How to Track Cost of Goods in a WooCommerce Store

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Tracking revenue for an online store is a no-brainer. Clients want to know what their sales are generating. But you can take it a step further and help them to learn just how much money they are making.

The Cost of Goods extension gives you an easy way to see just how much income is coming in from both simple and variable products in WooCommerce. These costs are checked automatically to show tje profit while giving a detailed reporting on how it might be improved.

Knowing the Bottom Line on the Profit of a 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 for your client to add their 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 the profits in the 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 or your client edits it, this won’t reflect on the overall cost of good for that product, but will simply show you a recommended cost.

If you want to help your clients get a better grasp on your bottom line, I would suggest you check out the WooCommerce Cost of Goods extension.

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