Hello and Welcome to the Women in Business Blog! Today we will be giving tips on learning how to keep a profit and loss (P&L) for your business. This is a critical part of a business. You must know if you are making a profit or not. This task always seems like the most daunting to keep up with. I keep a box in my office and add all my receipts and checks to it. Then every Monday afternoon I have in my schedule to work on my P&L. I enter all the receipts/expenses I have and enter the checks I have received (the profit).