Hello, I buy my products in USD and sell them in TRY (Turkish Liras). I need a solution to keep track of the cost of my inventory in local currency as well as seeing my profits both in TRY and USD per sale in a high inflation environment. Is there such solution/app available?
Hey Gökhan! Hope you are well!
Do you mind giving more detail about what you mean by “keep track of the cost of my inventory” Do you mean inventory on hand/in warehouse or COGS. In the case that it is COGS my question would be, are you purchasing product in a traditional stock and sell business model or do you utilize a drop shipping model? - I ask you this because not only does it have profit tracking implications but it also changes your currency and inflation exposute. If you utilize a drop shipping model then you are more exposed to currency and inflation fluctuations whereas if you buy inventory and store it then you essentially hedge or “lock in” a price at a given exchange rate and price.
When it comes to tracking profit in your local currency and USD, I believe CashDash could be the perfect fit for your needs. With CashDash, you can easily track your costs in USD, or in local currency (TRY in your case), and monitor your profits per sale and country in both currencies. Below I am attaching a per sale outlook as you requested, however we also condense all sales and show you bottom line profit on a product and country level.
Right now we are testing the app 100% free with no commitment so let me know if you have any questions or would like to discuss further how we could help you out! Have a great day!