Hey there, Andrew here! Hope you're all doing well. Tracking your sales finances and e-com
store data is one of if not the most important thing to do each and every day so if you have
a shopify store you're probably tracking all your sales and data on this page here
but there's a better option than just using our shopify dashboard to track all our numbers but
why should we because we're able to optimize profits and reduce costs well today i'll share
how to do just that track your sales and numbers and not just shopify but how you can how much
you spent on facebook ads snap ads payment fees shipping fees exchange rates and even generate an
automatic report so you can see the most important number to you which is your bottom line profit
before you think that tracking finances and numbers isn't as important as store design or ads
know that a staggering 82 of businesses fail because of cash flow issues according to the us
bank what exactly is cash flow though for those who don't know cash flow is in basic terms the
amount of money coming into a business and the amount of money going out so think of it like a
tap and sink cash comes out at the top and drains at the bottom which is your expenses
to keep your sink nice and full you want more coming in from the tap than going out down
draining out of the sink so it sounds more simple than it is but the number one reason why ecommerce
stores can't manage the cash flow is because they aren't keeping on top of all their numbers
and fair enough when there's so much to track you know how much inventory do you have what's your
product cost how much do ads cost what's the freight cost payment processing fees you'll be
glad to know you don't need an excel spreadsheet and have hundreds of formulas just to effectively
track your businesses cash flow so the solution here i use for shopify stores is be profit tracker
be profit tracker is basically a real time profit calculator to track absolutely everything in your
business and not just what's displayed on your shopify dashboard and that's really important
it works by auto syncing sales and expenses across a whole range of platforms you know marketing
payment processes shipping accounts and more so you're basically getting an entire overview in
a single spot rather than pulling data across a whole range of websites and software and using
manual excel spreadsheets like i said this is extremely important so you get the true
cash flow data out of your business and it gives you the information you need to make
the right decisions with your e-commerce store for it to grow in the right direction
so let's just jump into my screen here and i'll show you step by step how to set up this tool why
it works so effectively with your shopify store and other platforms oh and by the way it is a
paid app but the kind folks over at be profit are giving my audience an extended 60-day trial
and 20 discount so i'll leave a link down to that app in the description box below in that voucher
so you're able to claim it but without further ado let's jump on my screen now give this video a like
and subscribe with the notification bell turned on if you're interested in digital marketing
e-commerce and online business so once you have this app installed let's go ahead and set it all
up this app setup process is in this case very important to get accurate data and numbers flowing
through so make sure you're paying attention to this so once you claim the voucher install
the app here and click install app so now that it's installing you'll land on this page here
you can insert an email address to receive automated reports which i'll go over in a moment
and you can also add a password in case you know let's say you have multiple va's or employees
accessing your shopify store and you don't want them to see all the back end data and your numbers
then go ahead and add a password the next part is asking you where you have your ad spend so this
could be on facebook google snapchat and beyond i'm going to click facebook google and snapchat
and click next and then from here you're just going to click connect on each of these boxes
and then input your login details into this integration it is safe and secure you just need
to basically provide them with read-only access and you can do that just by adding in your login
details and then it will automatically connect up so once you've connected all the available
platforms then click next then the next step is your fixed expenses so these are expenses outside
of ad spend and this might be for example your shopify billing fee every month you can easily
import that in through a csv file they have uh instructions here so if you click here you'll
be able to see how you can pull out your csv file from shopify and then you just throw it into this
box over here and you'll calculate everything more importantly though you also have other expenses
all you're going to do is click add expense and you can either create a recurring expense daily
monthly yearly or a one-time off expense so i'm going to cancel that i'm not going to add it
now but it's really important that you add your expenses into the system therefore you can track
your profitability so click next the next step will ask you how do you handle your inventory
because this is going to affect your shipping rates and also your cost of goods so in this
case and i know for the majority of you you'll probably click drop ship so you can click next
and send then from here we need to figure out the shipping rates and b profit will actually pull
out your shopify shipping rates automatically so click got it in this case we're going to go
with i don't have separate shipping costs for those who are private labeling white labeling
have their own product and you're storing your own product then you're going to go ahead and
click the relevant option here which could be for example some shipping fees for each product
