The birth of profit trackers improved cash flow and handling immensely, especially for start-up enterprises that can not afford a full-scale finance department. Fortunately, these trackers serve as a make-shift accounting system that non-accountants can operate for those companies working on a tight budget. In addition, these tools allow entrepreneurs to financially manage their cash flow for the overall success of their business. It ensures that all expenditures are within the budget allocation yielding an acceptable income. Below are six features of a great profit tracker that can aid in identifying gains opportunities for your business.
Straightforward features
Whether in online transactions or as an online resource tool, expenditure tracking is an intelligent business practice. With this, trackers should have a simple and user-friendly interface that allows convenient inputting and detailed reports extraction and generation. In an ideal setting, this tool should make a layman understand complex finance jargon through intuitive visuals. All in all, profit trackers must show salient business metrics for the user to establish an action plan for the business.
Encourage customization with intuitive integrations
Back-end interfaces and integrations must tailor-fit the needs of the entrepreneur. The business metrics must be streamlined to have a focused approach to target business results. In addition, an excellent profit tracker must be conducive to remote working. Therefore, the software must be easily synchronized to all devices from the point-of-sale system. Smart integration features allow the automated extraction of data from different entities and revenue channels.
Provides vital finance elements
As mentioned, profit trackers must be aligned to business needs. However, there are essential metrics that apply to all that include the following:
- Daily and monthly profit breakdown
- Sales
- Sales revenue channel
- Cumulative profit over time
- Projected savings
- Credit score breakdown
- Budget figures
- Other charges
- Business costs
Safe and secured
A great profit tracker provider must be freed of privacy issues and data leaks. Therefore, it is crucial to be critical of past safety issues involving hackers and data miners. Your trade secrets are as valuable as your earnings and capital. In addition, be vigilant enough to read and understand the provider’s policy on data privacy. In this way, there is assurance that the developer is keen on protecting you and your business.
Reasonably-priced
Profit tracking should not cost an arm and a leg. There are several free-of-charge and reliable apps out there to help your business in its infancy. You may opt to update into advanced features as your company scales and expands.
Impeccable customer service
Prompt and top-notch customer service backs up a good app. Therefore, this must be a non-negotiable for a profit tracker. The developer must invest in a professional customer care team that exerts effort to improve and innovate the software.
With start-ups and e-commerce businesses developing on a massive scale, an enterprise must financially thrive and sustain itself without an accountant. A profit calculator for Shopify enables business owners to manage their cash flow and optimize their earnings with an intuitive interface with simple, safe, and practical features to boot.