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The profit and loss statement of a certain period.
Managing p&l responsibility. CMO marketing technology spend is now rivaling CIO technology spend. Having a lot of responsibility is good but its what you do with it. You need to understand income statements.
PL responsibility is certainly cross discipline as it requires the executive to own all disciplines that affect the product business unit etc. These reports are prepared as frequently as managers need them usually monthly or quarterly perhaps even weekly in some businesses. This means that they must have a strong command of every program and every item that either contributes to a profit or occurs an expense.
In order to be successful at P L management executives need to have complete ownership of the business units successes and failures of the business unit that they are in charge of managing. You use your current profit and loss statement to determine your businesss profitability. Youll need to understand what drives sales pricing and expenditures.
In discussions ensure common understanding between assembling the numbers and leadership ability to take action based on the numbers. One of the most important items of this pl is the sales line also called Revenue. Tell them though you were not directly responsible for pl that you understand it on a fundamental level and that you are looking forward to coming up to speed in this area and being in a position where you will have a more active role with it.
PL responsibilities mean that you are responsible for managing your business units profitability - or bottom line. In order to achieve that goal executives listen to their external customers engage with the business focus on. They are responsible for right productright time and all that entails.
Another reason to generate a profit and loss report is because its required by the IRS to assess taxes on the business profits. Managing PL means you work toward having greater revenues and fewer expenses. The PL report also allows you to investigate revenue and expense trends cash flow net income and overall profitability to then allocate resources and budgets accordingly.
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