Ans: The profit and loss or income statement gives you the core performance insight. It tells you how revenue and expenditures have impacted your profits. This report can help you in identifying any redundant costs that may be eating into your revenue, leading to monetary loss. In QuickBooks, you don’t simply get a table with your data. You can use various graphs to represent this data so that you can get a three sixty degree look at your business’s performance. You can use this report with the other ones to formulate future business strategies.