When running a business, dealing with the economics of life, or trying to produce estimates of financial or environmental costs, you need to do a lot of calculations. But getting these calculations wrong can be high stakes.
For example, if you are trying to work out the profit, selling price, gross margin, or any other financial data point for your business and you make a mistake when you start to calculate these numbers, you can cause problems further down the line.
Or, if you are trying to budget for your own personal life and get insights into where you can cut costs, you might end up making silly financial mistakes.
Luckily, in the modern day and age, there is a cost calculator for almost every single calculation you might need to do. Whether you are trying to work out the efficiency of a hybrid car, whether home ownership is worth it, or whether you can afford your daily Starbucks coffee, online cost calculator apps can really help you out.
Looking to create a personal budget that works for you, or share expenses with ease? Then Together Price is the app for you. This takes all the hassle out of sharing expenses with partners, friends, or family.
There are tools online that can help you calculate almost anything from the selling price of future services to analytics about the environmental efficiency metrics of a business, service, or product.
So here are some of the most useful cost calculator tools available online. These will give you the right solutions with your data so that you don’t have to do the math yourself.
Services such as the Omni cost calculator let you calculate all sorts of data surrounding the gross margin, revenue, and sales related to your company. As long as you have the correct data, the analytics, and calculator will do all the hard work for you.
Omni offers a whole range of different calculators including ones for:
GST (Goods and Services Taxes),
Mark-up and Margin - Two-Set Comparison,
Gross Margin with Discount,
Gross Margin and VAT,
Gross Margin and Sales Tax,
Triple, Double, or Single Discount
But the Gross Profit Margin calculator alone already allows you to calculate different important analytics.
The Gross Margin is generally what defines how healthy your company is. Low-profit margins mean that you don’t have much wiggle room if things like your purchase price, total cost of production, or selling price have to change. With a high gross margin, you have a lot more space for things to change. To calculate your gross margin you will need to:
Find the cost of the goods (ie the purchase price).
Find out your revenue. To do this you simply need to know the selling price of the goods.
Calculate the gross profit. To do this you subtract the cost of the goods from the revenue.
Then calculate the gross profit divided by the revenue.
The gross profit margin will be estimated in decimal form but should be expressed as a percentage.
To avoid mistakes in this, simply input the value of the revenue, cost of the goods, and gross profit into a cost calculator and let this analyze all the variables and do the hard work for you.
When running a business, or selling a product or a service, it is important to alculate and estimate the optimal selling price. That way you can increase your gross profit, scale up and increase your gross margin. All things to aspire to when in ownership of a business.
To determine the optimal selling price you will need some data to create an estimate. The calculations will be based on the following:
Marginal Cost. This is the price of producing one unit of your product.
Marginal Revenue. This is the revenue you generate from selling one unit of your product.
The Initial Price and Quantity. This is your initial data, so the price at which you have been able to sell the product so far, as well as the amount of sales you have currently made.
The Final Price of the product, for example, if there have been changes in the total cost of creating or the purchase price. And then the corresponding amount of sales made at this price.
Selling Price Calculators will then use this data to give you a number of different analytics that will help you estimate a new selling price. These analytics are:
Price Elasticity of Demand. This value describes the relationship between the cost of a product and the demand. Both of these are very important when creating estimates of optimal prices.
The Optimal Selling Price. This comes from the calculation OP = MC × (PED / (PED + 1)). In this OP stands for the optimal price, MC is the marginal cost, PED is the price elasticity of demand.
The Optimal Quantity. This is the estimate of units you will be able to sell at the optimal selling price.
Profit at Initial and Final Prices. This is the gross profit you will get from sales based on the initial price or if you change the prices.
Profit at Optimal Selling Price. This is the gross profit you will receive if you sell your product or services at the optimal selling price. They calculate this with the equation profit = (OP - MC) × OQ. In this OP stands for the optimal price, MC is the marginal cost and OQ is the optimal quantity.
From this, you can project and calculate your overall revenue, gross profit, and gross margin (by doing gross profit divided by revenue) and see how healthy a gross margin this estimate would give you. That way you can see the benefits of using the optimal price for the owner, customers, and employees of the business.
You might also need to note that this will only help you calculate the optimal price assuming each unit costs the same. It will not help you with the markup. There are, however, specific markup calculators available. For these you will need similar data, such as the gross profit, revenue, and gross margin, to calculate the markup percentage.
Other tools, such as the AWS Pricing calculator aim to estimate the cost of your architecture solution. This multi-cloud-based service lets you create models of your solutions before implementing them. It will help you plan how you spend, make cost-saving decisions, and stay informed about the profit, revenue, and sales in your department or company.
Another tool you can use to calculate cost and efficiency is the vehicle cost calculator. This will help you compare the cost of specific vehicles based on their models, how regularly, and how you use them.
By filling in your driving habits and the model of the vehicle you are interested in, you can calculate an estimate of the cost of ownership and emissions, often based on a number of different fuels and more sustainable resources. Let the vehicle cost calculator, calculate and analyze the data you input to find out whether it is worth purchasing a specific vehicle or not.
On a more personal level, monthly expense calculators also exist. This lets customers calculate and track their monthly expenses in order to help create a healthy personal budget.
By connecting a bank account, or inputting your monthly expenses into these calculators you are able to see exactly where your money goes each month. This makes it much easier to budget because you can see how much of your monthly expenditures go towards necessary things like health insurance, and how many go towards things you could cut, like regular Starbucks outings.
One of the big sticking points when trying to create a personal budget is calculating your monthly expenses. And that is because it can be easy enough to track personal expenses, but when it comes to shared expenses it is much harder to know where your money is going.
That is where bill-splitting apps are incredibly useful. They let you add multiple users to a network and help allow your costs to be divided equally between each user. So whether you use this with partners, friends, family, or housemates, you have proof of where your money is going each month, don’t have to calculate informal debts anymore, and can easily sit back and let your bill-splitting service do the hard work for you.
Together Price was the first worldwide app for sharing subscription costs. But now, with Together Price, you can do so much more. Together Price has a new feature that lets you share any kind of expense, from household bills to holidays, dinners, weddings, gifts, and more.
The new Together Price app, now on Android and iOS, has a range of different features, giving you the easiest way to share finances, save money and reach financial goals. Using the Together Price app you can create groups and share group costs. You can even add a photo of the receipt so everyone knows which expense you are requesting money for.
You can share one-off payments on the app, or even set up automatic payments that are split monthly payments. This is a great option if you are splitting rent or other expenses like electricity bills.
The Together Price app lets you pay through the app or mark down any cash payments received so that you can always see if the informal debts have been prepared, and keep a clear track of finances.
On top of this, you can still use Together Price to share the costs of any subscription you can imagine, for example, Apple Music, Tidal, Audible, Disney Plus, HBO, and many, many more.
As an Owner, you will create an expense to share. After registering to Together Price for free, simply create an expense and add the participants you want to share the cost with. Easy!
As a Participant, you will be invited to add yourself to an expense created by the Owner. By registering with Together Price, you can pay your share of the costs and keep track of your payments in a simple and secure way.
Calculating your gross profit, gross margin, revenue, optimal price other corporate-related values can be a hassle. So can any other calculations related to your personal life. That is why you should get on Google and search for an online calculator to help you calculate your way out of any worries.
For the best personal budgeting tool out there, and to help you calculate your shared expenses, split finances easily, and create a healthy personal budget, make sure to sign up for Together Price for free on Android and iOS.