Last week I talked about turnover, this week it’s What are your business profits?Most people see profit as the difference between money in and money out. When people say money, they mean notes and coins, what's in their bank account. That sounds nice, and easy to calculate. However, we are talking about the world of numbers and business here!Welcome to another weekly episode of I Hate Numbers. My mission is to inform, inspire and educate you to get closer to your numbers. This is a must do if you want to make money from your business and are not run it as a hobby.Profit is not measured in terms of money in and money out. When you calculate profit it’s a completely different ball game.What about accounting terms do you need to know?In this podcast I am going to look at four jargon words. Don’t worry, I will convert that jargon to normal speech!The four key terms I’ll be de-jargoning, all necessary to understand What are your business profits.TurnoverCost of salesExpensesIncurredHow you calculate profit in your business Profit is about measuring your economic activity and converting that into numbers. For an accurate calculation of profit, we apply the principle of number dating. This is a key accounting rule known as the ‘matching principle’In this podcast will talk about the two main profits in your business, gross profit, and net profit.Listen to find out more.ConclusionAbove all, you need to know what your business profit is. This week’s podcast tells you what you need to know, calculations, tips, and advice.Listen to find out more.I love to help business owners connect with and understand their numbers, improve their attitude to money, make more profit, save tax and time.Help me share Number Love by telling your friends and family about the show. Listen now and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast! areIf you found this podcast useful then share episode on social, leave a review on Apple podcast, connect with me on Instagram , You Tube, Twitter , LinkedIn and Facebook,Linkshttps://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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