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Mastering COGS is the only way to get better insights about your products cost. Long term success and sustainability is based on that.

🛠️ Demystifying COGS: Unlocking Business Insights! 💡 Understanding the Cost of Goods Sold (COGS) is essential for any business aiming to maintain profitability and strategic pricing. 📊 Rachel Hand’s article breaks down the intricacies of COGS, highlighting its significance in tracking expenses, revenue, and overall financial health. By mastering COGS, businesses can make informed decisions, optimize operations, and enhance their bottom line. Dive into this comprehensive guide to transform your financial management and drive success! 🔍✨ #cogs #businessfinance #costanalysis #financialhealth #strategicpricing 📖 Full read here : https://lnkd.in/dJg9UGXW

Understanding Cost of Goods Sold (COGS): Definition, Calculation, and Impact

Small and medium-sized enterprises (SMEs), are you finding it challenging to keep track of your costs? The Cost of Goods Sold (COGS) is a crucial metric that can make or break your profitability. Our partner, @Cin7, has crafted a comprehensive guide on COGS tailored for businesses at every growth stage. This blog post covers: - The significance of COGS for various departments - Strategies to control COGS without hindering growth - How Cin7’s inventory management tools can simplify real-time COGS calculations Unlock the secrets to managing your costs effectively and ensure your business scales successfully. 👉 Read the Full Article: https://buff.ly/3KsOGZX Hashtags: #SME #BusinessStrategy #COGS #InventoryManagement #Cin7 #SMBConsultants #FinancialHealth

Understanding the Cost of Goods Sold (COGS) is crucial for businesses to accurately measure profitability and make informed financial decisions. Read more here: https://lnkd.in/e42i-auv

Discover everything you need to know about the value-based pricing strategy. You will also discover how to create one for your business. #ValueBasedPricing #pricingstrategy #BusinessStrategy #customerperception #CustomerValue #profitability #customersatisfaction #brandimage

Calculating the Cost of Goods Sold (COGS) formula is integral for companies. But what if you struggle with understanding it? 🤔 Genome's latest article breaks down the COGS formula, offering step-by-step instructions and common pitfalls to avoid. It is perfect for businesses aiming to maintain financial health and optimize their production costs. Check it out now and get your numbers right! 👍

Managing inventory doesn’t have to be a headache. Protea Financial ensures your inventory is accurately tracked, optimized, and aligned with your business goals. We help you reduce waste, prevent stockouts, and increase profitability. Let us simplify your inventory management so you can focus on growth. https://lnkd.in/eAMgNUhN

Reporting a lower inventory to their accountant is something many business owners have been doing for a long time. And many accountants just accept the number. In addition to the obvious concerns, when it comes to selling the business, big problems can arise. How will the inventory be valued in the Purchase Allocations? And who is going to have to pay the various taxes on the larger amount?

Small numbers + messy books? Small problems. Big numbers + messy books? Bankruptcy. For CPG companies that come to us needing support, we almost universally see inventory / COGS accounting either plain wrong or iffy at best. That makes us nervous. If the number one thing you are spending money on as a company isn’t accounted for right, you will eventually end up with real problems: - You don’t know how much product / assets you really have. - You overbuy, tying up cash in excess stock. - Or you underbuy and miss out on sales. - Margins start to erode, and you have no idea why. I’ve seen this happen too many times. Here’s how you can fix it: ↳ Invest in a reliable inventory management system Spreadsheets won’t cut it as you grow. ↳ Regularly count your inventory Monthly at a minimum, quarterly at the very least. ↳ Understand your total cost per SKU This includes not just production costs, but also shipping, customs, and other fees. Your inventory is the backbone of your business. Treat it like it matters.