Profit and Loss Plugin for WooCommerce
We run stores to make profits, so we need to know if and how much profitable our store in general, in addition to products specific profit performances. This would help us in better decision making, such as;
– To cut spendings for items that are in loss
– Invest more in items that are promising or performing well
Here is a guide how Finpose can help you providing you profit and loss information every month and make your store more profitable by analyzing differences month to month.
Cost of Goods and Accurate Profit Reporting
In order to have an accurate profit report, we need to know exact amount we spent (a.k.a Cost of Goods). It can be unit cost itself, as well as other costs such as office costs, salaries, stock keeping costs…etc. Adding our expenses and acquisition spendings to this, we would get to total amount we spent for a specific item or store wide.
Finpose adds 3 pages in your WordPress admin dashboard. Costs, Expenses and Acquisition. Where you can add every spending under different categories and track them.
When it comes to preparing profit of sales reports, all spendings you have saved previously gets in calculation to find profits for a given timeframe.
Product Specific Profit & Loss
Over product reports page, you are able to monitor how each product is performing profit-wise.
While adding your spendings, you are able to associate that spending with a specific product. This helps us finding total costs for any item.
Our product reports page gathers all costs and sales for an item and merge them into a single item profit report.
All store products are listed in their own row, so you can compare and find best performing products, worst performing products or items needs to be worked on.
Based on your total spendings and total revenue for a product, you can also find out your Return of Investment (ROI) for each product.
Store Wide Profit & Loss
Similar to product profit reports, you can find out how your store is performing in general. Time reports page lists all months profit and loss information for a given year.
Time reporting covers every spending and revenue for a specific month, then provides profit and loss information for each month.
In order to maximize store profits you can observe your store wide profit margin.
Over costs page you can review each costs for specific months and how they contributed in your profit reports. Focusing on best performing products can also be a good practice to increase store wide profit margins.