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Financially Simple Business


Jan 24, 2019

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.

 

ARTICLE TRANSCRIPT: https://financiallysimple.com/profit-and-loss-reading-your-companys-pl-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

 

USEFUL LINKS:

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Financially Simple podcasts are recorded on:

Samsung notebook: https://amzn.to/2EvYu3P

Yeti Blue Microphone: https://amzn.to/2VB6V7x

 

DISCLAIMER:

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.