Club Wealth Tv

As business owners, tracking our money is one of the most critical exercises we need to do. Tracking finances with our bank accounts isn’t enough for us to get the information that helps us make better decisions, so we need a P&L. How does knowing and understanding our numbers increase our profitability? How do we use our P&L to profit expenses and to plan for things like taxes? On this episode, Coach Christy Horne shares the importance of keeping track of your profit and loss on a monthly basis.   A lot of us only look at our P&L when we’re giving it to the CPA to do our taxes, but we need to look at it daily, weekly, monthly so we can make business decisions with it. -Christy Horne    Three Things We Learned From This Episode Good P&L data comes from having the right categories  When it comes to creating categories in our P&L, it’s important not to make them too broad. Instead of having generic buckets, have specific, granular categories showing every expense and every income ty