The Profit & Loss Variance Report is considered a crucial component in month-end reporting packages and is often used by managers, bookkeepers, and executives to analyze revenues, expenses, and profitability across a business. A key functionality of this report is that it provides monthly, quarterly, and year-to-date variances to previous months, quarters, and years.
The purpose of this Profit & Loss Variance report is to provide business managers with a professional and easy-to-read financial analysis. This helps a company’s owners and executives easily analyze the financial situation of their firm. Furthermore, this report reduces the chance of missing any important performance metrics and also reduces any misunderstandings that non-financial staff members might have otherwise had.
In order to generate a Profit And Loss Variance report, you need to select
G-Accon for QuickBooks –>Standard Accounting Reports –> Profit And Loss Variance or
G-Accon for Xero –> Report Designer –> Standard Accounting Reports–> Profit And Loss (Income Statement) Variance
You can learn more here and find an example of this report below: