Financing, tax rates, and accounting
Join us March 21 for an AMA on planning your 2023 marketing budget with 2H Media co-owners, Matt and Aron
Does anyone know how I could obtain (or perform) a year's end final profit margin calculation?
The issue is the following: we aim to sell at full price. If that was the case our profit margin would be 70%. But that is not the case. Inevitably during certain occasions we offer 10, 15, and 20% discounts which eat into our profit margin. So how can we get a final computation (report) so as to know what our profit margin turns out to be at the end of the year?
Thank you for any pointers!
I am John from Report Pundit app.
With Report Pundit it is possible to know the profit margin at the end of the year. You can minus discounts with full product price and see the final margin. Our support team can create the report for you.
You can also generate the report and know the sales of each discount code.
Contact us at firstname.lastname@example.org or our live chat support team for help in creating reports.
Keanna here from the Better Reports support team.
I would recommend our app Better Reports for this!
We have a built-in report called 'Monthly sales' that breaks down your sales by month with a subtotal by year. The report includes all high-level sales metrics including 'total gross margin'. Our reports calculate 'total gross margin' as 'Net sales - cost of goods sold'. As net sales is already reduced for discounts, the built-in total gross margin field will tell you exactly what you're looking for!
In addition to our 60+ built-in reports, you can also build custom reports to meet your specific needs and our reports can be scheduled to send directly to your email or Google Drive at set frequencies.
I encourage you to install Better Reports and start your free 14-day trial and I'll be happy to set this up for you.
Let me know how you go and feel free to reach out if you have any further questions.
Hi @storefront - if an accurate measurement of your gross/net profit is what you're looking for, try BeProfit - Profit Tracker.
It's quick to set up and integrates seamlessly with your marketing platform and even Shopify Shipping so that you can track your profits and expenses with precision.
You can use BeProfit to:
Try BeProfit and let us know if you find it helpful. Plus, if you have any suggestions on how we can improve the app, we're always happy to get feedback!
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