A Profit & Loss (P&L) Account is an essential record for any business. It’s a summary of a company’s income and expenses, showing the net profit or loss that has been achieved over a specific period of time. P&L Accounts are widely used to measure performance, analyze financial trends, and make important decisions about spending. They can be created for different periods of time, such as monthly, quarterly, or annually, depending on the needs of the business. So if you’re looking to get a better handle on your finances, creating a P&L Account can be an indispensable tool.