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Accurately recording Cost of Goods Sold (COGS) for product companies helps them better understand product margins. Many sellers start with a cash basis accounting method. But eventually moving to an accrual accounting method will help sellers track margins over time. This video is a quick demonstration of the difference between accounting for COGS with a cash basis method vs accrual method. From the inventory purchase to selling product, understand the accounting flow.
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Here are more helpful resources we have recording this topic:
"Cost of Goods Sold - A key Number for Ecommerce Businesses" - ledgergurus.co...
"Understanding Inventory and Cost of Goods Sold (COGS) for Amazon Sellers" - • Understanding Inventor...
"Five Signs of Bookkeeping Trouble with an Ecommerce Business" - ledgergurus.co...
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• Recording Cost of Good...