If you use FreshBooks, an onlince invoice and time tracking service, you’ll be glad to see the latest addition, The Profit Loss report which determines your gross profit, net profit and total expenses which can be found under the ‘Reports’ tab. Along with that, comes a FreshBooks reporting first: Cost of Goods Sold, or COGS. There are two ways expenses can become a Cost of Goods Sold: First, any expenses you rebill to a client will be included in your Cost of Goods Sold and second, you can edit your Cost of Goods Sold and add expense categories you want included in your COGS on your Profit & Loss report. To ensure smooth efficiency, FreshBooks will remember the categories you have as COGS for future use. This is just one of the many improvements FreshBooks has made so far.
FreshBooks is a fast and simple online invoice and time tracking service providing professionals with an easy to use and professional system. FreshBooks is based out of Toronto, serving over 100 countries.