Profit and Loss Statements Education and Training

Provide your employees with the tools they need to understand a P&L statement

To understand how your business is doing you should be able to decipher profit and loss statements. Education and training is an essential part of reading and understanding a business profit and loss statement. To prepare a profit and loss statement you need to know about the type of income and expenses it tracks. To come up with a bottom line, you subtract the expenses from the income, which will prove whether you have either a profit or a loss.

Getting your accounting or bookkeeping staff familiar with a profit and loss statement template may be the easiest way to train your staff. However, you can also find profit and loss statement examples online and have your staff learn from those.

No matter how you decide to educate and train your staff on profit and loss statements, consider the following:

1. Locate profit and loss statement templates that you can download and use in slides when teaching your staff.

2. Find online training for your staff that emphasizes the profit and loss statement format.

3. Look for sites that explain and give examples of profit and loss statements.

 

Find profit & loss statement templates or worksheets for you and your employees

Train your staff using a profit & loss statement template or worksheet that you can change for your business needs. There are some lessons you can use to educate your staff on profit and loss statements.
Try: The MoneyInstructor.com provides two worksheets for you to practice on that will prepare you for reading and understanding profit and loss statements. RetailBusinessOwner.com provides a retail profit and loss statement you can download and use in Microsoft Excel. Put in your information and it will calculate your profit/loss statement. ESmallOffice offers a template you can use as an example when setting up your own profit and loss statement.

Locate training that emphasizes profit and loss statement forms

Some online training is geared to business forms. This is often true of the basic profit and loss statement because it is necessary for almost all business. You may also arrange for onsite training your employees can attend.
Try: Solution Matrix provides an online course, tutoring, a workshop and a seminar where your employees can learn profit and loss statements on-site or at a location near your business. FindaSeminar.com offers profit and loss statements education and training to non-financial professionals who need to understand profit and loss statements too.

Use online sites that teach you the elements of a business profit and loss sheet

Some sites define the ingredients that go into a profit and loss statement and provide examples you can use to create your own blank profit and loss statement. These give your employees greater insight to the process, which will help them prepare a profit and loss statement efficiently.
Try: "Creating a Profit and Loss Statement" from Virtual Advisor Interactive explains what a profit and loss statement is, explains the elements of a profit and loss statement, and guides you through using it for your business. AccessMyLibrary gives you all the information you need to learn what a profit and loss statement is. ScoreKnox give you a sample profit and loss statement and explains all the terms that go into it.

 

• One of the goals of profit and loss statements education and training is to understand the relationship of the P&L statement to the balance sheet.
• The business profit and loss statement is for a specific period of time, unlike other financial statements such as the balance sheet, which is for a moment in time.

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