How to Integrate Profit Metrics On Shopify with TrueProfit App

May 22, 2024 | 7 min read By: admin

In this fast-growing world, entrepreneurs and e-commerce business owners should know how crucial profit tracking is. Whether you have a jewelry shop or Consumer Packaged Goods (CPG), if you want to grow your business or boost your sales, you need to know about profit tacking. Today we are here to discuss integrating profit in Shopify with the TrueProfit app.

With the profit tracking app, you can see the metrics that assess your company’s sales, manage cost per item, and grow your revenue. Though many more e-commerce metrics need to be tracked for an online store, including net profit margin, all the business expenses, paid campaigns, and much more, it is better to use profit tracking software to make the process seamless without manual labor. TrueProfit app comes to play a vital role in the e-commerce industry. Robust profit tracking is crucial for ensuring long-term growth and success in the competitive e-commerce landscape.

We will explore here a comprehensive guide to TrueProfit app in Shopify. Why it is important for Shopify development, the benefits, TrueProfit app integration, and much more. No more talking and let’s get to the point.

Importance of tracking Profit for Shopify Development

With all the expenses, running a Shopify Store isn’t easy. So, you should track the costs and manage them very well. So that your e-commerce business can grow hassle-free. Here’s why keeping tabs on your profits is an absolute must for any Shopify entrepreneur:

Informed Decision Making: Profit is not just a metric, you see. It tells a whole store about your business, including what’s truly working for your Shopify online store. In simple terms, if you keep tracking profits, it reveals which marketing efforts deliver the best returns, which products have healthy margins, and where you might need to cut costs. It would be easy for you to decide to grow your e-commerce business.

Identify Hidden Leaks: To identify the loopholes tracking profits for your Shopify online store is one of the best ways. Maybe your shipping costs are higher than anticipated, or discounts are eating into your margins. Profit tracking helps you pinpoint these profit leaks so you can address them quickly.

Smarter Inventory Management: Knowing your profit per product helps you optimize your inventory. You can identify bestsellers and avoid stocking slow-moving items that tie up capital and reduce overall profit.

Plan for the Future: With a clear understanding of your profit margins, you can set realistic financial goals and plan for the future. This might involve budgeting for growth initiatives, saving for expansion, or preparing for seasonal dips in sales.

Peace of Mind: Profit tracking gives you a clear picture of your store’s financial performance. This knowledge translates into peace of mind, knowing you’re running a business that’s not just surviving but thriving.

Tracking profit might seem daunting, but don’t worry! Many Shopify apps can automate the process, making it a breeze to monitor your financial health. So, take control, start tracking your profit today, and watch your Shopify store flourish!

What is TrueProfit App?

The True Profit App is a specialized tool designed for Shopify store owners to accurately track and analyze their profits in real time. Unlike basic financial reports that focus solely on sales and revenue, the True Profit App provides a comprehensive view of your store’s financial health by integrating various cost factors.

Key Features of True Profit App:

Real-Time Profit Calculation:

The app calculates your profits in real-time, considering all expenses such as cost of goods sold (COGS), shipping costs, transaction fees, and marketing expenses. This helps you see an accurate profit margin for each sale as it happens.

Expense Tracking:

True Profit App allows you to input and track various types of expenses, providing a detailed breakdown of where your money is going. This includes fixed costs like rent and variable costs like marketing campaigns.

Profit Reports and Analytics:

The app generates detailed profit reports and analytics, offering insights into your business’s financial performance over time. You can see trends, identify high-margin products, and make data-driven decisions to boost profitability.

Inventory and COGS Management:

By tracking the cost of goods sold and inventory levels, the app helps you manage your stock more effectively, ensuring you always know the profitability of your products.

User-Friendly Dashboard:

The app features an intuitive dashboard that provides an overview of your key financial metrics at a glance. This makes it easy to monitor your store’s performance without needing advanced accounting knowledge.

Customizable Settings:

True Profit App offers customizable settings to fit the unique needs of your business. You can adjust profit calculation methods, set different expense categories, and tailor the app to your specific financial tracking requirements.

Benefits of Using TrueProfit App for Shopify Store Development

The TrueProfit App is an essential tool for Shopify store owners looking to gain accurate financial insights, manage expenses effectively, and drive their business toward greater profitability.

Accurate Financial Insights: Get a true picture of your store’s profitability, helping you make informed decisions.

Time-Saving: Automates complex calculations and expense tracking, saving you time and reducing errors.

Better Cost Management: Identify and manage costs effectively to maximize profits.

Improved Strategic Planning: Use detailed reports to plan and forecast future growth, ensuring your business is on the right path.

Step-by-Step Installation Guide to True Profit App in Shopify Online Store

Installing the True Profit App in your Shopify store is a straightforward process. Follow these steps to get started:

Step 1: Log in to Your Shopify Account

Go to Shopify Login and enter your credentials to access your store’s admin dashboard.

Step 2: Visit the Shopify App Store

Navigate to Settings > Apps and sales Channels > Shopify App Store

Step 3: Find True Profit App

In the search bar at the top of the Shopify App Store, type “True Profit” and press enter.
Look for the True Profit App in the search results.

Step 4: Install the App

Click on the True Profit App from the search results to open its detailed page.
Click “Install”:
Shopify will redirect you to a permissions page. Review the permissions the app requires and click “Install App” to authorize the installation.

Step 5: Initial Setup

After installation, it will redirect you to the TrueProfit pricing page, where you can see TrueProfit paid plans.
According to business preference, choose a plan.
It will open a welcome page along with the start now button.
After that, Enter your cost of goods sold (COGS).
Setting up shipping costs, transaction fees, and other expenses.

Step 6: Sync Your Data

Ensure that all your Shopify store data, such as products, orders, and expenses, is synced with the True Profit App. This step is crucial for accurate profit calculations. It also tracks your social media ad reports and expenses.

Step 7: Explore the Dashboard

Once the setup is complete, explore the True Profit dashboard. Familiarize yourself with key features such as real-time profit tracking, expense reports, and analytics.

Step 8: Start Tracking Profits

Begin using the app to track your profits in real time. Use the insights provided by the True Profit App to make informed decisions and optimize your business operations.

Conclusion

Take your Shopify store to the next level by integrating the True Profit App today. Visit the True Profit App page on Shopify to start your free trial and see the benefits for yourself. If you have any questions or need assistance, don’t hesitate to contact True Profit’s support team for help.

For those looking to build or enhance their Shopify store, consider partnering with us, the best Shopify development company in Kolkata. Their expert team can provide customized Shopify Solutions to ensure your store operates smoothly and efficiently.

Start optimizing your profit tracking and financial management with True Profit App and professional Shopify development services today!