What is profit and loss, and why do you need to manage it?
A profit and loss statement is a common financial document that shows your income in a given time frame—usually, that’s monthly, quarterly, or yearly. More importantly, though, a P&L statement details the direct costs of creating goods and the indirect costs of operating a business.
Profit and loss doesn’t only measure how much you make but how much you lose to expenses. When you chart your profit and loss, you can identify gaps in your savings and expenses, defusing fiscal problems.
Steps for managing profit and loss
Creating a good P&L statement is just one part of managing your company’s profit and loss. Once you’ve built your detailed income statement, take these steps to sort out how profitable your company is versus how profitable it could be:
- Compare your current P&L statement with past statements. Has anything changed drastically? If so, can you identify how or why?
- Meet with a CPA, accountant, or financial analyst to get help identifying areas of improvement.
- Continue to keep detailed records of your company’s profits and losses so you can create new, accurate P&L statements every month or quarter.
TRAINING CALENDAR FOR 2020
FINANCE & ACCOUNTING PROGRAM
100% HRDF CLAIMABLE
JAN 2020
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FI190
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Credit Management and Debt Recovery – Zero Debt Initiative (New)
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6&7 Jan
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MG070
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Tax Planning For Malaysian Company
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6&7 Jan
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FI180
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Financial Controls Under Current Economic
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8&9 Jan
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FI182
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Audit Report Writing for Internal Auditors
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13&14 Jan
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FI056
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Accounts Payable: From Accounting to Management
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15&16 Jan
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FI163
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Integrated Tax Planning
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22&23 Jan
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FI071
|
Bookkeeping & Accounting Skills
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29&30 Jan
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FI188
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Budgeting & Planning For Organization Progress (New)
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29&30 Jan
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FEB 2020
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FI049
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Accounts Receivable & Credit Policies Management
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3&4 Feb
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FI201
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Handling Full Set of Accounts – A Practical Approach (New)
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3&4 Feb
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FI183
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Managing P&L & SST Implementation
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5&6 Feb
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FI142
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Transfer Pricing
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10&11 Feb
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FI184
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Financial Literacy For Millenials (with Games)
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17&18 Feb
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FI150
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Finance For Non-Finance Professionals *SBL-Khas
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19&20 Feb
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FI035
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Credit Control and Debt Collection
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24&25 Feb
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FI017
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Accounting – A Fresh Start
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26&27 Feb
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MAR 2020
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FI155
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Budgeting & Cashflow Projection For Non-Accounting Managers/Executives
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2&3 Mar
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FI189
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Cost Analysis – The Right Costing System (New)
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2&3 Mar
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MG017
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Fundamental of Costing & Budgeting
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9&10 Mar
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FI179
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Valuations Basics of Private Company
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11&12 Mar
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FI033
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Techniques on Collecting Hard Core Debts
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16&17 Mar
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FI202
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Costing Techniques & Pricing Decisions – The First Step (New)
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16&17 Mar
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FI186
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Management Accounting for Non-Finance
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18&19 Mar
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MG069
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Strategic Cash Flow Management
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30&31 Mar
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