Distilled Wisdom Podcast

Understanding Your Businesses Profit & Loss In 15 minutes

Adam Ferracane Distilled Wisdom Episode 24

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Profit & Loss, otherwise known as an Income Statement is one of the most important things to understand in a business. Adam emphasizes the importance of understanding financial metrics, particularly the profit and loss (P&L) statement, for service-based businesses. He highlights the need for regular financial reviews and explain the differences between cash-based and accrual-based accounting.

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