While we’ve worked more hours than ever before and ripped our hair out as laws keep changing, we’ve also provided invaluable service to clients who would otherwise have drowned in the chaos surrounding the pandemic, PPP, ERC, and more. It was crazy, and it wasn’t always fun, but our clients survived and we’re all better for it.
Your Profit & Loss shows your taxable income and deductible expenses, but you also paid down principal on your debt and distributed earnings to yourself as owner, neither of which are expenses. You need to look at your Cash Flow Statement to understand the breakdown between your operating, investing, and financing activities.
– Gary Haworth