Meaning of the word "be in the black" in English

What does "be in the black" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

be in the black

US /biː ɪn ðə blæk/
UK /biː ɪn ðə blæk/
"be in the black" picture

Idiom

to have money in your bank account, or for a business to be making a profit

Example:
After years of debt, the company is finally in the black.
I need to check if my bank account is in the black before I buy this.