Income Statement (P&L) Guide
A plain-English guide to the income statement for wireless dealers. Learn what revenue, expenses, and net profit mean and how to read your P&L.
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What this Income Statement (P&L) Guide helps you do
The income statement, also called the profit and loss statement or P&L, is the single most important report for knowing whether your store made money. This guide explains it in plain English for wireless dealers: what revenue, cost of goods sold, gross profit, operating expenses, and net profit each mean, how they fit together, and how to actually read your P&L to spot what is working and what is leaking money. No accounting background needed.
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Income Statement (P&L) Guide FAQ's
What is an income statement?
An income statement, also called a profit and loss statement or P&L, is a report that shows your revenue, expenses, and resulting profit or loss over a period of time, such as a month or a year.
Gross profit is revenue minus the cost of goods sold. Net profit is what remains after all operating expenses, like rent and payroll, are also subtracted. Net profit is the true bottom line.
What is the difference between gross profit and net profit?
How often should I review my income statement?
Monthly is ideal for a small store. Reviewing it each month lets you catch rising costs or slow revenue early, while you still have time to act.
Is the income statement the same as cash flow?
No. The income statement shows profit on paper over a period. Cash flow tracks the actual money moving in and out of your bank account. A store can be profitable on paper but still short on cash.