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BENCHMARKING A PROFIT AND LOSS STATEMENT
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INSTRUCTIONS
©2022 Workman Success Systems
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Created from a PDF of the Profit and Loss Statement (P&L):
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1. Get an up-to-date copy of a P&L
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2. Get six different color highlighters
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3. Highlight each expense category with the highlighter that matches the benchmarking category
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4. Total the expenses in each category and add the totals to the Actual vs. Benchmarking Sheet
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5. Determine which categories have spending that's too high or too low, then determine what corrective action(s) should be taken
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Created from an Excel or Google Spreadsheet:
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1. Get an up-to-date copy of a P&L Statement in Excel or Sheets format
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2. Create an additional column to use for grouping expenses into the various benchmarking categories
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3. Sort the spreadsheet by the benchmarking categories and total the expenses in each of the categories
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4. Pull the totals from the P&L Spreadsheet and put into the Actual vs. Total Benchmarking sheet
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5. Determine which categories have spending that's too high or too low, then determine what corrective action(s) should be taken
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