When it comes to running a business, profit is king. Defined as total revenue minus total expenses, profit is the amount of money a business "makes" during a given accounting period. Generally, the more profit you make, the better, as profit can be re-invested into the business or retained by the business owners. Being able to accurately determine your business's profit is an essential part of being able to judge its financial health. It can also help you decide how to price your goods and services, how to pay your employees, and more. See Step 1 below to start calculating your business's profit.
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