Congrats Michael! Great to see the success with TinyPilot, glad it's working well for you.
Just some questions/thoughts about your revenue/expenses breakdown: sales is sales of course, but what does materials mean? Is it the cost-of-materials-for-what-you-sold, or cost-of-everything-you-bought (including both sold items and inventory you're still holding?)
The reason is that it's usually more common to only count the former (cost of materials for what you sold) when tracking profit/loss. Materials you used for inventory that are not yet sold are counted as assets on your balance sheet, since the expectation is that you'll be able to turn that into cash at some point.
The other practical reason (besides the potential benefit of seeing "profit" in your revenue/expenses breakdown) is that you can better see:
1. If you need to raise prices (and I'm sure patio11 would say "yes")
2. How to handle your inventory, especially if there is a shelf-life. Eg: doing a sale to clear things quickly, or when you need to invest in more materials to build more inventory. You'll start tracking "turn", how quickly you sell out an existing batch, and can better plan for purchasing more to keep a healthy level that is in that Goldilocks-zone of enough-to-fulfill-orders-quickly, but less than holding too much that ties up cash.
Congrats again and looking forward to the next update.
Just some questions/thoughts about your revenue/expenses breakdown: sales is sales of course, but what does materials mean? Is it the cost-of-materials-for-what-you-sold, or cost-of-everything-you-bought (including both sold items and inventory you're still holding?)
The reason is that it's usually more common to only count the former (cost of materials for what you sold) when tracking profit/loss. Materials you used for inventory that are not yet sold are counted as assets on your balance sheet, since the expectation is that you'll be able to turn that into cash at some point.
The other practical reason (besides the potential benefit of seeing "profit" in your revenue/expenses breakdown) is that you can better see:
1. If you need to raise prices (and I'm sure patio11 would say "yes")
2. How to handle your inventory, especially if there is a shelf-life. Eg: doing a sale to clear things quickly, or when you need to invest in more materials to build more inventory. You'll start tracking "turn", how quickly you sell out an existing batch, and can better plan for purchasing more to keep a healthy level that is in that Goldilocks-zone of enough-to-fulfill-orders-quickly, but less than holding too much that ties up cash.
Congrats again and looking forward to the next update.