If you want to do your business online, WordPress can indeed be an amazing platform to explore with. It provides you a significant scheme to magnify the functionalities of your site using different types of WordPress plugins. Most of all, when it comes to selling products online, WooCommerce is one of the best customizable eCommerce plugins that can ever be built on the WordPress platform. Simultaneously, when it comes to tracking your business, WooCommerce accounting plugins are the best tool to keep your business safe and sound.
You might have set your eCommerce site with WooCommerce looking for simplicity and stability to grow more traffic, but have you ever thought of a solution that can track down your business and deliver you a report better than anything?
WooCommerce accounting plugins assist you in processing, analyzing, summarizing WooCommerce sales so that you can keep track of your small business effectively. You do not need to worry about maintaining all accounting and bookkeeping tasks manually. Let the plugin do the tasks and take full control of your business growth.
Table of Contents
- WooCommerce Accounting
- WooCommerce Integration with WP Ever Accounting
- Other Accounting Extensions for WooCommerce
While you are doing your business online, it becomes necessary to keep track of your sales and expenses accordingly. To acknowledge the business right away, one thing that will give you a turn while using WooCommerce is an accounting plugin.
As a matter of fact, an accounting plugin with a bucketful of features along with WooCommerce can be a great tool to deal with WooCommerce based small businesses.
Why Accounting Software/plugin is important
First of all, one question may arise in your mind, why do we need an accounting plugin for the WooCommerce store separately?
Isn’t it possible for WooCommerce to take care of your business by and large? Can you take care of your business simply by checking WooCommerce stats?
WooCommerce deals with a bucketful of features and in most cases, the focus of the plugin is to handle eCommerce sites, not the business as a whole. This is why, although WooCommerce is fully customizable, a separate accounting plugin can be very advantageous to tackle down business all in one place.
WP Ever Accounting
A business can either be online or traditional, but it requires organized efforts and activities of individuals to sell goods and services to make a profit. To analyze this profit margin, you must need a tool that can track down your income and expenses. WP Ever Accounting is such a plugin that comes up with an easy interface with a lot of alluring features.
You do not have account knowledge? Don’t worry! Without having prior knowledge of accounting, you can track your income and expenses, create invoices and bills in multi-currencies with the help of WP Ever Accounting with a few clicks. Using this popular accounting plugin, you can create multiple accounts in any currency to categorize your incomes and expenses.
The plugin also comes up with automatic invoice generation. Simply add items, customers, and all other necessary information, and boom! Your invoice is ready! When it comes to dealing with your expenses, you will be able to generate bills likewise. You can also customize your invoices and bills according to your needs. While creating invoices and bills, you will be able to include sales tax, sales data, and discounts and these services are fully automated.
This free plugin gives you all the financial information you need to visualize your business in detail and keep track of your financial state properly. You can visualize your income, expenses, and profits separately or all together in line graphs and can filter them datewise. The detailed financial reporting helps you to organize your budgets and track what matters most to improve your business.
The most amazing thing is that you will get all these features completely. In addition, the plugin offers several extensions including WooCommerce Integration which helps you to track down your WooCommerce sales on WP Ever Accounting.
WooCommerce Integration with WP Ever Accounting
To keep track of your incomes from WooCommerce in WP Ever Accounting, you need to get the extension WooCommerce Integration. This integration will automatically sync WooCommerce products, categories, customers, and orders. It sums up your overall incomes in a designated account and shows date-wise in the cash flow. All of your incomes will be shown in the pie chart categorically as well.
Other Accounting Extensions for WooCommerce
In the online marketplace, you will find several Woocommerce accounting software. All of these tools are either cloud-based or WordPress-based. These extensions are mentioned below-
CBX Accounting and Bookkeeping
If you have a small or medium-sized WooCommerce Store, this plugin can be a solution to get your accounting tasks done. With the help of this plugin, you can keep track of your incomes and expenses category-wise and can visualize them in graphs.
Like WP Ever Accounting, you can create multiple accounts and keep records of your income and expenses. Butt WP Ever Accounting has a bucketful of features along with it which CBX Accounting and Bookkeeping lacks.
This accounting software has a premium feature called ‘’Log Management” (completely free in WP Ever Accounting) and this feature helps to browse income and expense history. The history can also be filtered and exported datewise.
If you want to automate your WooCommerce workflows, Zapier is there to do you the favour. With the help of the plugin, you will be able to save new orders to Google sheets, add new customers to CRM, and many more. Basically, this integration links you up with different cloud apps based on your usage.
If you want to keep track of user information, Customer Relationship Management is the key tool of WooCommerce Zapier. With the help of this tool, you can store your customers’ contact information and keep detailed notes separately.
When a customer purchases a product from a site, you ask for the customer’s contact information. This WooCommerce accounting tool takes this kind of data and generates a HubSpot contact list. Provided that, to automate this contact list generation in HubSpot, you need to use HubSpot as your CRM.
Another amazing feature of this WooCommerce accounting plugin is, it is compatible with all WooCommerce currencies, shipping methods, and payment gateways.
With Zapier, there are several WooCommerce triggers that lead to actions. The triggers are- new orders, new customers, order status change, a new subscription, subscription renewal, subscription status changed, etc.
Ultimately, Zapier is fundamentally a cloud-based app. For a small business, users always want everything in the same platform for feasibility that they cannot perform.
Cost & Reports for WooCommerce
Cost & Reports for WooCommerce is very similar to Cost of Goods, but this extension has a very unique type of reporting strategy. The retrieved report shows acceptable profit (green background marking) and unacceptable profits (red background marking) based on the profit margin. You can also download reports in CSV format for further processing if required.
Another lucrative feature of the plugin is called “Table editor”. This feature can bulk add costs, profit margins, prices, stock, and many more. The bulk table editor for WooCommerce shows information about Woo products and helps you to determine better decisions.
The table reports also cover bestseller information in terms of profit, turnover, and sales. While filtering the product report, the calculation changes dynamically. The report also includes reports of all orders which shows all sales in a date range.
QuickBooks Sync for WooCommerce
QuickBooks Sync for WooCommerce is basically booked free to download, but it requires a free or paid account for the integration service. This accounting software automatically syncs your online store and establishes a connection with MyWorks and syncs customer, order, payment, product, and inventory.
It is two-way sync and allows you to automatically manage your orders and inventory list and keep your WooCommerce store up to date on both platforms.
my work is a direct link between WooCommerce and Quickbooks. You need to install QuickBooks first and then, from the dashboard, sign in to my work account. The number of orders that will get synced can be determined by the package you are using.
Using MyWorks Sync, you can easily map your customers, orders, and more. This flexible automap feature helps to match SKUs and product names automatically. The plugin has a wide range of features that might seem a little strenuous, but once you get habituated with all of these, you are good to go!
Cost of Goods
If you want to evaluate costs and profits from your WooCommerce store, this plugin can be of great use. The plugin mostly deals with profit reporting which makes the report even more valuable. In addition, to optimize your revenue, you can easily get information to make decisions on sales and marketing.
Basically, the plugin adds cost to each variable product and helps you calculate total order cost to always track your earnings. Business owners can identify the most profitable product and least profitable product from their WooCommerce store. You can also see the total value of your inventory and can filter out our profit by product name, date, and category.