Managing ticket sales and revenue for events is made easier with the Evey Events & Tickets app. One of the key features of the app is its revenue calculation, which provides event organizers with insights into their financial performance. In this article, we will explore how revenue is calculated in the Evey Events app and shed light on important factors that can affect the accuracy of the displayed revenue figures.
How to Check Your Revenue
Step 1. Log in to the App dashboard and select or search for the event.
Step 2. Once you click on the event name, you will be routed to the "Event dashboard". Check for the "Ticket sales" graph. You can filter the sales from the past week, a month, and bi-annually. On the lower left side of the ticket sale section, the "Total revenue" indicates the total sales base on the filter you chose.
How Revenue is Calculated
The Evey Events app utilizes a straightforward method to calculate revenue. It multiplies the total cost of tickets sold by the total number of tickets sold. For instance, if you sold 10 tickets at $15 each, the revenue displayed on the app would be $150.
However, keep in mind that the actual amount you received may be different due to any discounts you may have given or if you manually added a ticket without an order or payment through Shopify. This means, if you have offered $100 USD a total discount you have issued to your customers, this won't show in the total revenue dashboard. The revenue calculation in the Evey Events app is straightforward and follows this formula:
Total Revenue = Total Cost of Tickets Sold × Total Number of Tickets Sold
For example, let's consider an event where 10 tickets were sold at a price of $15 each:
Total Cost of Tickets Sold = $15 × 10 = $150
Total Revenue = $150
Factors Affecting Accuracy
Discounts and Promotions: If discounts or promotional offers are provided to customers, they reduce ticket prices, but this deduction won't be reflected in the total revenue displayed on the app.
For instance, if a total discount of $100 USD is offered:
Total Revenue (Displayed) = $150 Actual
Revenue Received = $150 - $100 = $50
Manual Ticket Additions: The app allows the manual addition of tickets without corresponding orders or payments through Shopify. These additions are not factored into the revenue calculation. Let's assume 5 manual tickets were added:
Total Cost of Manual Tickets Added = $20 × 5 = $100
Total Revenue (Displayed) = $150
Actual Revenue Received = $150 - $100 = $50
Refunds and Cancellations: The revenue graph may not immediately adjust for refunds or cancellations processed through Shopify.
Let's say there was a refund of $30:
Total Revenue (Displayed) = $150
Actual Revenue Received = $150 - $30 = $120
Maintaining Accurate Revenue
Tracking: Monitor Discounts and Promotions. Keep a separate record of discounts and promotions provided to customers. Consider their impact on the overall revenue to reconcile the difference between displayed and actual revenue.
Regularly Update Refunds and Cancellations. Process refunds and cancellations promptly through Shopify to ensure that the revenue graph reflects the actual revenue generated by ticket sales.
Track Manual Ticket Additions. Keep a separate record of manually added tickets and assess their impact on the revenue graph. Make necessary adjustments to ensure accurate reporting.
By following these guidelines and understanding the factors affecting revenue accuracy, you can effectively manage and track your event revenue with the Evey Events app.