Financially Simple

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. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Profit and Loss - Reading Your Company's P&L Statement   TIME INDEX: 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   USEFU