why is job costing important?
job costing helps track the expenses and revenues associated with individual projects. this provides great visibility into where money is being spent and how much revenue is generated per job. by understanding the actual costs of each project, you can determine which jobs are profitable and make adjustments where needed.
what is the difference between job costing and project accounting?
job costing focuses on tracking the costs and revenues associated with individual jobs, breaking down costs for each specific expense. project accounting has a broader scope and tracks the financial performance of an entire project over its life cycle. it includes not only the direct costs tracked by job costing but also indirect costs, revenues, and overall financial health at a higher level.
what is percentage of completion accounting?
a method used primarily in long-term projects, where revenue and expenses are recognized progressively based on the proportion of work completed, rather than waiting for the project to be finished.
what is completed contract accounting?
this technique is primarily used to recognize revenue and profit once a contract is fully completed.
why should i outsource my bookkeeping/accounting?
outsourcing can save you time, provide expert advice, ensure compliance, and allow you to spend more time focusing on growing your business.
what percentage of revenue should go to accounting?
generally, businesses should expect to allocate between 2% to 5% of their revenue for accounting services. however, this percentage can vary widely by industry, company size, and structural complexity.
can you help with payroll?
we are not a payroll processing firm. however, as payroll is an integral piece to labor cost burden, we can work with you to check you have the best payroll solution and assist with integration, if needed. in addition, we can monitor payroll processing to ensure taxes and filings are current.
do i need to file sales tax?
this largely depends on various factors and differs from state to state. in addition, the nature of your transactions and how you bill them back to your projects should be considered.
do you offer income tax preparation and filing?
while we do not currently offer income tax preparation services, we do work closely with your tax preparer to ensure they receive the information they need to prepare and file accurate and timely income tax returns.
how do you ensure my business is compliant with state and local regulations?
we can track all relevant state and local deadlines and provide guidance to help you meet compliance requirements such as secretary of state and local business license requirements.
can you help with financial planning and forecasting?
yes, we offer advisory services that include financial planning, cash flow forecasting, and budgeting.
how can you guarantee the information i give you is secure?
we take our client’s privacy and the security of their information very seriously. to safeguard your sensitive data, we have multiple layers of protection including utilizing leading cybersecurity platforms, advanced encryption, and secure cloud storage solutions.
