We are excited to share an updated usability feature with you this weekend. Stitch will now remember your costs when you are adding your inventory. This will save you loads of time when you're adding stock to Stitch. Now, each time you add new stock, you will see that the previous cost you entered will auto-populate. If your costs change over time, just make the adjustment for the specific item that has changed, and you're all set. You don't have to re-enter every cost anymore. This will be especially beneficial to those companies that have product families with several different costs associated.
Because Stitch uses an accounting method known as Average Costing, you can be sure that as your costs fluctuate throughout the year or you buy products from different suppliers, you will have an accurate calculation of Cost of Good Sold or COGS.
Understanding your profit picture is extremely important to any business, but it's also extremely important that people selling products have a true understanding of how much money they're making on each item. Our goal is to help you save time and sell more so you can focus on what you love doing.
Also, because this update has accounting implications, we want to make sure we tell you about our pals from Outright - Online Accounting and Small Business Bookkeeping Software. Stitch and Outright are great complements to each other and we will continue to work more closely with them in the future. Be sure to check them out for more of your accounting and tax purposes.
If you have any comments or questions about this change, feel free to leave them below or shoot us a message. We're happy to help.