We have a retail business with more than 1,000 inventory products. We use Shopify for our cost pricing of our products and Better Reports to calculate Inventory and COGS. The issue though, is that Better Reports does not track historical inventory cost amounts so when an existing product has an inventory price change, the new price is applied to all prior inventory at the old price when the price is updated in Shopify. What do you use for your retail businesses to manage inventory and track historical costs so that a more accurate COGS amount can be applied that is weighted average, FIFO, or LIFO?
I am looking for the same thing.
I haven't switched to shopify POS for my brick and mortar stores because of issues like this.
I am on the verge of using Lightspeed - but the thought of paying for the third party integration pains me. My business is almost one year old and 95% of my sales happen out of the Brick and Mortar location, but I use Shopify for web. Don't know if I made the right decision...BUT, if shopify can answer this question it would help.
I too have an item that I sometimes source from different suppliers and I may be 10 of an item from one and 10 from another at different times. In order to have an accurate read of my margin FIFO or cost averaging would work best, but no app seems to do this? Or is there one?
I am in the process of looking for a third party app for COGS / Inventory Management / Internal Purchase Orders
@sfactor503 what financials system do you use?
@BiscAccounting which financials system do you use for your business?
I've shifted my entire store POS to lightspeed. They do all the things I need out of the box as their specialty is Brick and Mortar. I exhausted all POS systems including Square, Shopify, Vend, and Lightspeed. For us, on the fly creation of items as we create PO's was key and having multiple suppliers for an item. As a veteran of supply chain world and private label product it's common to have multiple vendors for products. I pay a little more for lightspeed than other vendors but it's got EVERYTHING we need to be better at reading and refining the area of our business that's excelling (the store). We are sticking with shopify online for now, but can't spend $100 amonth on third party integration YET (as our online sales are minimal). That said, chances are we'll switch to Lightspeed to keep everything tidy. If someone can create an integration for $50 a month just for inventory updating that'd be rad but no one seems to do it.
Our solution works with QuickBooks (online or Desktop). It creates POs, pushes them to QB, and let's QB calculate the average COGs. We also integrate with Shopify and could push this value to Shopify. Note we may need to teak a couple of minor things based on your specific needs/work flows. Would you like to setup a short call to discuss?