Question 1

How to Install and Use the TrueProfit Mobile App

Accepted Answer

How to install the TrueProfit Mobile App

There are two ways to find TrueProfit app on the app stores:

Scan QR code

If you are signed in to your TrueProfit account, you can scan the QR code with your smartphone to download directly from the app store.

Getting the QR code to download the app and quick sign-in

Find TrueProfit in the App Store

TrueProfit mobile app is available on both the iOS and Android app stores for free download. You can click the links or search "TrueProfit" in the app store.

TrueProfit is now available on both app stores

Sign in to your TrueProfit mobile app

| To use the mobile app, you need a TrueProfit account.

If you've been signing in using your Shopify Domain, here's how to create a new TrueProfit account. You can then use this account to sign in to your mobile app, or use the QR code like above.

The Login Interface

How to use the TrueProfit Mobile App

The TrueProfit Mobile

Question 2

Product Cost | How to add Cost of Goods Sold (COGS)

Accepted Answer

Cost of Goods Sold (COGS) or Product Cost is essentially one big part of your total costs. Simply put, COGS of one product is how much it costs you, as opposed to how much you charge customers (Sales price).

With TrueProfit, you can manage your COGS easily.

Follow this video tutorial or read below for instructions.

${youtube}Adding Cost of Goods Sold (COGS)

By default, TrueProfit syncs Cost per item from Shopify upon installing.

Additionally, there are 3 other ways to import COGS into TrueProfit: Estimating COGS, entering manually or uploading a .csv file.

Priority of the importing method is as follow:

Estimated COGS < Cost per item (from Shopify) < CSV file import AND manually imported COGS

1. Estimate COGS

For a store with many products, it can take a lot of time to enter all COGS. Luckily, you can roughly estimate COGS based on Sales price.

Go to Calculation > Product Cost > Estimated COGS Rate. You'll find a slider representing COGS as the percentage of Sales price. For example, if you define the percentage as 20%, sales price is $100, then your COGS is $20.

What if there are some products that don't follow this rule? You can then use the second method to specifically adjust them.

2. Enter COGS manually

Old school but accurate. You can add COGS for each product (or variant). For winning products, we strongly advise that you specif

Question 3

How to manage Shipping costs

Accepted Answer

With shipping cost, you can set advanced rules or stick to the basic settings, depending on your business model. Visit Calculation > Shipping Cost

Follow this tutorial.

${youtube}Set up your shipping costs

Calculation settings

First, set your default rules to calculate shipping cost for every order. You'll see these options:

Multiply with quantity for the same product: Applies when shipping fee is proportional to product quantity in an order.

For example, an order has the same 2 products and shipping fee is $3 per item. If enabled, final shipping cost is $6. If disabled, final shipping cost is $3.

For orders with multiple different products, total shipping cost will be either the highest shipping fee or the sum of each product's shipping fee in an order.

For example, an order contains item A (shipping fee $3) and item B (shipping fee $4). If you choose Sum shipping fees of each product, the final shipping cost is $7. If you choose Use the highest shipping fee, the final shipping cost is $4.

Default shipping rules

*This is where you set shipping fees for all products based on geography. Please note: you can also set shipping cost for each state in United States by ticking option "United States" -> select state.

Add new > Enter Zone name (optional) > Choose the countries or regions > Set shipping fee > Save.

*Please note: you can also set shipping cost for each state in United States by ticking option "United States" -> sele

Question 4

Intro to TrueProfit #1: Cost Settings A-Z

Accepted Answer

TrueProfit can help you track profit and all kinds of financial metrics in real time. In order for us to show you the correct numbers, first you need to properly set up your cost structure. Here's how to do it.

${youtube}Setting up your costs

Or jump to the section you want to explore:

Set up Cost of Goods Sold.
Pull in Ad Spend: Google | Facebook | Bing | Snapchat | Tiktok| Pinterest | Amazon.
Set up Shipping cost | Integrate Shipping Softwares.
Set up Transaction fees.
Set up Custom spends | Variable Costs | Handling Fees.

Question 5

Shopify Metrics Glossary

Accepted Answer

In this article, you'll find a list of metrics used in TrueProfit Profit Analytics and Product Analytics. Quickly search for the term you want using Ctrl+F.

A. Metrics in Profit Analytics

| Metrics | Definitions | Formulas | | --- | --- | --- | | Revenue | The final money you receive from customers, also known as Total sales in Shopify. | Revenue = Gross Sales – Discounts – Refunds + Taxes + Shipping Charges | | Total Cost | The sum of all expenses occurring during the operation of your business. | Total cost = Cost of goods sold + Handling Fees + Shipping Cost + Ad Spend + Transaction Fees + Custom Spend | | Net Profit | The amount of money you gain after all costs are deducted. | Net profit = Revenue + Tips + Gift Card Sales - Total cost - Taxes | | Net profit margin (%) | Your business's profitability when comparing net income to sales revenue. The higher the margin rate, the more profitable you are for each dollar spent. | Net profit margin = Net profit / Revenue | | Ad spend | Total cost for advertising pulled from ads platforms. TrueProfit currently supports: Facebook, Google Ads, Bing, Amazon, Tiktok, Pinterest, and Snapchat. Learn more | | | Ad spend per order | The average amount of ad spent to acquire an order. | Ad spend / Total orders | | Average order value (AOV) | The average amount of money a customer spend in one order. Higher AOV often me

Question 6

How to Set Up and Manage Custom Spend

Accepted Answer

Custom Spend is where you can add and monitor extra costs, for example Shopify subscription, Instagram influencers, or even Facebook Ad Agency. Basically, any costs that don’t fall into other existing categories in TrueProfit can be configurated in the Custom Spend setup.

How to set up Fixed Costs

To add a new Fixed Cost, go to Calculation > Custom Spend > Fixed Costs > New Cost
Enter the cost name and amount of money
Choose the frequency for the cost: Monthly, Weekly, Daily, or One-time
Select the Start and End dates. If the cost doesn't have an ending date, tick the On-going checkbox
Click Create.

Adding a new Fixed cost

The new fixed cost will then appear in the list and be added to your total costs.

| Your custom spend is updated every 30 days if you set Frequency as Monthly. From Date range, select This month and you will see your Custom spend updated.

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