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How to Calculate Profit with Excel

Jul 11 2023

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4.5 min

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MS Excel

Finance

General Technology


Read time

4.5 min


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Basic bookkeeping is a necessity for any small business. The good news is that you don’t need the expertise or training of an accountant to stay on top of your financials.

All it takes is an Excel spreadsheet and basic calculations to access the most important values and keep track of your company’s profit margin.

In this post, we’ll provide steps on how to quickly set up your profit calculator spreadsheet so you can get started on tracking profit for your business right away.

Who uses Excel to track finances?

Excel can be used as an advanced tool with elaborate equations and use cases. However, an Excel spreadsheet can be used by anyone and any business.

You can be an online freelancer working remotely, selling items on Amazon or Etsy to tracking sales from your website. 

Excel allows you to drop in your numbers and, if set up properly, can automatically calculate the values you need, saving you a lot of time on bookkeeping.

Quickly set up your profit calculator spreadsheet

To calculate your profit percentages in Excel, set up a simple table that lists your incoming revenue and your profit earnings as well as your expenses as follows: 

1. Open Excel.

2. Select four columns and a couple of rows by right clicking with your mouse. 

3. Create your table headers by typing the following values in the columns: Income, Expenses, Profit, and Percentage.

4. Fill in the Income and Expenses columns. 

5. Select the currency you are working in from the ribbon. You can find the currency settings when you click on the Home tab. In the Number section, click on the dollar sign. When you click on it, you will see the drop-down menu, as shown on the image below.

Viewing the currency options in MS Excel

Your table should now look something like this, where you can see your income and expenses side by side:

Income and expense data being entered to calculate profits in MS Excel

What is the Excel formula for percentage?

To get your profit percentage: 

1. Enter the formula: =a2-b2 into the C2 Profit cell.

2. Drag the corner of the cell to include the rest of your table.

Populating the Profit column with data in an MS Excel table

3. To calculate your profit percentage, enter the following formula into the blank cell under Percentage: =c2 / a2.

Entering the Excel formula for calculating percentages

4. Once you have received your profit percentage, drag the corner of the cell to include the rest of your table.

Calculating profit percentage values in an Excel table

5. You’ll see that you don’t have a profit percentage currently listed. To display your values as percentages, go to the General dropdown menu up top and select Percentage.

Reformatting the percentage data in MS Excel

You’ll then see the profit percentages for each cell.

Reformatted percentage values for profit data in MS Excel

You can use the =SUM function as the total profit formula to calculate the total amount of money you have earned. In this example, click on cell C7. Then type in: =SUM(C2:C6)

Calculating the total dollar profit in MS Excel

Create an Excel template as a profit calculator

If you need to calculate profit in Excel often, you can save these functions as a spreadsheet template for the next time you need a new sheet to calculate your profits.

To create a profit calculator Excel template: 

1. Save the document you’ve been working with as an Excel workbook.

2. Open it again and delete the values in the Income and Expenses columns, and make sure the formulae you have in the Profit and Percentage columns are still functioning.

3. Click on the File menu.

4. Click on Export > Change File Type.

5. From the list of file types, choose Template.

6. Click on Save as and save the file to your computer.

Steps for exporting Excel spreadsheets as a template

Extract your PDF financial data with Xodo

Perhaps you noticed that the data set in the example above is only a few lines, making it easy to manually enter. However, your data and cash amounts may be more extensive and even locked in exported PDFs or statements.

If you’re working with data that come as PDF records, you can easily extract those values into Excel by using Xodo’s free online PDF to Excel converter.

Once you have your converted results, you can tailor the data to only the numbers you need and set up your spreadsheet as covered above or use the template you just created.

If you need other PDF and document tools, Xodo offers PDF editing, annotating, merging, and much more. Try Xodo tools free for more advanced PDF tasks with any of our 30+ free online Xodo tools available.

Explore All Xodo Tools
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Reena Cruz

PDF Productivity Expert

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