and then click next now this is extremely important as well cost of goods or otherwise
known as cogs so you'll need to know how much is your cost of goods how much does it cost for
you to produce this uh to produce or either source this product so in this case it costs us about 20
dollars and someone click update cogs this will automatically update all your products for you
so it's as simple as that then you click next then you're going to add in your processing fees
for example if you use stripe i know over here in australia it is 1.6 roughly per credit card
transaction plus another additional fee so in this case i'm going to add in 1.6 and 30 cent fee and
then you can add in your calculation preferences i typically like to have refunds by order date on
and then basically what this means is if you have if you're checking a certain uh order date then it
will count refunds as well so i like to have that on and then include unfilled orders as revenue
because technically they have been uh they have been ordered and then include pending orders as
revenue i click no there might be a reason why you might want to include pending orders as revenue
so go ahead and set your calculation preferences and click next finally it's going to ask if you
want access to offers and tips this is totally up to you okay so once that's all set up and complete
you'll be welcomed to your be profit dashboard and honestly this will provide you a lot more detail
than your typical shopify dashboard so taking a look through the overview tab make sure that
you have completed 100 your onboarding process so in this case i haven't connected up my ad
spend nor expenses but make sure that you do connect them up otherwise you won't get the full
picture here and you won't be taking advantage of b profit the point here is to have all your
numbers in a single dashboard including your ad spend every single day and it is automated
and updated every single minute so if we go down here you can see your daily snapshot and you can
completely customize what you want to see on your daily snapshot here if you click customize
and you can see you can add in raw ass you can add in shipping transaction fees etc i'm going
to click save and so in this case we have a gross profit of 8k net sales is 12.4 k and this is based
on that cost of goods that i entered earlier so for every 60 sale 20 of that will be cost of goods
therefore you can get your gross profit margins right here and this is extremely important and
this is something that you can't see immediately from the shopify dashboard so if i had ad spending
here let's say i spent a thousand dollars to net 12k in sales then technically my gross profit
would be seven thousand seventy nine dollars all right and then it will calculate your raw ass
based on your ad spend so you can start to see how this is so convenient for seeing absolutely
everything in one single page and you can see here the profit trends gross profit net profit
you can also see your cost of goods so i spent four thousand dollars let's say
for these orders so far and then you can see your other expenses and they even calculate
your taxes for you so as you can see it is literally updating in real time so taxes
is calculated for you depending on the region that you set up so make sure that you go into
uh manage accounts and set up your tax region and your potential transaction fees shipping
handling and also refunds these are the sort of things that you don't you aren't able to
see if you don't use this app and you also get your breakdown profits here and expenses
so as you can tell it's so extremely important to spend your time to completely set up this app so
therefore you can get the insights in order to grow your business to grow your shopify store
by seeing all the stats in a single page and then of course it goes beyond that let's check
out the other tabs too on the orders tab you can break down your orders in more detail here
and you can see the gross profit margin is 65 which is very solid but again i haven't included
the marketing costs so you're able to see your exact percentage gross margin just from this page
here then if you click products this is going to inform you which winning product should you focus
on so in this case we only have one product because this is a test store but if you have
multiple products in a store it'll be able to tell you what's the gross margin on each of your
products what is actually working for you so that that way you can properly scale the right product
with your ads and this is a very extremely useful feature breaking it down by products and seeing
the exact cost of goods revenues and sales and the exact profit margins with each and every product
is going to be so so useful and you can bypass you know manually doing this on an excel spreadsheet
or looking at this every single day and calculating everything this will save you a lot of
time and then talking about saving a lot of time you also have custom reports and this is probably
you know one of the best features because this will deliver a report to you either daily weekly
monthly even yearly and you can see everything that you need to see without even jumping into
your store so let's say you have virtual assistants running your store it's basically
automated okay and all you're doing is you know spending some time scaling up your ads
or this report template here is going to be so extremely useful for you because while you're you
know spending your time optimizing your ads you then also have a report coming into your inbox
every day where you're able to see your profit margins your exact profit margins from your
shopify store without even jumping into your shopify store so how you're going to do this is
and the best way to do this the most simplest way is to use one of their report templates
let me zoom in here so you can see they've got report templates for daily profits
monthly product reports vendor reports overhead reports expenses monthly ad spend reports even
