What Is the Cost of Goods Sold (COGS)?Ĭost of Goods Sold is also known as “cost of sales” or its acronym “COGS.” COGS refers to the direct costs of goods manufactured or purchased by a business and sold to consumers or other businesses. If you don’t have a tax advisor, find one that fits your needs through Taxfyle. If you need income tax advice, please contact your tax advisor. NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas outside of supporting questions about FreshBooks. To calculate COGS, you must take into consideration all expenses directly involved in the manufacture and production of your goods, as well as some overhead expenses.Ĭost of Goods Sold vs.You need the precise COGS to write off expenses.By accurately calculating your COGS, you can precisely measure the value of your business.Operating expenses (OPEX) are the day-to-day costs of running your business not included in your COGS.COGS refers to the direct costs of goods manufactured or purchased by a business and sold to consumers or other businesses.The cost of goods sold is considered an expense in accounting. Sales revenue minus cost of goods sold is a business’s gross profit.

Send invoices, track time, manage payments, and more…from anywhere.Ĭost of Goods Sold (COGS) is the direct cost of a product to a distributor, manufacturer, or retailer. Pay your employees and keep accurate books with Payroll software integrationsįreshBooks integrates with over 100 partners to help you simplify your workflows Set clear expectations with clients and organize your plans for each projectĬlient management made easy, with client info all in one place Organized and professional, helping you stand out and win new clients Track project status and collaborate with clients and team members Time-saving all-in-one bookkeeping that your business can count on Tax time and business health reports keep you informed and tax-time readyĪutomatically track your mileage and never miss a mileage deduction again Reports and tools to track money in and out, so you know where you standĮasily log expenses and receipts to ensure your books are always tax-time ready Quick and easy online, recurring, and invoice-free payment optionsĪutomated, to accurately track time and easily log billable hours II am extremely satisfied with the product and it's progress.Wow clients with professional invoices that take seconds to create With a seamless link up to Big Red Cloud, I now have a complete and very user friendly stock control, prescription and accountancy system.☹The system is constantly being updated. Customer support is exceptional and the system is almost bespoke for my business due to the willingness of Turboinventory to add features which I require. Turboinventory has reduced the time taken to manage stock, invoicing and prescription management and has added real value to my business.☺Preparation of veterinary prescriptions whilst concurrently managing stock and invoicing accurately and simply is the key factor in my selection of this system. Customer support has provided help and reassurance at all times. I can rely on Turboinventory to support my business in complying with both current animal remedies regulations and forthcoming changes.

Stock is recorded and stock movements are monitored in a very easily searched format. Exceptionally accurate and user friendly prescribing and stock management system To date, veterinary prescriptions are prepared and securely stored in Turboinventory's cloud based storage which is reliable and a huge relief for the business.

Cogs accounting xero