An Electrical Company is an essential workforce, providing power and light to the lives of people all around them. When it comes to your finances, however, do you ever feel left in the dark? Unfortunately, ensuring that your books properly reflect your business’ financial wellness isn’t as easy as people think, just like being an electrician isn’t just flipping breakers.
When it comes to electrical work, your biggest worry is likely to be your supplies, especially if you do more new construction than you do repair work. While you may end up using those supplies over several jobs, it can still make a significant difference in your numbers. Things like conduit and conduit fittings that may need to change each job, depending on their needs or wants, can leave you with many leftover materials.
This is where job costing can be a huge help. For the small materials, like screws, you don't need to break down how many were used for each job, but the materials that are specific to a job or are a higher cost, you'll want to track where those materials are being used. Using job costing will help you better predict the materials you will need for jobs in the future and help you compare which jobs are costing you more than others. Knowing what you're spending for each job allows you to adjust your pricing accordingly, so you're not losing out on money.
Another aspect of job costing is your payroll. With home service jobs, it's essential to know when your employees are at job sites and ensure that they are on the correct job. In addition, making sure that their time is broken out by job will help you split their hours into individual assignments. This is especially easy if you have a program or software to assist in keeping up with location and time spent on each job.
Detailed Accounting for Home Service Professionals
Waterford Business Solutions is fully equipped to address all of your bookkeeping needs and is available to provide both virtual and in-house bookkeeping services.
Waterford Business Solutions
55 Beattie Pl. Suite 1601 Greenville, SC 29601
Phone: 864 351-0852
Email: info@waterfordbusinesssolutions.com
