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A Profit & Loss (P&L) statement, also known as an income statement, is one of the most essential financial documents for any business. It provides a snapshot of your company’s revenues, costs, and expenses over a specific period, helping you gauge profitability and financial health. But if you’re not an accountant, reading a P&L can feel like deciphering another language.

Cash flow is the lifeblood of any business. Yet, many business owners and finance teams unknowingly make critical mistakes that put their companies at risk. While profitability is important, even profitable businesses can struggle, or fail, due to cash flow mismanagement.
At GrowthLab, we’ve worked with hundreds of businesses to optimize their financial operations. Below are five of the most common cash flow mistakes we see and practical ways to fix them.

Staying organized may be the number one thing to success in financial planning, if not business as a whole. When we first start a relationship with a customer, one of the first few things we often do is create this so-called accounting calendar. Here’s the 6 Steps To Creating Your Accounting Calendar: