Tracking your COGS each month is a critical piece of accounting and is important to gauge the health of the business. Unfortunately, there is no easy way to accomplish this for most online sales channels. Rivly set out to change this by building a system that only requires a few simple data points and will automatically deliver the information needed.
Step 1
In the Inventory section, there is a page for Cost Basis which contains a table of all products similar to the Product List. For each item, you have the ability to set certain costs that will be used in the calculation of your total cost basis for that item. Keep in mind that in setting this values, you only want to include numbers that are part of your COGS line in your bookkeeping. For example, if you have inbound shipping and customs duties as separate line items in your bookkeeping, then it would make sense to leave these fields empty in the table. This way, the total cost basis for calculations on Rivly would be just the manufacturing cost.
Step 2
Rivly will use the total cost basis numbers in the table multiplied by the sales/stock for the month to give you a COGS report (found in the Reports section) that can be given to your bookkeeper for easy accounting. In addition to this monthly report of COGS, you can glance at your current inventory cost basis or your current inventory retail value in addition to your month end numbers.
If you have any feedback on how this system could be improved, don't hesitate to reach out to us using the options in the feedback widget along the right side of the screen. We rely on your input to make Rivly an easy and enjoyable place to sell your products.