A lot of the costs involved with Online Arbitrage are usually accounted for by sellers in the deal analysis; unit cost, shipping, packaging, Amazon fees etc. With SKUify these are accounted for using the Cost Of Goods feature.

Other costs, such as office or warehouse rent, phone bills, fuel, outside services, or subscriptions, are not as easy to add into ROI calculations as they are often fixed costs.

These costs can be entered into the Expenses tab so that SKUify can account for them in the overall results.

In this example above, we’re adding a monthly phone contract to the Expenses. After entering the name of the expense, choose the category from the dropdown or start typing the expense type required.

There is a comprehensive list of categories likely to cover any P&L accounting line, from Banking Fees to Entertainment to Staff Training. The Telephone & Internet option is the most appropriate one for this example.

Next select the accounting method to be used. Choose from Accrual, Cash Accounting and Balanced – the correct one will depend on how the expense is to be accounted for.

Consult an accountant when not sure what the correct method to select is.

Next, select the frequency the expense should be deducted. Options in the Frequency dropdown range from deducting only once, annually, or as often as daily.

Choose the start date to dictate the day/date the expense will be deducted or, if it is to be a repeating cost, this is the date that will benchmark subsequent deductions.

Give repeating expense an end date if it has a definitive end date, i.e. the completion date of a business loan.

Enter the expense amount to be deducted and enter the VAT status if appropriate from the toggle and VAT% dropdown.

After each new entry click on Save Expenses. Click on Add New Line to create a new expense entry.

SKUify keeps a record of all expense transactions that it has accounted for. Click on the More icon on an expense line to open the history of that expense hitting the results underneath the line.

For any repeating entry, if the expense amount changed for any reason, alter the figure in the Amount entry and SKUify will recalculate the results.

If for any reason an expense is refunded, or not paid, in any of the entries clicking CREDIT will remove it from the results.