Cost of Goods Sold Rule Setup
Pocket helps emerging eCommerce and omni-channel brands manage finance easily - by providing a one-stop solution for founders to auto-generate accrual based financial books and key analytics, and collaborate with CFOs on key decision making. Over 100 users at modern consumer brands use Pocket to manage their books, file taxes, and prepare financials for financing and fund raising.
❓Why you need to set up your cost of goods sold rule in Pocket
Consumer goods brand typically needs to deal with product production, inventory management, and cost of goods sold management upon recognizing sales. For most early stage start up bands though, there isn't an easy way to manage your production cost, track your inventory level, and deduct the appropriate amount as cost of goods sold. At Pocket we help our clients analyze cost of goods sold based on historical data, and input cost of goods sold as the percentage of the weighted average of your retail price by channel, for a specific starting and ending period.