re-visiting cost of goods sold field( or lack thereof)

Shopify Partner
196 0 11

That's a fairly common work-around I gather. Well keep a look out for us Michael.You'd be welcome to test-drive our app when we (eventually!) get it up there in the app store.

Regards,

Karen

0 Likes
New Member
1 0 0

I can bet that you will find your answers in this article. https://easyerp.com/blog/how-calculate-cost-of-goods-sold/

0 Likes
New Member
10 0 0

As another possible solution - our tool for price optimisation can also be used for profit reporting, using cost of goods.

App store page: https://apps.shopify.com/priceoptimizer

I hope it helps.

0 Likes
Shopify Partner
196 0 11

Hi All, 

just to say that having secured the additional resource necessary, it's looking good on the planning and development front.

I'm currently looking at multi-location inventory to establish how much to include in phase 1.

We're still open to new sign-ups. (Click our logo above)

Kind regards,

Karen

 

0 Likes
Tourist
4 0 1

Hi, everyone,

I'm pleased to introduce a great new option for managing Cost of Goods Sold.

https://apps.shopify.com/profitwise

ProfitWise offers some great features, including:

  • Powerful reporting engine with extensive customizability
  • Interactive charts with drill-down capabilities
  • Powerful filter editor to view data for specific product types, vendors, products or variants
  • Inventory Valuation Report to show the value of inventory in your warehouse
  • Ability to define Cost of Goods for each variant as either a single dollar value, a margin percentage, or different values for different date ranges
  • Ability to bulk edit Cost of Goods Sold values
  • Export feature for saving your data to CSV file for easy editing in Excel or other software
  • Ability to consolidate products or variants to avoid duplicate entries in reports (i.e. if a product name has changed over time)

We offer a 14-day free trial, so please check it out.

Best regards,

Jeremy Simon

ProfitWise

0 Likes
Shopify Partner
196 0 11

Hi All,

Just cheking in with you. For all who are looking for profit reporting/COGS, we've been working on a solution allows you to assign costs using a rapid upload, batch upload and/or on an ongoing basis via a SKU maintenance option.

We offer more than profit reporting - we report on the profitability of key areas of your business, recommending re-orders and even making markdown suggestions.

To help you even further, we offer you the ability to break out your total Shopify inventory by location, so that you can see your profit performance by location.

This is just the start of what we want to deliver with our product. 

Our mission is still, to support your business growth, and our beta is still open. You can sign up by clicking on our logo above, where you'll receive more info.

We're launching this autumn.

Regards.

Karen

0 Likes
Shopify Partner
660 0 103

Hi all,

I'm excited to announce a new option for merchants looking to analyze their cost and profit.

We have recently released a major update to our app Better Reports that makes it possible to create all sort of interesting reports.

For example: 

-Monthly cost/revenue/profit per product, with subtotal per vendor

-Total Weekly cost/revenue/profit, with monthly subtotal 

-Daily cost/revenue/profit per product type

-Average profit per order, broken down by country

-Total inventory cost

etc...

These are just examples. I can't emphasize enough the flexibility of the reporting engine. It is possible to segment and filter by any field (vendor, product type, tags, etc...), in pretty much anyway you can think of!

You can also define your own definition of profit (e.g. whether it should include the shipping cost) and cost (e.g. whether it should be static or be a percentage of the product price).

The only required step is that the cost of each product is entered somewhere. You could enter your costs at the product level or variant level (or both), depending on what makes the most sense for your products.

There are a few different ways to enter the cost.

1) Enter the cost in a metafield, with the help of a metafield app (e.g. Custom Fields) or with the powerful free tool Shopify FD (for the more tech savy). This is a clean solution and it is possible to bulk upload your costs from an excel file.

2) Enter the cost in an existing field that you don't use already (e.g. SKU or barcode). This makes it quite seamless, but you need to be cautious of unintended consequences, for example if this field is displayed somewhere on your storefront.

3) Enter the cost with a tag. For example the tag could be cost: 39.23. This can work well only if you don't have a lot of products

Of course the reports are dynamic and will update as soon as you update the cost.

Also, all reports can also be exported to CSV file or Google Drive.

If you're interested, please contact me at clement@betterreports.co so that we can get you set up and discuss any custom reports you may need.

Best,

Clement

0 Likes
Shopify Partner
196 0 11

Hi All,

I thought I'd upate you that we are about to launch our free beta app that allows you to;

  • upload a cost price so that we can provide profit reporting by category/sku
  • break out your inventory by location which we update to reflect your sales by location
  • show you which locations are most profitable
  • forecast when you're likely to run out of stock and provide suggested re-orders and auto generate them as a pdf, ready to send
  • suggest price reductions if we forecast that a line is likely to continue selling too slowly
  • and more...

We are launching around end October and are preparing our beta group as we speak.

It's not too late to join our free beta.

We plan to charge just $55pcm after a 30 day free trial once we're out of beta - so plenty of time to get fee usage of the app until then.

You can join our beta by clicking our logo above or email me at karen@theprosperousshop.com and I'll add you to our beta group.

Kind regards,

Karen

0 Likes
Excursionist
25 0 5

I realize it might be difficult for all of you developers to not market your app on this thread, but please understand this is not a request for a 3rd party app, this thread is to request this feature from Shopify...to be built into the platform. 

Please start a new thread if you want to market that you have a solution to a missing feature. Many have said we want a simple field of COGS built into the platform and are unwilling to pay for a 3rd party solution...this shoudl be built in to the shopify plaltform. 

1 Like
Shopify Partner
196 0 11

Hi Dennis,

I can fully understand that you would want to wait for Shopify to add the COGS feature, and that you prefer to wait for that than to use an app. If you look back through this thread, you'll see that there is open dialogue about the different solutions to this problem between Shopify merchants and devs.

You're perfectly entitled to wait it out. Not everyone wants to.

0 Likes