By Tammy Hoang, Certified QuickBooks ProAdvisor The balance sheet vs profit and loss statement question is one of the most common in small business bookkeeping — and one of the most misunderstood. Both reports are essential financial statements, but they tell completely different stories about your business. The balance sheet shows what a company owns and owes at a specific moment in time. The profit and loss statement (also called the P&L statement or income statement) shows
