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The blueprint explains each term and clarifies if there is a difference between them.
Income and profit the same. When a company is profitable we mean that the company has a positive net income. Net income and net profit are two terms frequently used by accountants and business owners alike. In accounting the term profit and income can be used interchangeably. Some people intend for the terms income and profit to have the same meaning.
The key difference between profit vs income is that profit of the business refers to the amount realized by the company after deducting the expenses from total amount of revenue earned during an accounting period whereas income refers to the amount left as the earning in the organization after deducting other expenses such as dividends etc from the profit amount. It generally includes the wages interests rent and profits. While net income is synonymous with a specific figure profit conversely can refer to a number of figures. Income shows the amount earned in any financial year but profit is the positive amount which is left from the income post deduction of all kinds of expenses overheads taxes or interest if any.
Income can be described as the total inflow of revenue during a period of time. To aid in understanding these terms the word net is often added. Profit simply means revenue that remains after expenses and corporate accountants.
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