Nit Pick on Margin Terminology
I hate to even bring this up but I will...
"GP %" and "Gross Margin" and "Gross Profit Percent"...
Markup = (Price - Cost) / Cost < For reference
Margin = (Price - Cost) / Price < Used in webERP
In my opinion...
The term "GP %" should really be "GM %" because it is a margin calculation (M), not a profit amount (P).
The term "Gross Margin" should really be "Gross Profit" because it is a profit amount, not a margin calculation.
The term "Gross Profit Percent" should really be "Gross Margin Percent" because it is a margin calculation, not a profit amount.
I bring this up only because we just had discussions around Margin versus Markup versus Profit a few days ago. There was a lot of misunderstanding and misuse of the terms by the owners. In our reports I have changed the language file to reflect what is written above.
All that being said the financial reports coming out of webERP look great. Very good work and a big hats-off to all of you who worked on this!
https://www.linkedin.com/in/eclipsepaulbecker
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