This is the product guide for existing Sole users and trial users who want to get more out of the Sole reporting screen. If you’re looking for a general explainer on P&L reports for sole traders, see our guide: How to Run a P&L Report as a Sole Trader.
Here’s exactly what the P&L screen in Sole shows you, where to find it, and how to use the data.
What the P&L Report Shows in Sole
Sole’s P&L report has three sections:
- Income. All invoiced revenue for the selected period, broken down by client or income category. Shown net of GST (so you can see your actual taxable income, not the gross amount including GST you’ll remit to the ATO).
- Expenses. All logged business expenses, categorised (e.g. Vehicle & Travel, Tools & Equipment, Subscriptions, Insurance). Click any category to see individual transactions.
- Net profit / loss. The bottom line — income minus expenses. If it’s a positive number, you made money. If it’s negative, you spent more than you earned.
How to Open the P&L Report in Sole
- Tap the Reports icon in the bottom navigation bar (it looks like a bar chart).
- Select Profit & Loss from the report list.
- The report defaults to the current month. Tap the date selector at the top to change the period.
Reading the Report Line by Line
| Line | What it means | What to look for |
|---|---|---|
| Total income | All invoiced revenue net of GST | Is this tracking to your monthly target? |
| Individual income categories | Income by service type or client | Which services or clients are most valuable? |
| Total expenses | All logged business costs | Is any category unexpectedly high? |
| Individual expense categories | Costs by type | Is any recurring expense worth reviewing? |
| Net profit | Income minus expenses | Is your profit margin healthy for your industry? |
Setting the Date Range
Sole gives you four date range options:
- This month — the default view
- This quarter — useful for BAS periods
- This financial year — July 1 to the current date
- Custom range — any start and end date you choose
To compare two periods side by side, run the report twice — once for each period — and export both as PDFs. Sole doesn’t yet have a native period comparison view, but the export format makes manual comparison straightforward.
Exporting and Sharing Your P&L
- With the P&L report open, tap the export icon in the top-right corner.
- Choose PDF (formatted for sharing or printing) or CSV (for Excel or your accountant’s software).
- Share directly to email, AirDrop, or any app on your phone.
To give your accountant ongoing access without sharing your login: go to Settings → Accountant Access → Invite. They’ll receive an email with read-only access to all your reports.
Using P&L Data to Make Business Decisions
- Spot your most profitable work. If you break income by client, you’ll often find a small number of clients generate most of your profit. Focus your acquisition efforts there.
- Identify growing expense categories. A 20% increase in vehicle expenses month-on-month might indicate fuel price rises — or it might indicate inefficient job routing. The P&L flags it; you investigate.
- Plan for quiet periods. Run your P&L for the same month across two years. Consistent patterns indicate seasonal trends — plan your cash reserves accordingly.
Frequently Asked Questions
Where do I find the P&L report in Sole?Tap the Reports icon in the bottom navigation. Select Profit & Loss from the report list. Choose your date range — Sole defaults to the current month but you can select any custom period, quarter, or the full financial year.
Does the P&L report update in real time?Yes. Every invoice you issue, every expense you log, and every bank transaction you reconcile updates the P&L immediately. There is no end-of-month close or manual refresh required.
Can I export my P&L from Sole?Yes. Tap the export icon in the top-right of the P&L screen to download a PDF or CSV. You can also share directly to email or accounting tools from the export screen.
Does the P&L show GST separately?Yes. Sole shows both gross and net figures — so you can see your income including GST (what clients paid) and your income excluding GST (what you actually keep after remitting to the ATO). This matters because your taxable income is net of GST.
Can my accountant see my P&L directly?Yes. You can invite your accountant as a collaborator in Sole — they get read-only access to your reports, including P&L, BAS summaries, and expense breakdowns, without needing your login credentials.
