In today’s dynamic and fiercely competitive business landscape, staying ahead of the curve is paramount for success. For businesses of all sizes and the accountants who serve them, the ability to make well-informed decisions isn’t just advantageous but critical to survival. This is where Synder Insights, a plug-n-play analytics tool, comes into play.
Synder Insights is far more than just raw data or numbers on a spreadsheet. It represents the key to unlocking hidden patterns, trends, and opportunities within a company’s operations, financials, and overall performance. By leveraging analytical reports of business performance, this tool has the power to provide clarity, drive strategic decision-making, and yield a multitude of other benefits.
Let’s delve into the most usual problems and challenges business owners and their accountants might face and explore the solutions Synder Insights provides them with.
Problems and challenges
Due to the fact that business analytics handles loads of data with numbers and graphs, it’s not unusual for business owners and accountants to face the issues with identifying and reporting for particular needs.
When having more than one sales channel, it’s crucial to understand that each of them has its unique sales data format, reporting frequency, and data integration requirements. Aggregating and harmonizing this data manually becomes increasingly challenging, making it impossible to efficiently track and compare sales performance across all channels under one roof.
Scaling Gross Profit and COGS
When a business grows, the number of individual products, production lines, or service categories multiplies, leading to a higher number of transactions and cost elements to track. The need to accurately allocate costs to each product or service becomes more complicated as overheads and indirect costs intertwine, making it harder to pinpoint precise figures.
Identifying top and least performing products across all channels
As the business expands its product offerings and adds new sales channels, the task of aggregating, analyzing, and comparing performance data for each product across every channel becomes more intricate. That’s why ensuring the accuracy and consistency of data from diverse sources gets harder.
Fee tracking across all channels
Each channel may have its unique fee structure, including transaction fees, listing fees, commission charges, and other related expenses. Hence, tracking these fees manually becomes impractical and time-consuming. Let’s not forget that failure to capture and reconcile all fees accurately may result in erroneous financial reporting and financial mismanagement.
How Synder Insights handles the reports issues
Understanding all the problems with scaling data, Synder comes up with an automated solution to help businesses and their accountants ease financial reporting. Here is how Synder Insights solves the potential challenges mentioned above.
Sales overview for multiple channels
Implementing automated data pipelines and integrating sales data from various channels into a centralized platform, Synder Insights streamlines the process, enabling real-time insights and a holistic view of overall sales performance.
Synder Insights is able to import and analyze sales, fees, customers, items and other data from multiple online sales channels such as Amazon, Shopify, Stripe and many more. This system becomes a single source of truth for both accountants and their clients.
Gross profit and COGS reports
Since this information is pretty hard to obtain from sales channels directly (especially if there are several channels), Synder Insights creates a comprehensive report with all the COGS and gross profit amounts. The tool generates margin reports by summing up all sales transactions within a specific time frame before accounting for discounts, returns, allowances, or any other pricing adjustments.
For instance, you can easily connect Shopify to Synder and check out COGS and Gross Profit reports before running a campaign. You’ll be able to see products with the best margin and use them for the campaign (as opposed to using just bestsellers, which might not have the best margin).
Note: For Shopify users, Synder fills out both reports automatically, however, for other platforms, (Amazon, WooCommerce, etc.) reports containing valid data can be generated only after manually uploading a CSV file with a list of products and their costs (this should be done for Gross Profit and COGS reports only).
Top and least performing products reports
Synder processes the product information from connected platforms such as Shopify, Amazon, WooCommerce, etc., and shows the united reports for product performance across all channels. The filter option allows the users to track the best-selling items now and compare the results with a bestseller from 2-3 months ago. The identical flow is available for tracking the least performing products.
What’s more, you can see your best selling products and compare them to least selling ones. For example, you can find out that, let’s say, a particular best seller on Shopify is the least selling product on Amazon or vice versa. Additionally, you can analyze this product by region, customer and many other categories to have a clear picture on how the products are performing and what can be done to improve their performance.
Even though the fee information might be difficult to find in the contractual terms, business owners and accounting professionals working with them have to pay attention to all the numbers recorded to have comprehensive and accurate final reports.
With Synder Insights, you can always keep track of these hidden expenses. It’s a frequent case where the fees aren’t shown on individual transactions and you aren’t able to find them in the platform right away, so what Synder will do here is that it’ll gather all the fees details and give you these numbers across all platforms. As a bonus, you’ll be able to break them down and see, for example, Stripe fees and Amazon fees separately.
Check out the full list of Synder Insights reports to know which metrics you’ll be able to track in your account.
Results and prospects of implementing Synder Insights into the business strategy
Synder offers an advanced solution tailored to ecommerce businesses seeking the utmost accuracy in scaling the most important metrics for their business. By automating data processing with Synder Insights, business owners and accountants working with them will clearly understand how everything works inside the business in question and how business strategies can be improved.
Among other things, users will get:
- Understanding how platforms work compared to each other. After connecting two platforms, let’s say Shopify and Amazon, business owners and their accountants will be able to see a full picture of business performance for both channels and compare them in the reports to understand which platform performs better.
- Fees recording and management. Synder Insights is efficient for understanding both types of fees: those that business owners and accountants are aware of and the hidden ones (Amazon fees in particular). A comprehensive overview of all the expenses can also motivate a business owner to consider another platform with smaller fees.
- Product performance tracking. Synder Insights gives access to a variety of reports on a single dashboard. Check the product with the best margin, create a strategy by bundling top and least performing items to free up the warehouse and add discounts for the least performing products to sell them faster.
Boost your revenue by streamlining the real numbers from all the business channels in use within one source of truth! Explore the full range of Synder Insights’ features and grow your business by creating a free account or visiting a free webinar, where Synder specialists will show the software’s possibilities.