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In episode 124 of Financially Simple, Justin continues his deep dive into creating a best in class Financial department in your business, by looking at your Profits and Losses.
Knowing the full extent of your revenue and costs will help develop a greater understanding of your Business’s financial state, and in so doing create a story that will help increase the efficiency and value of the Business.
00:29 - How to make Your P&L tell a Story
01:20 - More than just a Paper Trail
02:27 - Putting the Pieces Together
02:53 - The Revenue Stream
03:32 - Cost of Goods
04:18 - Gross Profit
04:34 - Expenses
06:07 - Net Income
07:09 - Examining the Revenue Stream
09:58 - Examining the Cost of Goods Sold
11:06 - Examining Your Expenses - Required vs. Discretionary
12:58 - Calculating Your Margin
13:39 - Wrap Up
Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.
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