Online retailers can tell you that today’s e-commerce sector simply isn’t what it was ten or even five years ago. Data has become far more accessible than ever before, thus providing sellers with the potential to analyze and gain insights into their customers’ behavior, their products’ sellability, their business’ finances, and so on.
With the Coronavirus pandemic still impacting the economy, e-commerce sales have skyrocketed (+52.2% YoY compared to 2019) as more consumers are being forced to or choosing to shop online. That being the case, many online business owners have found themselves struggling to make sense of their financial data – particularly those who have online stores with higher order volumes and larger product selections. But, for Shopify sellers specifically, there’s a cutting-edge way to finally harness those mountains of financial data, monitor their expenses, and track their profit with unprecedented accuracy.
The best (new) way to track expenses
BeProfit – Profit Tracker is a unique, creative, and flexible Shopify profit calculator app that gives sellers a clear picture of their profits and expenses. It’s simple to set up, easy to use, and it gives Shopify store owners an intuitive dashboard that turns complex data into easy-to-digest charts and graphs so they can track costs associated with:
- Refunds and returns
- Marketing ad spend (syncs seamlessly with Facebook, Google, Instagram, SnapChat, & TikTok Ads)
- Shipping fees (auto-syncs with Shopify Shipping)
- Cost of goods sold (COGS)
- Custom expenses (e.g. rent)
The profit margin calculator app allows Shopify sellers to view their lifetime expense data in daily, weekly, or monthly breakdowns to give the precise figures that they need in order to spot where improvements can be made to their costs. Not only that, but costs can also be viewed on a per-product and per-order basis to give an even more finely-tuned perspective on their budget distribution.
Special note: One of the most unique features offered by BeProfit – Profit Tracker is the ability to pull shipping profiles directly from Shopify, and also allow for the creation of new shipping profiles directly in the app itself.
That allows for even more accurate expense calculations and sets BeProfit apart from other Shopify calculator apps like Conversific, Lifetime, Order Metrics, Accountify, and TruProfit.
Messy and clunky spreadsheets come nowhere close to the accuracy and precision offered by the BeProfit expense and profit calculator. Plus, beyond the in-depth analysis that BeProfit gives Shopify sellers, the app also allows Shopify store owners to export data reports that can then be used for their business accounting purposes. In many respects, BeProfit outshines the performance of similar Shopify profit calculator apps.
Turning data into profits
As the name suggests, the business analytics features in the BeProfit Shopify profit calculator don’t just relate to tracking expenses, but also allow Shopify sellers to track their profit (go figure!). The app eliminates confusion by providing pinpoint accuracy for both gross profit and net profit margins so those metrics can be clearly understood and, of course, harnessed to increase revenue.
Profit margins can be broken down to a per-product or per-order basis as well, giving Shopify store owners in-depth knowledge of where most of their earnings are coming from and where improvements can be made.
Besides showing profit margins, BeProfit also displays lifetime profit trends which allows Shopify sellers to look back at their store’s history and spot seasonal trends over time – an advantage that can be used to gain a keen understanding of their store’s activity, improve their broader business strategy, and ultimately optimize their bottom lines.
Make data-driven decisions to strengthen your business
As e-commerce sales continue to grow, it’s becoming more crucial than ever for Shopify store owners to find an easy way to understand their financial data. Boring spreadsheets are a thing of the past. BeProfit simplifies and translates heaps of data into a visual format that not only makes profit tracking easier – it makes it fun, too.
Take it from real user reviews:
“Great application, it basically takes all your manual tracking and automates everything. Calculates your spend on Facebook, Google, and lots of other marketing channels! The live chat comes in pretty handy as I had little trouble setting everything up correctly, but when Raphael and Amit helped me out it took me as little as 5 minutes to get everything set up. Thanks guys!”
“Very detailed. Easy to use. Nicely laid out. Would definitely recommend to anyone looking to dig a little deeper into your financials and begin to make thoughtful and informed decisions on your business.”
Never settle for less
As of the publishing of this article, BeProfit is still in its early stages. And yet, it has already proven itself to be a useful tool for Shopify sellers. Perhaps one of the most attractive aspects of the BeProfit – Profit Tracker is its customer support. The support team for BeProfit is available at nearly any hour of the day and is incredibly responsive not only to answering questions, resolving any bugs, and giving walkthroughs – but also to feature suggestions from users. The app is always improving itself to give Shopify sellers what they want and what they need to strengthen their stores and raise their profits. The unofficial BeProfit motto: never settle for less!