Shopify Cost of Goods sold: explained by an accountant

In this video, I explain the Cost of Goods Sold from my perspective as an accountant and I go over the challenges of tracking the cost of goods sold for new and growing Shopify sellers. ---------------------------------------------------- Chapters 0:00 Intro 0:55 Terminology 01:50 Relationship between inventory and COGS 02:13 Textbook accounting vs reality 04:22 Components of inventory 05:15 Inventory and COGS example 06:57 Challenges of Shopify COGs tracking 07:54 Can you use COGS from the Shopify Finances Summary? 09:49 Takeaway Our e-commerce accounting videos have moved to a brand new channel. Visit us at the Mavency channel for new content and be sure to hit that subscribe button https://www.youtube.com/@WeAreMavency Ready to take on your Shopify financials like a pro while helping your e-commerce business grow? Download your free Shopify Bookkeeping Blueprint where I share the step-by-step processes you need to succeed: https://bit.ly/SHBKBlueprint Are you ready to work with a trusted and reliable Shopify bookkeeping pro? Learn more about my bookkeeping, coaching, and integration services and pricing: https://mavency.com/request-info_ecommerceGet notified about all my latest content, webinars, courses, and more: https://mavency.ck.page/content Join my Facebook community of like-minded eCom sellers and bookkeepers and we'll be happy to help: http://bit.ly/2Am1lLQ **Special discount: Get 50% off the monthly price of QuickBooks Online for the first 3 months with this link: https://quickbooks.grsm.io/VeronicaWasek Save time and effort every month by automating your Shopify and QuickBooks integration with A2X: https://www.a2xaccounting.com/signup **Get 20% off your first 6 months with A2X by using this discount code**: VM_20_6MON_2021 Follow us on Instagram @WeAreMavency for e-commerce bookkeeping tips, inspiration, and some behind-the-scenes looks at what we're up to: https://www.instagram.com/wearemavency/ Recommended playlist: e-commerce accounting: http://bit.ly/36SDaRV **Affiliate link Copyright 2022 5MB LLC