Tracking your revenue for your online store is a no-brainer. We all want to know what your sales are generating. But you can take it a step further and learn just how much money you are making.
The Cost of Goods extension gives you an easy way to see just how much income you are getting from both simple and variable products in WooCommerce. These costs are checked automatically to show your profit while giving you detailed reporting on how you might improve it.
Knowing the Bottom Line on the Profit of Your WooCommerce Online Store
Sure, WooCommerce comes with some decent reports, but with this added option, you get much more control.
Cost of Goods Extension Settings
You will find the settings for this extension under WooCommerce > Settings > Products > Inventory. The first setting lets you exclude certain costs to give you a more refined bottom line. Also, you have the option to apply it to previous orders. (Saving changes won’t do that without clicking the apply costs button.)
Adding a Cost of Goods Manually
Some of the pre-calculated costs will be automatically removed but when creating a simple product, you can also add a cost of goods. This is your opportunity to add your own cost for producing the product or service.
As I mentioned, you can also use this for variable products.
And on single variations.
Reporting Costs of Goods
If you look at your profits in your reporting, you will now see a cost of goods added, which better reflect your actual profits. This appears in all profit reports: Profit by date, Profit by product and Profit by category.
Under stock the product valuation gives you a good overall picture.
And under total valuation, a simpler report of all products.
Cost of Goods on Product Orders
It will be listed on product orders, but is only editable if the order itself is still editable.
If you do edit it, this won’t reflect on the overall cost of good for that product, but will simply show you a recommended cost.
Other WooCommerce Extensions That Work with Cost of Goods
If you want to get a better grasp on your bottom line, I would suggest you check out the WooCommerce Cost of Goods extension.