Futureproof holds your brand's stock at what it cost to land, and each Amazon, eBay or Shopify order takes its cost of goods on the day it ships, not the month the factory was paid.
When your QuickBooks file does not track stock, supplier payments are booked as cost when they leave the bank, and the stock is trued up later from a count or your 3PL's report.
The container deposit and balance are booked as cost the month they go out, so that month shows a loss and the month the stock sells shows a margin that is too good.
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Your brand's stock waits on the balance sheet, and its cost of goods is dated to the day each order ships.
Each quarter or at year end the bookkeeper books the inventory true-up from a count, and you see one month's profit jump or drop by a large amount.
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Cost of goods follows your brand's shipments through the year, and the inventory balance is reconciled at each monthly close.
A month lifted by stock paid for earlier makes one product or channel look strong, and the ad budget follows it. A month with a big supplier payment gets its ads cut.
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Each product's margin on each channel is read from the cost of the units that shipped that month.
The costing method is yours to choose with your CPA, and the month's approval stays with you or your fractional CFO.
The units received on a purchase order are held at their estimated landed cost until they ship.
When the actual freight and duty are entered on the landed-cost screen, the units still on hand take the actual cost, and the units already sold take their share.
Its cost of goods is dated to the day it shipped.
A preorder or backorder that is paid but not yet shipped carries no cost of goods until it ships.
What goes into the product, its bill of materials, leaves stock at cost, and the finished units enter stock at that cost plus the co-packer's charge.
The inventory balance is reconciled, and a person approves it before the month is closed.
Your brand's cost of goods and the month's inventory balance are kept in one set of books, with that balance approved by a person each month.
What you get
QuickBooks can track stock, though many brands at this size run it without, and NetSuite costs stock when its item records are kept up. Each cell says who does the work.
| Futureproof | QuickBooks + a bookkeeper | NetSuite + finance staff | |
|---|---|---|---|
| Cost of goods dated to the day each order ships | Posted for you as orders ship | Your bookkeeper, at each true-up | Posted from fulfillments your staff keep current |
| Stock held at landed cost, FIFO or weighted average | Held for you, on the method you choose | Your bookkeeper, from a count or a spreadsheet | Item and receipt records your staff maintain |
| Stock value at cost, by product and in total | On one screen, beside its sale value | A spreadsheet your bookkeeper builds | Reports your staff run |
| Products your co-packer makes | Costed from each run | Your bookkeeper, by journal entry | Assembly builds your staff record |
| Who approves the inventory balance each month | You or your fractional CFO, even if we close | You, your bookkeeper or your CPA | Your finance staff |
On the ship date: revenue and cost of goods are both dated to the day the order ships, not the day you pay the supplier. A paid preorder or backorder carries no cost of goods until it ships.
Yes, product by product, usually with your CPA. Each product runs on first in, first out (FIFO) or weighted average, and its cost of goods follows that method from the day each order ships.
Stock is held at its estimated landed cost when it arrives. When the actual freight, duty and other costs are entered on the landed-cost screen, the units still on hand take the actual cost, and the units already sold take their share as cost of goods.
Each run is costed from what goes into the product, its bill of materials. The parts and packaging leave stock at their cost, and the finished units enter stock at the cost of those parts plus the co-packer's charge.
You upload your 3PL's stock file, and its units appear by product beside your other locations. The counts and the warehouse work stay with your 3PL.
Your CPA can work in Futureproof and see the units at each location and each monthly close where the inventory balance is reconciled and approved. The year-end count still finds what only a count can, such as shrink and damage.
A walkthrough of the whole platform, then a talk about how you run your month.
