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Small Business Tips: How to Figure Profit & Loss

Last updated 6 years ago

If you’re going to run a successful business, it’s important that you keep careful tabs on your finances. In order to do that, you need to figure out your total profit and loss for each month.

In this short video, business expert Mike Mitchell shows us how to figure a business’s profit and loss. The concept is fairly simple—all you have to do is list all of your sources of income in a given month, and subtract it by all of your expenditures during that same month. If the number is positive, that means you’ve made a profit—but make sure you count all of your expenses and prepare for both expected and unexpected losses.

If you’re concerned about your business’s finances, contact Merchant Advocate today. In a world full of unscrupulous sales representatives, we’re happy to be your advocate. Call us at (732) 727-2073 for more information.  

 

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