Defferentiate between income and profit
Answers
Answer:
Income is the top-line revenue. This number is calculated by tallying every penny that came into the company during a given period. Income is commonly referred to as “Gross Revenue.” On the other hand, profit is the amount that is left over after the expenses have been paid.
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Answer:
As you see your business generate money throughout the year, it can feel good to see that your business is succeeding. But, don’t be fooled by assuming that you can do whatever you want with the money in the bank. It is important that you understand the difference between income and profit so that you can manage the cash flow for your company. It is important to keep and maintain your record. It us recommended to do a review or to get with your accountant every month. If you are meeting with your accountant it doesn’t have to be face to face. A quick phone call or even in a virtual meeting such as GoToMeeting or Google Hangouts works well. This way you can view financial statements and go over things so you know where your money is going, before it becomes a bigger problem.
If you don’t have an accountant you can give us a call at (888) 620-0770 and we would be happy to talk to you or you can do a quick Google search for “accounting for small business” etc, but make sure you read the reviews and make sure to ask them questions about your type of business and obviously make sure they are a good fit for your business.
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