If you’re running a business, it’s important to track your profit and losses. In this article, we’ll discuss how to monitor your profit in Shopify.
We’ll look at what to look for in the Shopify dashboard and how to make sense of all the data.
We’ll also introduce some apps that can help you track your profits more accurately and gain deeper insights into your business performance.
7 Apps to track profit on Shopify
Before starting the article, we would like to show you an overview of all the best apps to track profit covered in this article:
If you’re looking for an app to help track your profit in Shopify, look no further than BeProfit.
This app provides a wealth of data and insights into your business performance so that you can track your profits with accuracy and precision.
With BeProfit, you can monitor your sales, costs, and profits in real-time to make quick and informed decisions about your business.
- Real-time data and insights
- Sales and profit reports
- Informed decisions for your business
- Schedule reports
- Product reports
- LTV cohort analysis
They offer a free plan for up to 30 monthly orders.
The BeProfit premium starts at $25/month up to $150/month, with a 7-day free trial.
SimplyCost is the perfect app for anyone looking to track their profits in Shopify.
It provides an accurate and up-to-date breakdown of your sales, expenses, and profit margins so that you can always stay on top of your business’s financial health.
With SimplyCost, you’ll be able to make informed decisions about where to cut costs, increase sales, and boost your bottom line.
- Automatic profit calculation
- Multiple reports: sales, products, variants, vendors, and inventory
- Payment gateway processing fees
They offer a 14-day trial, so you can try it before you buy it.
After the trial, the price for SimplyCost is $4.99/month.
The QuickBooks Sync app for Shopify allows you to track your profits in real-time.
The app integrates with QuickBooks Online, so you can easily see how your ecommerce business is performing financially.
This information can help you make more informed decisions about where to allocate your resources in order to grow your business.
With the QuickBooks Sync app, you’ll have instant access to all of the data you need to make sound financial decisions for your Shopify store.
- Sales tax recorded into accounting platform
- Share access to your books with your bookkeeper, accountant, or outsourced accounting firm
- Track your profit in real-time
- Integrate with QuickBooks Online
- Get instant access to all of the data you need to make sound financial decisions for your store
They offer 15 days trial, and then it will cost $49/month or $39/month billed at $468 once per year.
Lifetimely is an app that helps you track your profit and customer lifetime value (LTV) in Shopify.
It gives you insights into where your business is making money and where you might need to make adjustments.
This information is essential for any ecommerce business, as it allows you to focus your efforts on the areas that are bringing in the most revenue.
With Lifetimely, you can track your progress over time and see how your strategies affect your bottom line.
- Easily track profit on Shopify
- See where you are making money and where you might need to make adjustments
- Track your progress over time
- Benchmark against other stores to check where your KPIs rank versus your competitors
- AI-powered predictive LTV model
They offer a 14-day free trial, and once it is expired, you have three options to choose from. The basic plan is $19/month, the Pro is $49/month, and the Plus is $99/month.
Whether you’re an experienced entrepreneur or just starting out, Accountify has the tools to help your business grow.
With a comprehensive yet straightforward interface that provides information on every aspect of running stores, including revenue & most profitable products.
It also helps you to shine a light on how much you are spending on different Shopify apps.
With Accountify, you can make better decisions about your business based on accurate data.
- Categorizes your expenses: cost of sales, ad spend, overhead
- Provides insights into sales, expenses, and profits
- Easily analyze how much profit you made on each order
- Make better decisions about your business based on accurate data
Another great feature of Accountify is the pricing. Why? Because it’s free.
The days when you had to spend hours just finding out how much money your store made are over.
With Profitario, all the information about profit margins and disputes is automatically imported into one easy report for quick access. So there’s no need to jump between different sources or waste time trying to figure it out yourself!
Profitario comes with a comprehensive dashboard, where you can see included but not limited to: revenue, cost of goods sold (COGS), advertising spend, as well as returns and disputes.
- Transaction fees
- Disputes tracking
- Shipping costs
- Comprehensive dashboard
Profitario offers not just a 14-day free trial but a free plan too. The plans are based on orders; hence it’s great when you are just starting out!
If you have 100 orders or less, it’s free for you. If you have orders of more than 100 up to 500, then the price is $19.90/month. If you have more than 500 orders, then the price goes up to $39.90/month.
Conversific is the app for ecommerce businesses who want to track their profits with ease.
With Conversific, you’ll know exactly which products are selling well and which ones aren’t, and you can adjust your strategies accordingly.
You’ll also be able to see how your marketing efforts are doing, so you can optimize them for better results.
With Conversific, you can rest easy knowing that you always keep track of their bottom line.
- Reports that provide you a full picture of your Shopify business
- Ecommerce benchmarks to compare your numbers with other stores
- Product and customer analytics
- Comprehensive, detailed insights to help you make better decisions
They offer a 14-day free trial and multiple plans based on the number of stores and orders that you have.
If you have one store and 1,500 or fewer orders/year, you can use Conversific with limited features for free.
In case you’d need it for two stores, or you have more than 1,500 orders up to 3,000 a year, then it will cost you $29/month.
The plan for a max of five stores and 12,000 orders/year costs $79/month.
For ten stores and 30,000 orders, the monthly cost for Converisifc is $199/month.
How do I track my profit on Shopify?
By tracking your Shopify sales and expenses, you can better understand how your business is performing. These are crucial business metrics.
This information will help you make informed decisions about where to allocate your resources (time, money, energy) in order to grow your business.
