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How to Read a Profit & Loss Account and Balance Sheet: Understand Financial Statements
Learn how to interpret Profit & Loss accounts and Balance Sheets for both businesses and personal finances. Gain essential skills in reading financial statements and making informed decisions.
Created By Lisa Newton
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Try Personal Plan for freeWhat You'll Learn
- Understand how to read and interpret a profit and loss account and balance sheet
- Analyze financial statements: Gain the ability to assess trends and a company's financial health
- Learn to read your own personal profit and loss account and balance sheet
- Understand accounting terminology: Learn to define key terms such as revenue, expenses, assets, liabilities, and net assets
- Apply financial analysis to business decision-making: Learn how to use financial information to make informed choices
- Manage your personal finances: Gain skills in budgeting, tracking income and expenses, and planning for future goals
Requirements
- Be prepared to gather your bank statements from the last 3 months to fill in the provided template
Description
Welcome to the "How to Read a Profit & Loss Account and Balance Sheet" course! This course is designed to help you interpret the figures on a profit and loss account and balance sheet, whether for a business or for personal use.
Whether you're a bookkeeper, accounting student, manager, entrepreneur, or someone just interested in understanding your finances, this course is perfect for you. Delivered by an experienced bookkeeping service entrepreneur, this course is full of practical, real-world insights.
We cover essential accounting terms like profit, loss, income, expenses, assets, liabilities, and net assets. You’ll also learn how to assess the financial health of both businesses and your personal finances.
The course materials include downloadable examples of a Profit & Loss account and Balance Sheet, so you can apply what you’ve learned to your own financials. You’ll complete the course with the knowledge of how to fill out your personal financial report card, which will help you track your progress and financial health.
This course takes approximately 2 hours to complete, making it an ideal option for those in the accounts/finance field or anyone starting a business and needing to understand financial reports. By the end of this course, you'll be able to confidently read and analyze financial statements to make better decisions for both business and personal finance management.
Stop letting financial statements overwhelm you! Learn the essential skills to understand your financial reports, giving you the power to improve your financial health and make better decisions.
Who This Course is For:
- Business owners looking to understand financial reports
- Accounting, finance, or bookkeeping students
- Individuals considering a career in finance or management accounting
Course content
1. Introduction.mp4
1. How to read a profit and loss account.mp4
2. How to read a Balance Sheet.mp4
3. The Portman Meadow IT Ltd story (PnL).mp4
4. Portman Meadow IT - Balance Sheet thoughts.mp4
5. The Grangeworth Kitchens Ltd story - PNL analysis.mp4
6. Grangeworth Kitchens Balance Sheet - comments.mp4
1. Financial language.mp4
2.1. Effects of accounting adjustments.mp4
2.2. Effects of Accounting Adjustments.doc
1. Interpreting the numbers.mp4
2. Portman Meadow IT analysis.mp4
3.1. Grangeworth Kitchens Ltd analysis.mp4
3.2. How to Read a PnL and BS Handbook 1515.doc
3.3. How to Read a PnL and BS Handbook 1515.pdf
3.5. How to Read a PnL and BS Handbook 1515.pdf
1. Where can you go from here?.mp4
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Instructor
Lisa Newton, BA MSc AAT, is a dynamic entrepreneur and prolific author with a master’s degree in Investment Management and a first-class honours degree in Accounting with Marketing. In 2004, she launched her first company with just £150, the same month she graduated from City University, London. Remarkably, Lisa has never worked a traditional 9-to-5 job, instead carving a successful path as a serial entrepreneur.
Lisa holds directorships across diverse industries, including telecoms, property management, publishing, hair and beauty, and finance. She has received numerous accolades, such as:
Young Entrepreneur of the Year Award (2007)
Enterprising Business Award (2008)
BE Mogul Award (2016)
Best Accounting Franchisor Awards (2011 & 2012)
Best Bookkeeping Business London (2015 & 2017, Accountancy International Awards)
Books and Publications
Lisa is the author of several influential books, including:
How to Write a Book in Two Weeks
Constant Cashflow
Make the Most of Your Money
How to Start Your Own Bookkeeping Business
Cosmic Ordering with Vision Boards
How to Franchise Your Business
QuickBooks Online: The Handbook
Some of these titles are also available in audiobook format on iTunes and Audible.
Other Ventures
Lisa hosts The Authors Podcast, available on iTunes, where she shares insights and interviews with authors. She actively supports the MS Society and works as a speaker, coach, and consultant, collaborating with like-minded professionals on various projects.
Personal Interests
In her spare time, Lisa enjoys traveling, salsa dancing, writing, learning languages, meditation, yoga, and exploring cosmic ordering. She is passionate about networking and building meaningful connections.
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