A balance sheet is a document containing a business' assets, liabilities, and equities. This is also broken up into subcategories such as: Accounts receivable, Accounts payable, current assets, etc.. This is different than the P&L due to the fact that the balance sheet gives the valuation of a business. It does not show each purchase and sale, but items such as loans, cars, investments,etc... Just like the profit and loss sheet this is created to help you understand the summation of your business' value.
A Profit and Loss sheet is a carefully drawn out summary of a business' income and expenses over a period of time. The expenses are broken down into subcategories so that the business can see where specific amounts of money have been allocated. Finquest uses various software to create financial statements that assist the business in understanding their finances.