Section 10: Reporting on profit / loss

It is good clinic for you to have a P&L report monthly, this will allow you to quickly spot trends that may need your attention before they continue to escalate.

You will be able to spot seasonal trends which will allow you to budget more accurately and ensure you plan your business around demand.

Reporting quarterly will allow you to see a 3 month trend and can be beneficial to ensuring all costs are allocated effectively to the correct period. VAT registered businesses will report on a quarterly basis so if this is applicable to you then it would be essential for you to have quarterly reports for your VAT returns.

Annual report allows you to see your full year’s performance and establish how much profit or (Loss) you have made over the financial year. The report is also required for statutory reporting and for calculation of any potential tax requirements.

Having regular accounts will allow you to strengthen your budgeting and ensure costs are associated to the correct period.