Profit and loss reports, also called income statements, offer a window into your business’s health. The report summarizes your financial performance over a period of time – such as monthly, quarterly, or annually. It is an important step in identifying the areas producing the greatest revenue, as well as the highest costs. This glimpse at profitability can be pivotal when making important decisions. Shedding light on areas to reduce expenses and increase profits will have tremendous benefits to your success.
Reduce the hassle of evaluating eCommerce profitability with Connex
Connex can help you gain visibility into the financial health of your business. Our 3rd party solution will automate your eCommerce sales data into QuickBooks, allowing you to create a profit and loss report. When you have detailed data in QuickBooks, you can develop long-term strategies to grow your business. In addition, Connex can help breakdown your overall success by selling channel, product, location, and more. As a result, you will be able to spot opportunities and trim back unnecessary expenses. Automating sales into QuickBooks means organized data is consistent, easily accessible, and ready for review.
Connex makes it easy to maintain accurate financial records
The profit and loss report is an essential tool for business owners. It will show whether you are operating at a profit or at a loss during a specific time period. Once created, the statement shows your total income, your gross profit, expenses and your net income or loss. It is a good idea to generate this report on a monthly basis, so you can evaluate your performance. Our eCommerce integration with QuickBooks provides a seamless transfer of sales data, allowing you to record all the necessary components to create this vital document.
Connex can help your business enhance performance and increase profitability by ensuring your financial data shows the full picture. Our solution can:
- Automatically sync orders into QuickBooks Desktop or Online editions.
- Match your products and record your Cost of Goods Sold as sales data imports.
- Keep your inventory in sync, so you can identify your biggest sellers and products to cut.
- Add the Merchant Fees and Shipping Costs, helping you stay profitable.
- Sync values to fields dynamically to create reports in QuickBooks.
The five components of the income statement:
- Sales (Revenue): The gross income of a business. Revenue includes all the money received from sales minus any discounts, refunds, and returns.
- Cost of Goods Sold: The cost of goods sold (COGS) refers to the cost of producing an item or service sold by a company.
- Gross Profit: Total sales less cost of goods sold (COGS).
- Operating Expenses: Necessary costs for running the business, but not directly related to production.
- Net Income or Loss: The profit (or loss) that remains after deducting all the expenses from revenues.
Benefits of Using a Profit and Loss Report:
- Helps you make better decisions about how to run your business.
- Best indicator of your business health.
- Lets you take advantage of opportunities that increase sales.
- Illustrates areas to trim expenses.
- Demonstrates the operational efficiency of the company.
The video below is a demonstration of integrating Connex for QuickBooks and generating a profit and loss report. Our tool also helps add the COGS, income, and shipping costs to QuickBooks Desktop and Online:
Is Connex the Right Tool To Sync Your eCommerce store with QuickBooks?
Most of our customers sell on multiple eCommerce channels, such as WooCommerce, Shopify, Magento, and ShipStation, just to name a few.
They want to grow their business, and value up-to-date accurate accounting so they can better serve their customers. Above all, they know a key component to growth is to track business expenses for better forecasting. With automated sales syncing to QuickBooks, they can feel confident they have the information they need to make important business decisions.
Why Our Customers Choose Sync with Connex
- Developed specifically eCommerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple eCommerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, and Shipping Easy.
How can you decide whether Connex is right for your business?
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?