Profit and Loss Report

  • Also known as the P&L
  • Shows the income and expenditure for the company, and the profit or loss that has been made over a given time period
  • Usually produced monthly or quarterly to track profit or loss.
  • Produced annually as part of the Year End.
  • Useful for comparing periods. 

Balance Sheet/Statement of Financial Position

  • Shows the financial position of a company at any given time
  • Contains all the assets, liabilities and capital the company has.
  • Shows how a company is doing.
  • Part of the Year End reporting.