Managing your financials is essential for improving store profitability. Finpose accounting plugin for WooCommerce allows store owners to use their WordPress dashboard to perform basic accounting tasks and monitor financial performance. Finpose brings many features that WooCommerce doesn’t offer out-of-the-box. So in this Finpose review, I will show you all those features and how the plugin can help your business.
It’s not easy to own and operate a successful eCommerce company. You can sell items across the globe by using WooCommerce. However, additional tools may be required to help you stay on top of income, expenses, revenue, and profit. Finpose is a WooCommerce accounting and financial tracking plugin. It can be used to monitor sales information, taxes, and operating expenses.
You can monitor spending with this plugin and find ways to progress in certain aspects of your business. You can see how your products perform from a financial standpoint and stay on top of operating costs. You can see your store’s monthly average order values, profit, and loss.
Financial information management can give you a better grasp of your store site’s revenue potential. The Finpose plugin lets you use your existing WordPress dashboard to perform simple accounting transactions and see how your store performs financially.
Finpose can help to fulfill your WooCommerce site accounting responsibilities. You can manage your acquisition spending, expenses, and costs. You can also get a glimpse of what your state taxes will be.
Small to medium-sized companies will find Finpose to be a great accounting resource. Dedicated accounting software, rather than an accounting plugin, may be better suited for more complex organizations. For that purpose check WooCommerce Xero integration, WooCommerce QuickBooks integration, or NetSuite review (see WooCommerce NetSuite integration).
After you install and activate the plugin, you will see a new menu called Accounting which is divided into several tabs. Those are Dashboard, Inventory, Spendings, Orders, Taxes, and Accounts.
The Dashboard will show you all that you need to know about store operations. You can evaluate the differences in Profit, Spendings, Revenue, and other categories across different time periods with custom timeframe selectors.
You can also see other relevant data such as Time for Order, Average Order Value, Profits per Day, and Spendings per Order.
Knowing your financial metrics can help you make adjustments to keep your store running at peak efficiency. On-demand reports are available with Finpose. Your WordPress dashboard is where you can access and access those reports. Using advanced reports, you can find options for improving sales and revenue and decreasing costs.
Finpose allows you to monitor and get reports of your accounts, costs, sales, shipping, and taxes. You can also see your AOV, ROI, and other advanced metrics.
Time reporting will show you your monthly sales, acquisition spendings, taxes, expenses, and store costs for a given year. You can see how overall sales are impacted by changes made from one month to the next. You can also view the total number of products sold, profit loss, and your store’s Average Order Value for each month.
The product reporting page will display information for every item that you sell in your WooCommerce store. This can help you monitor costs and sales for different products. All financial information for a particular product will be shown on the same page for the selected month.
You can find overall tax data, shipping, sales, and cost information with Finpose’s advanced product reporting options. You can also view each item’s ROI, your sales profit, how many products were sold, and other advanced metrics. The product reporting page can be used to see which items perform the best and which ones perform the worst in store.
You can easily set stock levels and add new units for existing product inventories that you have in your WooCommerce store. Whenever a new inventory record is added, you can also set the unit cost.
You can see each item’s profit margin and the estimated date when particular items are expected to run out of stock. You will have on-demand access to the total stock value for all items in your store.
You can learn more about the items you spend the most money on and record all operating costs in the Spendings module. This special section is made up of three cost types: Acquisitions, Costs, and Expenses.
There are different categories associated with each spending type. Custom spending categories can also be created to help you properly identify them.
Products are typically linked with many of your costs. You can use this data to determine how much money was spent on each product in a given time frame. Finpose’s automatic reporting tools let you evaluate income and money spent on different items that you carry.
Costs can be filtered by category, year, and month. For instance, you may want to review all of your April 2020 inventory costs.
Go to the right-hand corner of your screen to select the “Month/Year” option. This lets you filter costs based on the timeframe that you’ve entered. Then you can select the respective category links that appear by the costs table if you want to examine categories in greater detail.
Click on the “Add New” button on the top left corner to add more Cost records. You can put that information into the new form that will be shown.
The Orders page has your store sales report information. You can find gross sales data and calculated total sales for a specified time period in reporting pages.
Orders can be filtered according to total dollar amount, date completed or created, order status, invoice date, or the payment method. You can also export orders that you’ve filtered.
Sales tax and taxes that are due for spendings are information that store owners should keep in mind. You can find automated tax reporting for your store on Finpose’s Taxes page.
You don’t need to enter this information manually. All relevant data is received automatically from WooCommerce.
Taxes receivable and taxes payable for a given month can be calculated on this page. You can see your store’s annual tax balance and document the taxes that were already paid.
Both tax receivables from your spendings and sales tax are tracked in this section. This means that you won’t just get your sales tax. You can get a complete tax report. Copying and pasting this information into Excel spreadsheets allow you to have an external copy of this data.
Finpose’s taxes page will show your yearly tax balance. It uses your tax receivables, paid taxes, shipping taxes, and sales taxes to calculate this total. You’ll know exactly how much must be paid.
The taxes payable table has all sales taxes that you collected via purchases made on your store site. Each tax will be included so that you can review them line by line and correct any errors that are found. It’s simple to fix incorrect tax calculations or tax rates.
Tax totals are calculated automatically for every month. You can also monitor your overall taxes with the annual tax information that Finpose provides.
Spending and income for all of your financial instruments can be found on the Accounts page. Allowing store owners to monitor sales according to payment methods is one of Finpose’s most valuable features.
Sales totals by payment method and spending made with that same payment method can be found on the accounts page. Payment methods or account balances can then be tracked over different time periods.
They can include your WooCommerce site’s payment gateways, a credit card, or bank account. All incoming and outgoing funds for each account will be displayed.
Selected accounts will show all of their made and received payments. This helps you to monitor your monthly balances. You can see how each balance changes by simulating transfers across different accounts.
All monetary transactions for a certain month are contained in the transactions table. You can view transactions for specific accounts by selecting that account on the panel that appears on the left-hand side of your screen. Tax payments, sales, and spending will be included in the transactions log.
Custom accounts can be created, which can be credit cards, bank accounts, and other associated payment methods. You can create as many custom accounts as you need. Fund withdrawals and other real transfers made between accounts can be added as records.
Finpose Review Conclusion
Online store owners and managers have to be prepared to handle all kinds of transaction types. Spending, shipping, taxes, and payments are just some of the things to expect. It might not be as easy to watch what’s going or keep track of your progress with so many actions happening regularly.
Having an effective accounting resource can help you concentrate on growing your business. That’s why many successful WooCommerce stores use accounting plugins.
Finpose is an easy-to-use financial tracking and accounting plugin. Your WordPress dashboard is all that you’ll need to access all that this plugin has to offer.
Account tracking, product reporting, and time reporting are just some of Finpose’s many features. Freshbooks or other trusted accounting software may be needed when if you manage a complex company.
- Manage your spending effectively
- Control inventory levels
- All basic accounting functions are included
- Plugin is intuitive and simple
- Affordable price
- Most forms are submitted without a page reload
- Provides archiving functionality
- Not for complex accounting needs
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