Three things: revenue (money in), expenses (money out), and net profit (the difference). That's it. Revenue - Expenses = Profit. If you made $31,200 this month and spent $12,860, your net profit is $18,340. A P&L shows this broken down by category — so you can see that materials cost $6,420 but advertising only cost $200.
Because 'I feel like I'm doing OK' isn't a financial strategy. A P&L tells you exactly which services are profitable, which clients cost more than they're worth, and whether your business is trending up or down. It's also required for business loans, tax preparation, and any serious financial decision.
Manually: export your bank statements, categorize every transaction, calculate totals. Takes 4-8 hours per month. Or use software that generates it automatically from your invoices and expenses. QuickBooks charges $38-$115/month for this. Helix does it for $279 once.
Helix Vault generates your P&L in real-time — every invoice paid, every expense logged, every payment received updates it automatically. No manual entry. No accountant needed for the basics. $279 once.
Get Helix — $279