So business starts picking up and I have to determine profits on my products and how much I am paying my distributor. How owuld I manage to figure this out? At the first of the month I supposed to pay the balance due to my supplier for products sold, this is a unique type of deal that one typically wouldn't have.
My current method I would print out all of that months goods sold and have to calculate cost of goods with how much I have grossed that month and subtract CoGs with Revenue to get profit. As business picks up these lists get long, any tips on how I can make this task simplified?
Sam with the Shopify team to assist with this!
It actually sounds like the Profiteer App would be very helpful for you in this case. It allows you to track the total cost of your inventory, generate profit per vendor, profit for a period of time in the past, and other reports as well.
Hope this helps!
We've made a tool for price optimisation based on data, and it can be used for profit analysis and reports as well. You'd just need to upload cost of goods for products once.
App store page: https://apps.shopify.com/priceoptimizer
Hope it helps.
I'm happy to confirm that our app is finally live and in the app store under the inventory category.
We offer cost price upload in bulk or via our super helpful RAPID method, profit reporting through our easy to use, yet powerful dashboard, inventory visability across locations, purchase orders, price markdowns.
Feel free to take us for a test drive - we offer a 14 day free trial
Karen and the team
The Prosperous Shop