Managing your product pricing and quoting efficiently is key to streamlining your specification process. Our Financial view is designed to simplify these calculations; here's a breakdown to help you navigate these fields, and understand how they interact.
What information do I need to enter into the Financial view?
Direct Input Fields:
RRP (Recommended Retail Price) | You can directly input the RRP for a product. This is the retail price your client would pay if they purchased the product directly from the supplier. |
Trade Price | This is the price at which you, as a designer or retailer, purchase the product. You can directly input this value. |
Trade Discount | While this field can automatically calculate the discount based on the RRP and Trade Price, you also have the option to input a specific discount percentage directly. |
Quantity | The number of units you need. Inputting this value is essential for accurate cost calculations. |
Markup (optional) | Determines the additional percentage over the cost that you charge your client. This field can be a direct input or a calculation based on other inputs. |
How do I calculate my costs, client price, savings, and profit?
The below fields that interact with others to calculate their associated totals and percentages. When you input values here, they will automatically adjust based on the logic outlined here.
Calculation Fields:
Cost | This field calculates the total cost based on the Trade Price (or RRP if no Trade Price is present) and Quantity. |
Client Price | The price at which you sell the product to your client, calculated based on the Markup or entered directly |
Client Savings | Shows the discount percentage your client receives off the RRP, calculated automatically. If the savings are <0%, this field will be hidden from client view. |
Profit | The difference between the cost to you and the price to your client, calculated to help you understand your margin. |
How Calculations Work:
Entering RRP and Trade Price | Start by inputting these figures. The system uses these values to calculate the Trade Discount if not directly entered. |
Adjusting Quantity | Without a quantity, cost calculations cannot proceed, so ensure this field is populated to see cost figures. |
Setting Markup | Inputting a markup percentage automatically calculates the Client Price, Client Savings, and Profit. These fields adjust dynamically as other values change, ensuring that you can see the impact of different markups instantly. |
Interconnected Calculations | Changing any value recalculates related fields. For instance, adjusting the Client Price will update the Markup and Profit based on the existing Trade Price and Quantity. |
Practical Example
Imagine you input an RRP of $200 and a Trade Price of $100 for a product, with a quantity of 10. If you set a markup of 50%, the system calculates the Client Price, Client Savings, and Profit, offering a clear view of your financials for this product.
Are the prices on my Schedule shown inclusive or exclusive of tax?
We don’t stipulate whether pricing is tax inclusive or exclusive, as we leave that control up to you. We find that most users enter all pricing information inclusive of tax, to ensure consistency across all fields. When you invoice for your products, you can set whether your invoice includes or exclude tax.
Note: our new tax feature will be released shortly, allowing you to set the applicable rate/s and if the price is inclusive or exclusive of tax.
Can clients see my trade pricing?
To hide Trade pricing, ensure "Add Mark-up" is toggled on. If your "Add Mark-up" toggle is off, clients will be able to view your RRP and Trade prices if you've chosen to share pricing with them via PDF or live sharing options.
Why can't I add a product to my Quote request?
Products marked with the below statuses are excluded from bulk requests, to save items being quoted multiple times.
Quoting
Closed
Rejected
Ordered
Payment Due
In Production
In Transit
Installed