Louis Massaro (speaker) argues that an accurate, "clean" profit-and-loss report is essential for running a business and making clear decisions. From a single well-prepared P&L one can identify problems, opportunities, and strengths, then drill down for details; using this reduces stress and anxiety by giving the owner a clear "finger on the pulse."
There's nothing worse than looking at an inaccurate report, especially profit and loss, because you're going to make decisions based on this. I want to get you guys to a point where you run your entire business off of this. You could look at this and identify what's wrong, identify areas that you can improve, identify things that are going great, all from this one page. You can then drill down to find out further. But you'll run it off from this and you'll be able to have your finger on the pulse. Part of the stress, part of the anxiety, part of the feeling of overwhelm with your business is not feeling like you know everything that's happening. Am I right? This is how you know everything.
