Have you always wanted to learn how to track your profits in Shopify? The truth is that this is an important skill you need to learn to succeed with your e-commerce business. This is exactly why we created this post.
For your business to succeed and thrive, you ought to understand the various aspects of business finance, expenses, cash inflow and outflow. You also need to know how to manage your inventory and measure your profit.
Measuring your profits and keeping track of your inventory will help give you an overview of your business operation and help you identify key areas to improve.
Needless to say, tracking your profits efficiently is no easy feat, hence why you need to use an app.
In this post, we will discuss, in detail, the reasons why tracking your profits is important and also the apps to use for this.
Let’s get right into it.
Why Tracking Your Shopify Profit Is Important
1. To Know if You Are Making Progress With Your Shopify Business
Tracking your profits makes it easy for you to know if your business is running at a loss or profits. As you may already know, the easiest way to track your profits is by subtracting your total expenses from your total revenue.
This simple formula shows your profit but does not tell you exactly where the channel the profit is coming from. This is where profit-tracking apps come in handy. More details on this shortly.
2. To Identify Unhealthy Expenses
There are certain avoidable expenses you need to cancel out to make substantial profits for your business. Calculating your profit margins can help you to identify these expenses and give you a more concise picture of your business’s financial health. For best results, try to compute your profit margin on a weekly basis.
3. To Stay in Business
Your main reason for getting into business is to make profits, right? Well, how would you know if you are on course if you don’t actively track your profits? You are entitled to use your profit however you deem fit, but re-investing them back is the best decision you will ever make, as this will cause your profits to grow even more. When your profit margin grows, it increases your chance of continuity and growth, hence ensuring you stay in business.
5 Apps to Track Profits in Shopify
Tracking your profits in Shopify manually is a difficult and complicated task. Instead, use an app. Here are the best 5 apps to use.
1. BeProfit Profit Calc & Reports
No other profit calculator app does profit tracking in Shopify better than BeProfit.
Also, it integrates well with other apps like Facebook, Google Analytics, Klaviyo, Shipstation, etc, in Shopify to give the best and most accurate profit reports.
Not just that, it features a simplified, intuitive and concise dashboard where you can perform detailed and accurate analytic reports and data for your business performance tracked over any time period.
Besides that, it also helps you to track and optimize your marketing metrics, business metrics, lifetime profit and custom reports to make better decisions for your business and boost your bottom line.
Within the profit dashboard, is the profit calculator that gives you an auto exchange rate for calculating profit accurately and gives you the best financial report chart.
In addition, there are predefined report templates to help you track your business metrics ie product metrics, marketing metrics, orders, and custom reports. More especially, it helps you to analyze the customer’s lifetime value to optimize profit.
With 269 positive reviews and a 4.9 rating, this is one of Shopify’s best-recommended apps for Profit tracking.
Pricing:
Starter Plan – Free to Install with up to 5 monthly orders.
Basic Plan – ($25/month) – Billed $240 per year with up to 200 monthly orders and a $0.3 per over above the monthly orders.
Pro Plan – ($75/month) – Billed $720 per year with up to 600 monthly orders and a $0.2 per over above the monthly orders.
Ultimate Plan – ($150/month) – Billed $1,440 per year with up to 1,200 monthly orders and a $0.1 per over above the monthly orders.
2. Lifetimely LTV & Profit
Lifetimely LTV and profit is a Shopify app developed by Lifetimely.io to help you track, calculate, analyse and report profits and KPIs to optimize your business.
This profit tracking app is built with a custom dashboard that tracks your profit in real-time and analyses the lifetime value of your customers to determine the highest LTV customer and help you determine how much to spend on customer acquisition.
Furthermore, uses 8 different metrics to measure the LTV of your customers, allowing you to optimize your marketing budget and boost your revenue.
Pricing:
Free Plan – Free to Install
Basic Plan – ($19/month)
Pro Plan – ($49/month)
Plus Plan – ($99/month)
3. True Profit Calc & Analytics
The third on our list of best profit-tracking apps for Shopify is the True profit Calculator, a product of One Commerce.
This app is a true definition of a profit tracker, as it keeps track of all costs and profits in real-time. The best part is that you can set them to auto-pilot. All these can be managed from one dashboard. Plus, this app is very easy to set up and use.
You can also monitor and track your customer lifetime value and other related metrics and the total revenue using this app. In addition, you can also get full product insights which will help you in making future decisions.
It integrates with major ad platforms and Google Analytics and provides premium support to all its users.
Pricing:
Basic Plan – ($19.95/month) – Up to 500 monthly orders and an additional $0.1 per exceeding order.
Advanced Plan – ($39/month) – Up to 1000 monthly orders and an additional $0.05 per exceeding order.
The maximum surcharge for each month is $300 for each plan respectively.
4. SimplyCost
SimplyCost has powerful tools to track and calculate your sales profit accurately and saves you time that you can channel into other business areas.
Need help calculating your order processing fee? No worries, SimplyCost can do just that for you.
In addition to tracking profit and calculating transaction fees, SimplyCost gives you valuable reports on profits, sales, inventory, products that sell more and which platform that converts the most.
It sharpens your knowledge of calculating profits and the overall performance of your business to help you make smarter decisions.
Also, it supports apps outside of Shopify and integrates well with the Ad platforms like Facebook Ads, Google Ads, TikTok and other social Ads platforms.
Pricing:
Basic Plan – ($4.99/month) – Foe one simple plan, with everything unlimited.
5. Profitario
Want to control your finances and track your profit with pinpoint accuracy? Then, Profitario is the best app for you.
It lets you take control of your profit, revenue, and expenses without stress and provides tools to keep your profit in check. And you can do all these from your dashboard. It displays your marketing cost, cost of goods sold, revenues, and return and helps you make better business decisions.
Besides, you can monitor your profit margin in real-time and automates reports to save you the time and stress of manually updating sheets. In addition, this app comes with a powerful data entry tool to help you manage your inventory effectively.
Alternatively, it allows integrations with many apps to make workflow and processes easy for you.
Lastly, it is easy to set up and manage.
Pricing:
Free Plan – Free to install with up to 100 monthly orders.
Basic Plan – ($20/month) – Up to 300 monthly orders and an additional $0.2 per exceeding order.
Professional Plan – ($50/month) – With unlimited integrations and orders.
Conclusion
Tracking your profits, as well as loses, will help you keep a check on your business and identify key areas to make improvements. However, tracking your profits manually isn’t something you will want to do, hence why you need an app.
We’ve shared the best 5 profit-tracking apps for Shopify in this post. We hope you find them useful.
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