Financial reports can feel overwhelming, especially if bookkeeping isn’t your favourite part of running a business. But once you understand the key sections — and what they don’t show — you’ll make clearer, smarter decisions with confidence. Here are a few simple tips to help you read your Profit & Loss, Balance Sheet, and BAS reports like a pro. Profit & Loss (P&L) 1.   It Usually Defaults to an Accrual Basis Your P&L shows your income and expenses for a specific period. I