In this episode, Kerry Postel discusses the importance of knowing your profit and loss (P&L) statement and how it can help business owners make informed decisions. She shares the story of Robert, a plumbing business owner who realized the need to hire a professional to handle his bookkeeping and create accurate P&L reports. Kerry emphasizes the harm of relying solely on bank balances and the misconception that anyone can do bookkeeping. She highlights the power of applied knowledge and how understanding your business's financial performance can drive growth and profitability. Takeaways:

• Knowing your profit and loss (P&L) statement is crucial for making informed business decisions.
• Hiring a professional bookkeeper who understands the intricacies of bookkeeping software is essential.
• Relying solely on bank balances can lead to inaccurate financial insights.
• Understanding your business's financial performance empowers you to identify areas for improvement and drive growth.