Selling

Preparing your accounts

Why do I need to prepare accounts for my student enterprise?

As a business owner you need to prepare regular accounts to show how your company has performed over a specific period. For the SEP you will need to prepare a Profit & Loss Account covering the period from when you first started your business until just before you submit your business report.

What is a Profit & Loss Account?

A Profit & Loss Account tells you how much profit or loss your business made over a specific period.

Example

Have a look at the following Profit & Loss Account for ‘Pot Luck’ to see how it works.

pot lucj profit and loss

Now that you have a better understanding of what’s needed on a Profit & Loss Account have a go at preparing one for your mini-company. Use our ‘Profit & Loss Template’ document to get your started. You can print this out and include in your Business Report at a later date.

USEFUL EXAMPLE

Before you start working on your own finances, have a look at this helpful example to show you how it’s done.