so you're able to see not just your monthly ad spend on one platform
but it can generate a report for ad spend across snapchat google ads facebook ads instagram ads
or more and typically you need an employee or even a virtual assistant to send these reports
you know jet spend their time to generate these reports and send it to you but be profit does
this completely automatically again save you a lot of time and money so what you're going to do is
use one of these templates let's just say let's keep it simple and click daily profits report
and then once it looks good to you all right you can click import template and
you can even export it immediately right here and then so let's click import template then
you can customize the report from here so let's say daily profit margin go massager
add a description add a categories yes this is sales group date buy let's leave it a day
and you can remove or modify your columns so let's just say in this case we don't want to see i don't
know transaction fees for example and then you're going to add in your main summary titles which is
you know again you can add in custom fields here custom summary titles or you can remove
summary titles and your default time frame so depending on how often you want to get this report
let's say i just want for today because i want this report daily in my inbox i'm going to click
today then click save report then i'm going to go back click custom reports again and once we have
that one set up here daily profit report for ergo massager i'm going to go down and click create
schedule the name this schedule let's say daily profit report and then select the report that you
want automatically generated so in this case it's this one that we just created then you're going to
add in your email recipients so this could just be yourself or it could be other team members
and then select schedule frequency in this case i'm going to go daily and then send a report at
a specific time so let's say i just want to see at the end of the day at 5 00 pm or in the morning as
i start my day then have it as an active schedule but uncheck this as it says down here if you don't
want to receive these schedule reports by email it's it's up to you you can send your notification
to check these reports in the dashboard right here but honestly for most of you it'll probably
be convenient to have it be have it be sent via email and then click create schedule so now we
already have two automated reports a weekly report schedule and a daily profit report again you have
a load of options here you can get your monthly ad spend report or you can turn it into a daily
ad spend report it's up to you and this sort of stuff keeping on top of your numbers every single
day like this will allow you to correctly optimize not just your ads but also your store beyond that
you can also collect create sorry a custom report by clicking create report and going beyond their
templates that they provide you and you can customize almost about everything your table
columns your summary titles but i'm not going to do that in this case but it's up to you depending
on what sort of needs you have but honestly most is covered through the report templates right here
anyway also i'll add they're about to launch an ad funding product which is pretty neat so basically
you can get up to 100k in ad spend funding with no fixed fee or hidden fees it's revenue based
funding so it's paid via future sales i believe it was five to ten percent revenue share from your
daily sales that you make in exchange for access to a large chunk of ads pen to scale your store
you know this is a great feature for those who might not necessarily have the cash on hand
but still have a successful store and want to scale up their store pretty quickly and need
access to those funds in order to get more sales and then give back the money through
a revenue share model terrific way to scale up your store if you don't have the funds
also i should mention this isn't just for shopify stores support for more e-commerce platforms is
being worked on right now so keep an eye out for it in the meantime become has offered my audience
an extended 60-day free trial and 20 off this app you can claim the trial and discount in the link
within the description box below so once you set this all up no doubt you'll see how much clearer
your finances are and you'll get insights you wouldn't have otherwise seen running a business
can be you know a mammoth task but that's why i constantly tell others to automate your business
use strict processes take advantage of software so you can run your business efficiently
and maximize your time the tool i shared with you today is just one of many tools you can use to
you know save your time and automate your business and don't be stuck using old-school methods when
there are far better solutions out there all you need is some time and effort to optimize
your ecommerce business to turn it into your dream business also a big thanks to become
for sponsoring this video become helps you take control over your business with their financial
tools to optimize profits and get the funding you need to rapidly grow your e-commerce business if
you need to get your business financed within hours hassle-free or you like to keep track
of your business finances with their tools check out the become links in the description box below
and finally if you enjoyed this video and found it useful give this video a like and subscribe
for more weekly videos and lessons and as always your support in the form of a few
clicks is always so much appreciated and helps me put out more tutorials and content out there
for you i'll also leave on screen here some more useful videos to help you on your own journey
in building your business and don't forget all the links i mentioned and tools i mentioned throughout
this tutorial are in the description box below and until next time thanks as always for watching