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Revenue is only half the story.
If you want to know how successful your store is, you need to understand your profit, and that means knowing the cost of each item you sell.
The good news is that you don’t need to signup for another complex accounting app. There are simple WooCommerce plugins available for entering your cost of goods and calculating your profits.
Using any of the plugins listed here, you can:
- Enter the cost of each product
- View reports on your stores profitability
- Get your total stock value
Keep reading to see how these plugins work.
Cost of goods plugin
There are only three plugins that work well for entering cost data for your products, which makes your decision a bit easier.
The plugins vary mainly in terms of complexity, so you can choose a simple solution with basic reports or get much more advanced. It’s up to you.
Here are my top picks for the best WooCommerce cost of goods plugins.
YITH Cost of Goods for WooCommerce is a relatively simple but effective plugin for tracking your costs and profit. Using this WooCommerce expenses plugin, you can enter the cost of each product the same way you enter a price. The new “Cost of Goods” field is right below the price field.
Once you have your product costs entered, you can see the potential profit of each product. This is especially useful when putting products on sale. You can see the net profit and make sure you don’t over-discount any of your items. You also have the option to add fees, shipping, and tax expenses into the reports.
Another useful tool in this plugin is the stock report. From this page, you can view the total cost, price, and profit of your products based on their available stock. For instance, if you have a product that is sold for $10 and you have 10 in stock, you’ll see that the total price is $100. If the product cost is $2, you’ll see the total cost is $20 and the total profit is $80. Seeing your outstanding profits can be a great motivational tool to move more merchandise.
If you’re looking for a better way to keep track of your store’s profit, YITH Cost of Goods for WooCommerce will be a great choice for your site.
If you’re looking for something more advanced, check out the Cost & Reports for WooCommerce plugin.
This plugin adds a new page to your dashboard where you can edit product cost data and launch reports. The data table lets you edit product details, such as the price, cost of goods, other costs, purchase price, and stock. Even better, it has bulk editing tools so you can make these adjustments for many products at once. Inside the table, it automatically calculates and displays the value at cost, retail value, and profit for each product.
While the data table is informative enough on its own, there’s also a reporting page. The difference is that the reports give you cost and profit metrics based on real customer orders. Not only can you see your profit margin for all your recent sales, but you also get aggregated metrics for the total sales, average profit per order, and average cost of goods from the period.
If you’re serious about understanding your eCommerce store’s finances and making smart, data-driven decisions, the Cost & Reports for WooCommerce plugin could be a major boon for your business.
If the YITH plugin is the simple option and the last plugin is the complex option, then this plugin fits right in the middle. Cost of Goods lets you enter a single cost metric for each of your products and builds beautiful reporting dashboards with automated profit calculations.
Like the YITH plugin, adding the cost of each product is simple. It’s done via the Product Data section where you normally enter the product’s price too. That’s all you have to do to get the rest of this plugin’s functionality working on your site. Where it really shines is the reporting menu.
With this plugin, you can view reports for your cost, orders, profit, tax, and stock. Each report includes a line graph and a configurable time period to report on. For instance, you can quickly view a chart showing your profit so far this month, including net calculations in the sidebar. The stock reports are awesome too because they can tell you the total value of your inventory and what the final profit will be once sold.
If you want to track your product costs and get detailed visual reports, this is an excellent WooCommerce cost of goods plugin for your store.
Which cost of goods plugin is best for your store?
Usually, there are dozens of WooCommerce plugins available for whatever feature you need, but in this case, I found just three.
For that reason, it’s also easy to discern which plugin will work best for your store. Here are a few tips to help you make the best choices.
YITH Cost of Goods for WooCommerce is a good choice if you want a simple solution. You can enter each product’s cost and view this data in simple reports. It doesn’t include multiple types of costs or graphs in the reports, so it’s a good choice for anyone who wants both ease of use and simple reporting.
Cost & Reports for WooCommerce is better for advanced users who want to enter complete financial data for their products including the purchase price, cost of goods, and other costs. The analysis it provides is much more detailed but could be overwhelming for some users.
Cost of Goods is a great middle-ground between the other two plugins. It uses a simple “cost” field for all products and includes advanced reporting including visual graphs.
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