Settings and activity
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10 votes
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Dave Jennings
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95 votes
An error occurred while saving the comment Dave Jennings
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Profit & Loss reporting MUST include before and after tax totals. The before tax number would also exclude non-deductible expenses such as Tax, IRD penalties, non-Deductible Entertainment. I use a custom section called Tax and Non-Deductilbe Expenses to calculate the after tax total.
This is incredibly important because clients look at the Profit number and think they a doing better than they actually are, especially if the tax expense number has not been generated which 99% of the time they look at this report. Having the space for Tax Expense to appear will make them aware of the need to consider it.Dave Jennings
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130 votesDave Jennings
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31 votesDave Jennings
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NPBT and NPAT are so basic and fundamental to business. I simply cannot present a 'profit' figure to a SME client without them needing to understand that the profit is not theirs until the tax comes off.