Businesses need to record all of their costs – whether incurred directly or indirectly. Cost of Goods Sold (COGS) include all the costs used to produce or acquire goods sold by a company. Tracking COGS correctly can help you run a more efficient and profitable company. Plus, doing so will pay huge dividends when you file your business taxes.
The right automation software can track all of this for you, helping you calculate this critical expense. Connex for QuickBooks provides your business the accurate financial records it needs to succeed and grow. Our software allows businesses to thrive by integrating and automating their eCommerce, shipping, and CRM solutions. As a result, you’ll be more efficient by reducing manual data entry and human errors.
- Automate order syncing into QuickBooks Desktop or Online
- Manage inventory updates from QuickBooks to your integration
- Import Summary Sales and the Amazon Settlement Report to QuickBooks
- Automatically Match Deposits from your sales
- Integrate ShipStation and other shipping platforms with QuickBooks Desktop or Online
- Record COGS and provide insight into the health of your business!
Cost of Goods Sold (COGS)
Connex will match the products on your website to QuickBooks, which records the COGS as sales data imports. As a result, you will know the current value of your inventory. Understanding these expenses will help your business price its products for maximum profitability. Plus, COGS calculations will benefit your business further by tracking vital tax deductions.
The Cost of Goods Sold is deducted from gross income during a certain time period. COGS is essential for businesses as it allows for a reduction in taxable income. Failing to record this value will inaccurately increase income, resulting in higher taxes.
Common COGS to include
- Cost of raw materials
- Wholesale price of goods that are resold
- Packaging or repackaging costs
- Production supplies
- Freight in and out (not shipping to a customer)
Importance of COGS in accounting
- Essential for determining the profitability of a company or product line
- Makes it easier to spot cost-saving measures
- Helps optimize inventory ordering to reduce ordering costs
- Measures turnover, helping to minimize holding costs
- Can identify future opportunities for growth
- Lowers your taxable income and reduces your business’s tax bill
How do I track income and COGS with Connex?
Is Connex the Right Tool To Sync Your eCommerce store with QuickBooks?
Most of our customers sell on multiple eCommerce channels, such as WooCommerce, Shopify, Magento, and ShipStation, just to name a few.
They want to grow their business, and value up-to-date accurate accounting so they can better serve their customers. Above all, they know a key component to growth is to track business expenses for better forecasting. With automated sales syncing to QuickBooks, they can feel confident they have the information they need to make important business decisions.
Why Our Customers Choose Sync with Connex
- Developed specifically eCommerce business owners
- You can scale your business by automatically syncing sales & inventory from multiple eCommerce platforms to QuickBooks Desktop or Online.
- You don’t have to spend your resources manually entering sales, inventory, and customers into your website and QuickBooks accounts.
Recommended by Intuit itself, Connex for QuickBooks will give you peace of mind that your inventory will be updated. You will be free of the frustration of oversells and missed items.
- When your inventory is up-to-date, you can achieve higher customer satisfaction, leading to more positive reviews, and increased sales.
- For phone orders, we can sync sales from QuickBooks to your shipping solution.
- If you sell on multiple channels, you can simplify by using our solution instead of multiple tools.
- Connex integrates QuickBooks with all major e-commerce platforms, such as Woocommerce, Shopify, Magento, Amazon, and e-commerce shipping solutions such as Shipworks, Ordoro, and Shipping Easy.
How can you decide whether Connex is right for your business?
During this introductory call, you will discover how Connex can help you to:
- Eliminate manual data entry into QuickBooks Online or QuickBooks Desktop
- Automatically update your inventory and prevent oversells and refunds
- Manage sales from multiple channels in one app
- Connect your shipping solutions to QuickBooks
- Have accurate financial information in your QuickBooks every day
Are you unsure whether Connex is right for your business?