Condense P&L detail into categories
While your chart of accounts present important detail, try to group these into categories. There is no right number; however, between 6 and 10 is ideal. General categories include revenues, cost of sales, personnel costs, administrative costs, facility & equipment costs and other income & expense. Segregate owner costs if they deserve segregation. And setup industry specific categories should they exist – research & design and selling & marketing.
