The COGS formula isn't all you need to know...
Crack the COGS Code
You know the COGS formula,
but that's only a start.
Join me as I pull back the curtain
and show you EXACTLY how COGS works
It's great for business owners, bookkeepers, CPAs.... it's for anybody who uses QuickBooks and has inventory.
Give it a look and see. If you don't feel better about how you use your inventory
I'll buy it back
no questions asked!
Hi, my name is Jennifer Thieme. I'm a Certified QuickBooks ProAdvisor and have worked as a self employed bookkeeper for over 12 years.
After working with QuickBooks clients, I realized that one of the biggest areas of confusion for them has to do with Cost of Goods Sold, also known as COGS.
People quickly learn the COGS formula, but it's not enough!
Laser-Focused COGS Information
Most QuickBooks "how to" types of guides are horizontal in nature. They cover a broad range of topics within QuickBooks. You may already own one, and I hope you refer to it often. They are good to have as a reference tool.
But my eBooks are vertical. I go into laser-focused detail within specific Quickbooks topics. This laser-focus is not found elsewhere.
It's like having me there with you, holding your hand and walking you through step by step.
This laser-focus is because many, if not most, business owners are ignorant of COGS.... and their businesses suffer.
Is COGS Ignorance Bliss?
Just the other day I met with a brand new client. She has a small boutique where she sells all kinds of unique items for women - lingerie, fragrance, candles, etc.
So you might imagine that her QuickBooks file would be showing this inventory correctly on the balance sheet, and would be showing her COGS correctly on the Profit and Loss report.
Nope. This was not the case.
I ran a single report and discovered that her inventory purchases had not been recorded correctly for a very long time. I used the COGS formula (which I discuss in detail in the ebook) to figure what her COGS should have been.
It's quite likely that she has been paying TOO MUCH in taxes, because her COGS was most likely TOO LOW.
And she didn't even know this. She thought her bookkeeper was doing things just fine.
I felt really bad, because I don't like to point out others' mistakes. But it was the truth. And it's very common. I see problems with inventory and COGS all the time with new clients.
Most business owners I've worked with do not understand how COGS works, and their businesses suffer for it. They don't realize that knowing the COGS formula isn't enough.
Wasn't her CPA looking things over? How could she have been paying too much in taxes?
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Most CPAs Do Taxes,
She has a great CPA that she loves. But like a lot of CPAs I've worked with over the years, this one did not look at the detail behind the numbers.
Like most businesses, at tax time you give your balance sheet and profit and loss report to your CPA. Or, you may send a copy of your QuickBooks file to the CPA. Then the tax returns are prepared from that information.
Many of the CPAs that I've worked with over the years WILL NOT question the figures used to prepare the tax returns. They pretty much accept them at face value. It's because you probably have not hired them to do so! You probably hired them to prepare your tax returns, not examine your bookkeeping.
Plus, during tax season they are extremely busy and don't have time. Also they may assume that because you aren't asking specific bookkeeping questions, then you must understand bookkeeping and how it all works in QuickBooks.
So remember, if your CPA isn't asking bookkeeping related questions (as opposed to tax related questions)....
Well, let me caution you. My advice is for you to assume that your CPA has NOT looked at your bookkeeping, and has NOT looked closely at the detail behind the financial information used to prepare the tax returns.
Remember: you probably did not pay for your CPA to examine your bookkeeping.
What does this mean for you?
I recently purchased Crack the COGS Code and would like to commend you on a job well done. It has been very helpful.
Miqveh Enterprises Ltd, trading as
Personal Computer Support Services
Too Little COGS = Too Much Taxes
Do you know with 100% certainty if your COGS is being computed right? Hint: QuickBooks does NOT use the traditional COGS formula to compute your COGS!
Since your CPA probably isn't asking about the detail behind the numbers, how do you know for sure your COGS write off is accurate?
That's why I wrote this eBook. I believe that all serious business owners who have inventory would be much happier if they understood how COGS works in QuickBooks.
Then they would know for certain if it was being computed correctly or not, and if they were taking enough of a tax deduction for it.
|Here's what's in
Crack the COGS Code
COGS ~ Inventory Items ~ Average Cost ~ Unsold Inventory and Taxes ~ Recording Purchased Inventory Correctly ~ Recording Purchased Inventory Incorrectly ~ Bookkeeping Trivia ~ The Matching Principle ~ How to Determine Gross Margin ~ WHY Determine Gross Margin ~ Default Setup of Non-inventory Items ~ Non-Inventory Items and Gross Margin ~ Alternative Setup of Non-Inventory Items ~ Difference Between Inventory Items and Non-Inventory Items ~ Why Check that Box ~ Traditional COGS Formula ~ Physical Inventory Counts ~ COGS FAQ ~ How these are all inter-related ~ How they effect your books and your bottom line
Download the Table of Contents
My goals for this eBook:
1. That you will have the same understanding of COGS that I have.
2. That you will be able to explain how COGS works (including the COGS formula) in QuickBooks to anybody, even your CPA.
3. That you will be able to diagnose your own COGS related problems without needing to pay an outside professional to help you.
Remember: QuickBooks does NOT use the traditional COGS formula to compute COGS!
Quickly and easily learn what I know about COGS
for only $9.97!
I know that many of you have wanted the eBook, but because the economy is still so bad you've had to count each and every dollar you spend.
It sold great before, but I want my eBook to get into the hands of everybody who uses QuickBooks, and yes that includes you! In order to do that...
I dropped the price to an unbelievable $9.97.
Now is the time. For this price you can't go wrong, plus I offer a complete 100% guarantee. Love it or get your money back.
Click below to download now:
I don't want you to feel like getting the eBook is a risk. That's why I'm offering a 100% money back guarantee at the eBook support link below.
That's how sure I am that you will love this eBook!
More about your purchase today:
Click below to download now:
- 100% satisfaction guaranteed, love it or return for a full refund at the eBook support link below.
- Learn what I know about COGS for only $9.97
- Instant download
- 81 pages long
- Full color screen shots throughout
- eBook, PDF format, Adobe Reader required
P.S. How good do you want to feel about the numbers? Having clean books is a great feeling.
P.P.S. 100% guaranteed, no questions asked.
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