Profiteer is good option but not necessarily for accounting purposes depending on how you intend to calcuate cost of goods. Also dependings on what accounting rule you want for purposes of inventory value (FIFO, LIFO, avg cost). For inventory value it appears to value inventory based on the current cost per item assumption which means it is not using either of the parentheticals in previous sentence. I like Profiteer as it is only real game in town that integrates within Shopify to make a seamless execution experience. Shopify should buy it and use its manpower to improve it to be more useful form inventory value perspective.
Hi - I've been trying various workarounds for the COGS problem since I went live last October. I don't want to pay for another application, because I am already paying for Shopify and Xero (accounting). Other then COGS and 1 other issue, shopify was the best choice for me and I still believe that is true. However the COGS thing is very irritating - I do have a free workaround in place and thought I would document it here for others facing a similar issue.
Requirement: a database field on the variant level in which I could store a dollar amount or text. The new field had to be exportable when I export my entire product db to excel once a month to run a inventory value. It in other words, I wanted to have a place on the variant screen to store '2.98' or whatever.
I do not need to have profit calculated, since I can easily do that it excel or even on a calculator.
Attempt 1: I built a small Excel spreadsheet (later an Access db) and put the COGS in that, with a unique key to the shopify [handle.varientsku] data. Once a month I exported the entire product list from shopify and attempted to merge it. That did not go well, because I add and delete about 100 products per month.
Attempt 2: I tried to figure out how to add a field to the variant (just a simple text field would have been fine), but I couldn't find a simple way to add a field without paying a Shopify expert, and then it appeared I've have to pay every time I upgraded and the files changed. Plus, I wasn't sure the new field would be exported with the standard export feature.
Attempt 3: Next, I decided to look at the available variant fields and re-purpose one. Unfortunately, I was using most of the variant fields for other data:
I tried to use the 'Variant Compare At Price' field, since that one was already a dollar figure, but the data was displayed to the user. I considerered hacking the files to not display the Compare data, but then I would have to re-hack the files after each upgrade.
I am using 'Barcodes' for barcodes, since about half of my products have barcodes.
'Option 1 Value' is displayed to the user. So are the other options fields.
I am using 'Varient SKU' to store the supplier SKU, which makes ordering much clearer, so I didn't want to use that.
Luckily, I wasn't shipping by weight, so I decided to use 'Variant Grams'. Once every few days, I would export a chunk of the product list (100-200) items and enter the COGS data into the 'Variant Grams' field and import the file back in.
I entered the data in format '2.98' but after I'd entered about 500 items, I noticed the data was not being displayed correctly, because the default appeared to be kg, not grams. So I exported the entire product list, changed the 'Variant Weight Unit' from 'kg' to 'g' and imported the entire 1900 items.
But sometimes when I would update or modify other fields on a variant, Shopify would flip the 'Variant Weight Unit' from 'g' to 'kg' even if I didn't even place my cursor in the weight field.
Attempt 4: So I exported the entire product list (again), changed the 'Variant Weight Unit' back from 'g' to 'kg' and imported the entire 1900 items (again). I decided not to use decimal points in the weight field, because I suspected decimal points might also be an issue, so now I simply enter the COGS in the weight field in format '298' for $2.98. To calculate the end of month value of my inventory, I export the entire product file into excel, and figure the COGS for my inventory as ( [Variant weight] x [Variant Inventory] / 100 ). I also calculate the Retail price of my inventory as ( [Variant Price] x [Variant Inventory] / 100 ).
Note: If you cannot use the Variant Gram field because you are shipping by weight, consider the Variant SKU or Barcode field.
I can understand why Shopify development doesn't want to add a full COGS module, but for small businesses, it would be very nice to if Shopify could make an easy way to add user defined fields to the variant screen, because I am sure other store owners would like a place to add other bits of information. I personally would like to be able to have field to indicate if a variant is re-order-able or whether it was a one-off purchase.
I hope this function appears in the near future. Part of the reason we are still holding on to another platform for our brick and mortar sales (using Shopify for online) is because we are able to enter cost when adding new products. Everyone else out there understands how key this is to a business, so it will be nice once it has been added to Shopify.