A profit and loss statement (also known as an income statement or “P&L”) summarizes revenue, expenses, and net income (or profit) for a specific time period. It is one of the most important resources a practice owner or administrator has in measuring the performance of the business. Using a P&L, practice leaders should be able to quickly identify where the practice is doing well and where improvement is needed. Most importantly, the report should help facilitate making good business decisions.
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