There are a few ways you can track your profit on Shopify. The first way is to simply look at your total sales and compare them to your total expenses.
This will give you a very basic idea of whether or not you are making a profit.
The dashboard can be accessed by clicking on the ‘Analytics’ tab at the left of your screen. You can see further reports under the ‘Analytics’ tab.
You can view reports for different periods of time (day, week, month, year) and reports for specific channels (online store, social media) or products.
You can compare the results to the previous dates.
The Shopify dashboard provides a good overview of your business performance, but it is beneficial to dig deeper. This is where profit tracking apps come in.
Profit tracking apps provide insights and analysis that can help you understand your business performance and make informed decisions about where to allocate your resources.
The two most used ones are:
Both have tons of reviews, with an average of 4.9/5
As we mentioned, Shopify’s analytics provides a good overview of your business performance.
You can track metrics like your total sales and compare them to your total expenses. You can also view reports for different periods of time, as well as reports for specific channels or products.
The dashboard is a great place to start when tracking your profit on Shopify.
Below, you can find what you can check in the Shopify analytics:
- Online store sessions
- Returning customer rate
- Total orders
- Average order value
- Online store conversion rate
- Total sales
You can check the reports for each segment (except customer retention), which shows you a bit more detailed info on when the actual events occurred.
Under the ‘Reports’ tab, you can find more information about your store.
- Profit margin
- Custom reports
A lot of useful information here, so if you haven’t done any profit tracking before, definitely a good way to start.
However, it doesn’t provide all the insights and analysis that you might need to really understand your business performance and make informed decisions.
This is where profit tracking apps come in.
Tips for using the Shopify dashboard
The dashboard will give you a snapshot of how your business is doing overall.
This is a great place to start if you’re looking for a high-level overview of your business’s profitability.
You’ll be able to see your sales, orders, traffic, and more. You can also see your total gross profit for the day, week, month, and year.
In the dashboard, you will see a few key metrics that are important for tracking your profit. We have some of them below with an explanation of what they are.
- Sales. This is the total amount of money that you have made from all orders in your store.
- Profit. This is the total amount of money that you have made after subtracting the cost of goods sold (COGS).
- Average Order Value (AOV). This is the average amount of money that each customer spends in your store.
- Conversion Rate. This is the percentage of people who visit your store and make a purchase.
The best tip we can give you is to spend some time looking through your Shopify dashboard and understanding the data.
This will help you track your business’s profitability and make decisions based on your findings.
If you’re looking for more in-depth information about your Shopify store, then there are multiple apps that can help, and some of them we have outlined above (the best ones, of course!).
Shopify themselves also provides helpful articles for all kinds of topics, including analytics.
What is the cost of goods sold?
The cost of goods sold (COGS) is the direct cost associated with the production of the goods sold by a company.
This amount includes the labor and material costs.
It excludes indirect expenses, such as distribution and selling costs.
To calculate your COGS, you will need to track:
- The cost of materials for each product.
- The direct labor costs for each product (including employee wages, payroll taxes, and benefits).
- Manufacturing overhead costs (such as rent and utilities for your factory or warehouse).
- Shipping cost.
Once you have all of this information, you can calculate your COGS using this formula:
COGS = Materials + Direct labor + Manufacturing overhead
If you are a dropshipper, you need a bit different calculation; we may say, an easier one:
COGS = Product cost + Shipping cost
Now that you know how to calculate your COGS, let’s take a look at how you can track this information in your Shopify store.
How does Shopify calculate the cost of goods sold?
Shopify calculates COGS based on the price of your item.
You can set it by following these steps:
- Select ‘Products’ on Shopify admin.
- Pick the product you want to edit.
- Add the ‘Cost per Item’ in dollars to the ‘Pricing section.’
- Save these changes.
This means the price you are getting the product for will be shown as COGS. Shipping cost, for example, is not automatically added.
If you have a flat shipping fee, you can simply just add it to the product price.
Why does profit tracking matter?
If you’re not tracking your profits, you won’t be able to see where your business is making or losing money. This can be a big problem if you’re not aware of it.
Not only that, but you also won’t be able to track which products are selling well and which ones aren’t.
This information is vital for making decisions about what products to keep in stock, what new products to add, and so on.
Finally, tracking your profits will help you track your overall business growth. This is important for setting goals and measuring progress.
So, tracking your profit is an important step in understanding and growing your business.
It can help you answer questions like:
- How well am I doing compared to last month/year?
- What products are selling the best and why?
- Are there any areas of my business that are not profitable?
- What changes do I need to make in order to improve my profits?
So if you’re a business owner and you want to elevate your business to the next level, it’s time to start tracking your profits.
What is true profit?
Profit is what’s leftover from a business’ revenue after all the costs associated with running the business have been paid.
This includes the costs of materials, wages, rent, advertising, and any other expenses.
So the calculation goes like this:
Revenue – Costs = Profit
However, it’s one step further when it comes to true profit. It takes the taxes into account.
After all the costs and taxes have been accounted for, what’s left is the business’ true profit.
Making sure you track your profits is essential for any ecommerce business.
By understanding what is happening in your shop, you can make changes to increase your sales and grow your business.
The Shopify dashboard provides a lot of data, but with the right apps and some simple analysis, you can turn that data into useful insights for your business.
Which of the mentioned apps have you tried? How do you track your profits?
Want to learn more about Shopify?
Ready to move your Shopify store to the next level? Check out the articles below: