Cost Settings | Initial setups
Setting up costs for your store is a crucial step to let TrueProfit accurately calculate your Total Cost, Net Profit, Net Profit Margin, and uncover more opportunities for profitability. To ensure accurate cost tracking, it is important to add all the costs currently incurring in your Shopify store: Cost of Goods, Shipping Costs, Transaction Fees, Taxes Paid, and Custom Costs.
Setting up Cost of Goods
Set up Shipping Costs and Integrate Shipping Providers
Connect marketing channels to get accurate Ad Spend
Set up Transaction fees
Set up Custom Costs | Taxes Paid | Handling Fees
Cost of Goods or COGS is the direct cost needed to produce the products in your store. There are 3 ways for the app to get your COGS data:
If you set this cost in the Cost per item section for your products on Shopify admin, TrueProfit will sync the data automatically.
If you are managing the product cost in your store manually, you can export TrueProfit COGS settings to import your current COGS data in bulk.
Enter the COGS for each product manually in the app.
Read the full tutorial on COGS setup in this article.
Shipping Costs is the cost incurred when you ship an order to your customer. In TrueProfit, you can set up this cost by Shipping zones or by specific products. Read the detailed instructions to see how you can set up Shipping Costs for your store.
If you are using a shipping provider to fulfill orders for your store, make sure to integrate it with TrueProfit so that the app can pull the correct shipping costs for your orders. TrueProfit currently supports the following providers: Shippo, ShipBob, ShippingEasy, Shiphero, Shipwire, and ShipStation, available in all subscription plans.
If you are currently running ads on social media channels like Facebook, Google, TikTok, Microsoft, Pinterest, Snapchat, X, and Amazon, make sure to connect your ad accounts to TrueProfit. This will help the app syncs accurate Ad Spend and other metrics like Impressions, Clicks, ROAS, and more for each channel.
Integrating your Marketing Channels is also important for reports like Product Analytics and Marketing Attribution to calculate Ad Spend and Net Profit for your products.
The Transaction Fees settings in TrueProfit let you enter different fees for your store when you process customer's orders and payments. For each payment gateway (or payment provider), there are fees like Fixed Fees, Percentage Fees, and Shopify's External Gateway Fees.
TrueProfit has pre-filled these fees for the most popular payment providers like PayPal and Stripe, if you are using a different provider, the app will sync your data from Shopify. Make sure you review and enter the correct rate for each fee so that the app can calculate your order costs correctly.
Fixed Fees: The flat fee charged by a provider to process online payments for your store.
Percentage Fees: The percentage fee charged by a provider to process online payments based on the order value.
Shopify's External Gateway Fees: If you are using Shopify Payments, you don't have a third-party payment provider fee. If you choose a third-party payment provider, there will be additional fees of 2%, 1% or 0.5% for our Basic Shopify, Shopify, and Advanced Shopify plans, respectively. Refer to Shopify Pricing for more details.
These costs are optional settings that we offer to help merchants like you to manage all costs and keep track of them easily in TrueProfit.
In this article:
Setting up Cost of Goods
Set up Shipping Costs and Integrate Shipping Providers
Connect marketing channels to get accurate Ad Spend
Set up Transaction fees
Set up Custom Costs | Taxes Paid | Handling Fees
Setting up Cost of Goods
Cost of Goods or COGS is the direct cost needed to produce the products in your store. There are 3 ways for the app to get your COGS data:
If you set this cost in the Cost per item section for your products on Shopify admin, TrueProfit will sync the data automatically.
If you are managing the product cost in your store manually, you can export TrueProfit COGS settings to import your current COGS data in bulk.
Enter the COGS for each product manually in the app.
Read the full tutorial on COGS setup in this article.
Set up Shipping Costs and Integrate Shipping Providers
Shipping Costs is the cost incurred when you ship an order to your customer. In TrueProfit, you can set up this cost by Shipping zones or by specific products. Read the detailed instructions to see how you can set up Shipping Costs for your store.
If you are using a shipping provider to fulfill orders for your store, make sure to integrate it with TrueProfit so that the app can pull the correct shipping costs for your orders. TrueProfit currently supports the following providers: Shippo, ShipBob, ShippingEasy, Shiphero, Shipwire, and ShipStation, available in all subscription plans.
Connect marketing channels to get accurate Ad Spend
If you are currently running ads on social media channels like Facebook, Google, TikTok, Microsoft, Pinterest, Snapchat, X, and Amazon, make sure to connect your ad accounts to TrueProfit. This will help the app syncs accurate Ad Spend and other metrics like Impressions, Clicks, ROAS, and more for each channel.
Integrating your Marketing Channels is also important for reports like Product Analytics and Marketing Attribution to calculate Ad Spend and Net Profit for your products.
Set up Transaction fees
The Transaction Fees settings in TrueProfit let you enter different fees for your store when you process customer's orders and payments. For each payment gateway (or payment provider), there are fees like Fixed Fees, Percentage Fees, and Shopify's External Gateway Fees.
TrueProfit has pre-filled these fees for the most popular payment providers like PayPal and Stripe, if you are using a different provider, the app will sync your data from Shopify. Make sure you review and enter the correct rate for each fee so that the app can calculate your order costs correctly.
Fixed Fees: The flat fee charged by a provider to process online payments for your store.
Percentage Fees: The percentage fee charged by a provider to process online payments based on the order value.
Shopify's External Gateway Fees: If you are using Shopify Payments, you don't have a third-party payment provider fee. If you choose a third-party payment provider, there will be additional fees of 2%, 1% or 0.5% for our Basic Shopify, Shopify, and Advanced Shopify plans, respectively. Refer to Shopify Pricing for more details.
Set up Custom Costs | Taxes Paid | Handling Fees
These costs are optional settings that we offer to help merchants like you to manage all costs and keep track of them easily in TrueProfit.
Updated on: 11/04/2024
Thank you!