How does everyone calculate their profits?

MichaelC
Tourist
32 0 1

Hi Guys,

I've had my store www.newmen.co.uk running for around 2 months now and we have had a good start!

It's at the stage where I can no longer use a spreadsheet to manually calculate my costs and profits etc.

So i'm looking for a system like quickbooks, sage or xero to do all of my accounting tasks but I'd like to be able to fully integrate it with shopify (and ideally eBay) so that I can export sales into the platform which would take the values assigned to stock and work out profits per sale.

I've tried many different apps to integrate with quickbooks but nothing seems to link in with products to allow me to work out profits based on the costs assigned to the products sold.

Would appreciate anyone sharing the systems that they use as i'm sure there is a way of doing it!

Thank you!

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Tejaswi
Shopify Partner
175 0 35

Hi Michael, 

If you are looking to generate COGS, (Cost of Goods Sold) report and the subsequence Profit/Loss report, QuickBooks Online can do it for you. 

To view the Cost of Goods Sold report in QBO, navigate to Chart of Accounts and search for Cost of Goods Sold. (Note: you'll need a Quickbooks Online "Plus" account, which includes inventory tracking)

Click "Run Report" 

 

To see your overall Profit and Loss Report, go to Reports > Profit and Loss

 

10. If COGS isn't showing up by default on your Profit and Loss Report, click "Customize" to make sure that the Accounting Method is set to "accrual"



11. Your Profit and Loss Report will look something like this:


With respect to integration between Shopify and QuickBooks Online, you can choose between Shopify's free app and ZapStitch as per your use case. Here are some pointers:
1. If you are starting up and have less than 100 orders a month, the Shop
ify - QBO free app should do. 

2. If you are a established and growing business with more than 100 orders a month, checkout ZapStitch. ZapStitch supports inventory syncing bidirectionally between Shopify and QuickBooks Online. 

Hope the detailed steps and tips helped. Feel free to ask for any further help

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MichaelC
Tourist
32 0 1

Thank you for your detailed response!

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