Why should I listen to my Profit and Loss update?

There are a number of benefits to be gained from listening to your profit and loss update that come from both hearing your balances, and taking in the accompanying commentary.

The following are some of the most important benefits that you get from listening to your profit and loss update regularly: 

  • You will know how profitable your organisation is, at any point in time.
  • Through the commentary provided, possible issues might be raised, along with suggested actions to help you improve things.
  • With your working knowledge of your organisation, it may enable you to identify any issues early, and therefore can be proactive in addressing them.
  • If you are unfamiliar with your profit and loss report, then listening will help you to become more familiar with the terminology and flow of the report, and of course with understanding what all those numbers mean.