WooCommerce profit plugin can help you measure the financial success of your WooCommerce store, besides, to identify best/worst performing products.
To compare profitability changes over time, a profit plugin is also your best assistant.
Calculates net profit and profit margins. Generates profit report in addition to valuable dashboard profit data.
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When running a business knowing profit margins and monitoring net profit is essential. It’s also same when you are running an e-commerce business on WooCommerce.
To make your store financially more successful, you need to maximize profit. To maximize profit you need to monitor it consistently.
To calculate gross profit, you need to know revenue and costs. To calculate net profit you also need tax information.
By exporting Orders, you can make a list of revenue and tax easily. When it comes to costs, you need to know Cost of Goods Sold (COGS) and other expenses you made during the period.
If you have them recorded already, here is the formula to calculate your WooCommerce profit:
gross profit = (unit price * quantity) - (unit cost * quantity) - expenses
net profit = gross profit - total tax
Thinking of repeating same process for all products and the store, every month, it could take much of your precious time. To shorten process for WooCommerce profit reporting you can use a profit plugin.
Here are some WooCommerce profit plugins that can help you to calculate store profit and margins.
You may find detailed review of Finpose profit plugin below.
Using Finpose you can do bookkeeping for your store right inside WordPress dashboard. Plugin includes profit calculation and reporting for WooCommerce stores.
It makes profit calculations on a button click and provides a detailed profit loss report. You can anytime visit the Reports tab and generate the updated report.
Using the spendings module you can enter all your spendings which will be used during profit calculation.
You can also specify unit costs for each inventory item while adding stock to the Finpose inventory page. Inventory page also displays Product Profit Margin for each product in WooCommerce store.
On the dashboard, you can also check Profit per Day, along with store profit margin and net profit for the given time frame.
Visit reports tab to generate WooCommerce profit loss report for the given year. You can also switch years by selecting a different year on the dropdown menu.
For the selected year, all income, spendings, tax, and profit are displayed on monthly basis.
A category breakdown for spendings is also provided in the report.
You may want to further work on provided profit data or to take an archive of the report for backup purposes.
In these cases, you can just click ‘Export’ button and displayed profit report will be exported as a CSV file.