Turnover is the value of sales, before costs are taken into account. The old saying 'turnover is vanity, profit is sanity' arises because it is possible to turnover vast sums but to make very little profit once the costs of the business are factored in. A stable turnover is not necessarily cause for celebration if increasing costs have actually resulted in profits falling.Gross profitGross profit is the profit that has been made after the costs of goods sold (COGS) have been subtracted from the value of the sales. It doesn't take into account all the costs of doing business (rent, rates, marketing etc).Net profitNet profit is the cash left after all the business costs have been deducted from the value of the sales. This is sometimes referred to as 'the bottom line'.
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