Best 6 Cost of Goods Plugins & Profit Calculation on WooCommerce
Are you running an online store and wondering how to truly measure your success beyond just revenue figures? Well, the key lies in understanding and calculating your profit. To understand how well your store is really doing, you need to dig into the costs behind each item you sell.
And the best part? You don’t need complex accounting software to do it. There are several top notch WooCommerce plugins that can help you easily enter product costs, access profitability reports, and track your stock value.
In this blog, we have listed down some of the top plugins to calculate the Cost of Goods for WooCommerce. So let’s get started!
The Cost of Goods for WooCommerce is a profit calculator plugin that makes your WooCommerce store management a breeze.
Here’s how it simplifies your WooCommerce store management:
Track and Analyze the Cost of Goods Sold (COGS)
It helps you keep a tight grip on every penny you spend, from shipping fees to taxes and the cost of your products themselves.
But it’s not just about tracking expenses; it’s about turning that data into gold. With this feature, you can spot trends in your spending and sales.
It ensures that your prices are on point to meet your profitability goals. Properly managing COGS data enables you to set prices that align with your profit objectives. If you understand your costs, you can make informed decisions about pricing your products to achieve your desired profit margins.
It reveals which products are your profit champions and which ones might need a little TLC. The term “TLC ” stands for “tender loving care,” which indicates those products that are not as profitable may need some attention or adjustments to become more lucrative.
Intuitive Inventory Management and Alerts
With this feature, you’ll gain real-time visibility into your inventory levels. No more guessing games! Plus, you will receive custom alerts the moment your stock runs low, so you’re always ready to meet customer demands.
But that’s not all – our plugin is flexible! It allows you to manage various cost types like shipping fees, taxes, and product costs. You can easily allocate these costs to specific products or variations for accurate calculations of your Cost of Goods.
Seamless Tax Reporting and Expense Tracking
This plugin takes the hassle out of calculating the Cost of Goods Sold (COGS) for your WooCommerce store.
With our plugin, you can effortlessly track all your product-related expenses, from materials and labor to shipping and packaging. This means you’ll have a clear understanding of the true costs associated with your products and set the prices accordingly.
In addition, this goes the extra mile by helping you calculate your gross profit and streamlining the process of reporting your income and expenses to tax authorities.
Insert Cost of Goods for Each Product Individually or in Bulk
With this plugin, you have the power to input the cost of goods for each of your products, whether you’re dealing with simple, straightforward items or more complex variable products. No more juggling spreadsheets or trying to remember costs in your head!
Plus, there is a “Quick Edit” section for each product. That means you can make changes without any hassle.
Calculate Payment Gateways and Shipping Method Costs
Some payment gateways charge you more than others. But don’t worry! This plugin will automatically factor in these gateway commissions when calculating the cost of your orders. No more manual calculations or surprises at checkout – your customers will see the exact cost, and you’ll have peace of mind knowing your finances are spot on.
Shipping methods can also vary in price. With our plugin, you can extend your reports to include the final cost based on the shipping method and shipping class selected by your customers. It’s a game-changer for your WooCommerce store’s financial management.
Bulk Edit Prices in a Single Click
Need to update prices to reflect a 10% profit margin boost on all your products? No problem! Our feature simplifies this process, making it as easy as clicking a button.
And here’s the best part – this fantastic feature isn’t just limited to regular prices; it works seamlessly for both sale and regular prices. So, you can confidently fine-tune your product prices to maximize profits, without any hassle.
The “Cost of Goods” plugin by SkyVerge is another WooCommerce extension designed to help you easily track your profit by incorporating the cost of goods in your orders and reports.
Here are some amazing benefits of using this plugin;
- You can easily track your total profit and cost of goods so you can make great marketing and sales decisions for your WooCommerce store.
- This profit calculator plugin allows you to determine your most profitable and least profitable products which in return enables you to focus your marketing efforts where they matter most.
- You can also access in-depth reports on profit by date, product, category, and inventory valuation to improve profitability.
- Lastly, you have the total costs for each order line item at checkout.
The Cost of Goods Sold for WooCommerce plugin by Addify is another extension designed to help WooCommerce store owners track and manage product costs and profits more effectively. It offers the following key benefits:
- This plugin enables you to easily add and track product costs, giving you a clear picture of your profit margins.
- You can add costs to your products individually, in bulk using a CSV file, or through global rules. This flexibility makes managing costs a breeze.
- The plugin provides detailed reports on sales and stock meaning you can analyze your profits, stock value, and potential costs.
- With access to real-time cost and profit calculations, you can quickly make adjustments to your product catalog to optimize your business’s profitability.
The next profit calculator plugin is YITH Cost of Goods for WooCommerce. This is another great tool designed to help you monitor the real profit margin of the products you sell in your online store. This plugin calculates the actual cost of goods sold to help you manage pricing and products.
Here are three key benefits of using this plugin:
- This plugin helps you easily track the true cost of your products, which includes shipping, taxes, fees, and more. This ensures that your pricing strategy is based on actual costs, thus maximizing your profit.
- You can identify and eliminate low-margin products from your catalog. This helps you focus on high-profit items and reduces losses.
- It allows you to make right decisions about product pricing and marketing campaigns. The plugin’s reports provide valuable insights into your store’s performance.
- Plus, you can save time by setting the same cost for multiple products with just a few clicks.
The “Cost & Reports” plugin by Consortia AS is a powerful WooCommerce extension designed to enhance your online store’s financial control and reporting capabilities. This plugin offers a variety of features to streamline the management of product costs, prices, and profits, as well as generate detailed sales reports.
Benefits of using the “Cost & Reports” plugin:
- This plugin helps you gain precise control over your store’s profitability and revenue by easily adding and managing crucial product cost and pricing information in bulk.
- With automatic price suggestions for improved pricing accuracy, you can ensure your product prices are based on cost and desired profit margins.
- You can access detailed sales reports that go beyond bestsellers. This allows you to analyze profits and income down to the product or variation level.
- Lastly, this plugin also offers bulk editing functions to make changes across multiple products effortlessly.
The Alpha Insights WooCommerce Cost of Goods plugin is another powerful tool for online store owners looking to optimize their e-commerce operations. This plugin offers a range of features to help businesses track their profits, manage expenses, and make data-driven decisions.
Benefits of using Alpha Insights WooCommerce Cost of Goods plugin:
- It helps you uncover hidden profit opportunities in your product catalog and make the most of your revenue.
- You can efficiently track and manage expenses so it becomes easy for you to reduce unnecessary expenditures and improve your bottom line.
- You receive comprehensive reports and exports directly in your inbox meaning you don’t have to analyze the data manually.
- Besides, it gives you an insight into your customers, marketing channels, subscriptions, and inventory.
The WooCommerce profit calculator plugins mentioned in this article offer essential tools for tracking and managing the cost of goods in your online store. They provide valuable insights into your store’s profitability, help you set appropriate prices, and streamline your financial management.
Whether you prefer intuitive inventory management, automated expense tracking, or bulk editing features, these plugins have you covered. Select the one that aligns best with your store’s requirements and start optimizing your business for greater success.