With MICE Pro, you can automatically analyse event margins. To do this, you need to enter the cost price for each product.
After reading this article, you will be able to:
1. Adding cost prices
To automatically calculate event margins, you first need to add the cost price of your products in MICE.
How do I add a cost price?
Go to Setup via the main menu.
In the setup menu, click Products.
Select a product, select a product price and scroll down to Cost Price.
Enter the cost price.
Different cost price for a specific event?
Do you have an event where the cost price of a product differs from the default cost price? In that case, you can adjust the cost price within the event dashboard.
To do this:
Open an event.
Go to Reports.
Select Margin Calculation (see image below).
Please note: Adjusted prices only apply to the specific event in which the changes are made. To permanently change cost prices for all future events, update the prices in Product Administration.
2. Updating product cost prices in an event
Please note: Just like product sales prices, cost prices in existing events are not automatically updated when you add or change them in Administration.
To retrieve the latest cost prices (as currently configured in Product Administration):
Open the event.
Click the cogwheel icon in the top-right corner of the event dashboard.
Select Update Information (see image below).
Make sure the option "Cost prices" is activated.
Save the changes.
3. Event margin calculation
The margin is shown in the bottom-left corner of the event dashboard. Click the 'info' icon to view the calculation.
You can view and, if necessary, adjust the cost price and sales price per product within an event. To do this, open the Margin Calculation report within the event.
Here you can easily adjust the following information per product:
Quantity
Cost Price / Purchase Price
Advice margin
You cannot enter a cost price for package prices. This is because the cost price is already calculated based on the individual products included in the package.
4. Reporting event margins
Using the revenue report, you can easily generate an overview of event margins within a selected period.
Follow the steps below to create the report:
Go to Reports via the main menu.
Click Revenue to create a revenue report.
In the top-right corner, click Group by and select Group by event.
Set the desired date range if required.
You will now see columns for each event showing:
Total revenue
Cost price
Margin
5. Advice margins
Recommended margins give you immediate insight into which products deliver sufficient returns and where margins may be under pressure. In the margin calculation, you can easily compare the current margin with the configured advice margin, both per product and as an average per category. This allows you to make adjustments quickly when needed.
Adding an advice margin to a product
Set a recommended margin per product price via Setup > Products.
Select a product.
Open the relevant price.
Enter a value (number) in the Advice Margin field.
Advice margins in events
You can view advice margins within events, allowing you to monitor and adjust margins where necessary.
Open an event.
Click the Reports tab at the top.
Open the Margin Calculation report.
In the final column, you will see the advice margins (configured in the setup environment). In the column directly to the left, you will see the actual margin of the product, based on its cost price and sales price.
You will also see the average advice margin and actual margin per product category.
If the actual margin is lower than the recommended margin, it will be displayed in red, making it immediately clear that the margin is under pressure.
Would you like to increase or decrease the current margin? Adjust either the cost price or the sales price of the product by editing the product in the event schedule.
FAQ
Why can’t I enter a cost price for a package?
The cost price of a package is calculated automatically based on the products included in the package. You can enter a cost price for each individual product.