07/14/2026
60-second bookkeeping tip:
Your Profit & Loss tells you what happened.
Your Balance Sheet tells you what you own, what you owe, and what’s left.
Both matter.
If you only review income and expenses, you may miss:
• Loan balances
• Credit card debt
• Owner draws
• Payroll liabilities
• Tax obligations
The takeaway:
Don’t make decisions from the P&L alone.
Review the full picture.