The Profit & Loss (P&L) statement is one of the three primary financial statements used to assess a company's performance and financial position (the two others being the balance sheet and the cash flow statement).
Profit and loss management is managing income (incoming money) and expenses (outgoing money) to ensure that a business earns a net operating profit. Usually, profit and loss management deals with profit and loss reports (commonly called P&L reports)
FranConnect System’s Finance application offers a Tab for adding monthly Income and expense by the franchisee which is later evaluated through reports by the Corporate.
In this guide, we will cover how to add a Statement and run a report in Finance.
As a Franchisee, you can start of by clicking and entering New Profit/ Loss Statement under Profit & Loss Statement in Finance.
You can enter the Income, Expense and Overhead details and click Save.Additionally, you can run a report for the Profit & Loss Statements either as a Corporate or Franchisee:
- From the Finance Tab select Reports, you can select the Profit /Loss Statement Report
- You can select various filters: Search By, Area/Region, Division, Franchisee Status and Report Period.
- Click Save View to retain these filter options.
- Click View Report.