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Job Costing Concepts Explained (an overview)

By |2021-08-01T20:20:47-05:00February 13th, 2020|

Introduction Do you know how much money you make on each job? What were your costs and how many labor hours were spent doing the work? To answer these questions, and others, we use a management technique known as “Job Costing”. In its simplest form, job costing is the art of applying or associating Costs

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Percentage of Completion AKA: Progress Invoice

By |2021-08-01T20:25:20-05:00January 21st, 2020|

Introduction The percentage of completion (AKA: Progress Invoicing) method is an accounting method in which the revenues and expenses of long-term contracts are recognized as a percentage of the work completed during the period. Example: You sell a job for $30,000 and it is going to take thirty days to complete. You are allowed to

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