What’s the Big Deal About COGS?
COGS stand for “Cost Of Goods Sold” and is a bookkeeping term used when filing taxes. COGS is just another way of saying “the cost of the materials used in a product when you actually sell that product”. . . . think of all the different materials you use to make your product.
Under the COGS method of accounting – you are allowed to expense those material costs when you sell the product.
Also, tracking COGS is very beneficial for handmade artists as a method for setting prices for their products.
Don’t let the COGS section on Schedule C surprise you when filing taxes. . . start tracking it now!
We’ve been working this January and February to bring you the best bookkeeping solution for handmade artists ever made! We call it Handmade Bookkeeping Complete.
It is based upon the original #1 selling Handmade Bookkeeping Spreadsheet but with a facelift and a few minor tweaks to make your bookkeeping as smooth and enjoyable as possible.
Designed by a CPA who knows the needs of handmade artists– you know you are getting a quality product that will serve you for years to come!
Sign up below to be notified when the bookkeeping system is available and also receive a 20% coupon off anything in the Handmadeologybiz Etsy shop!
Here is what just a few of our satisfied customers are saying.