005 – Accounting for Inventory and COGS in an Amazon Business!

Complicated subject? Yes. Impossible for you to understand? NO! The challenge that every inventory based business has is recognizing correctly the myriad of moving parts that comprise COGS. Imagine how complicated Amazon’s inventory tracking for themselves. How many millions of transactions are there a day? Yet they somehow work through it and so can you. Let’s start with the basics. Featured Question: What Accounting software do you recommend? Mentioned: Quick Books Online Xero GoDaddy XLS Sponsors Viral Launch – Save $50 with this link (Use coupon code: Momentum) SPECIAL OFFER FOR MY LISTENERS ONLY TWO WEEKS FREE TRIAL!!!! Gaye’s Million Dollar Arbitrage List Solutions4ecommerce Scope from Sellerlabs Tactical Arbitrage – Get an 10 day free trial with code: “Tactical” Freeeup– Save 10% (forever) and get an instant $25.00 voucher for your first hire. GoDaddy Grasshopper Amazon Accounting Podcast: Before we get into the chart of accounts we want to mention our course: AMZACCOUNTING SIMPLIFIED WE CAN HELP YOU CREATE YOUR CUSTOM ACCOUNTING SYSTEM WITH QUICKBOOKS ONLINE AND MASTER YOUR AMAZON FINANCIALS You’re overwhelmed with accounting software options and are afraid you’ll pick one that might limit you down the road. You have no idea how to adjust your Amazon deposits for gross sales, refunds, and fees. You’re confused about [...]