Andrew Lamb walks through QuickBooks for tracking sober living home finances. He explains why a Profit & Loss statement matters: it's required for taxes, shows income and expenses, and helps you get business credit or financing for personal loans if the business becomes your main income.
Another tool just for tracking financials, total income, total expenses, would be QuickBooks. We use that because it is the standard for bookkeeping across America. And it's going to give you your P and L at the end of the year. If you're looking to establish business credit, if you're looking to honestly just, like, get any kind of financing or funding for your business, even personally, if this becomes your main income, like it has mine, then you're going to want to be able to show a P and L, especially when it comes to tax time, but more specifically, just to be able to actually show that you're making money doing this. And it allows you to do everything else you do in life, like get home loans and, and get new credit.
