with the Business Health Check.