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profit?? #155378
01/01/05 12:30 AM
01/01/05 12:30 AM
S
slumlordworker  Offline OP
Member
Joined: Dec 2003
Posts: 84
south bend indiana
did we all make a profit or atleast breakeven in 2004

we lost our a in 2004

Business, Office, Estimating, Legal:
Re: profit?? #155379
01/01/05 10:08 AM
01/01/05 10:08 AM
E
Electric Eagle  Offline
Member
Joined: Apr 2002
Posts: 914
Alpharetta, GA
We had a small profit in 2004. It should've been a better year, but we had several invoices that were due December that did not get paid to us in time. It will make for a good start to '05 though.

Re: profit?? #155380
01/01/05 01:18 PM
01/01/05 01:18 PM
G
golf junkie  Offline
Member
Joined: Apr 2001
Posts: 507
York, NE
EE,
Interesting accounting methods there!

Just because you have completed work and not been paid does not mean you have less profit. You still have the recievables.

Re: profit?? #155381
01/01/05 03:13 PM
01/01/05 03:13 PM
E
Electric Eagle  Offline
Member
Joined: Apr 2002
Posts: 914
Alpharetta, GA
Golf Junkie,

We don't book the sale until the check is recieved. We also don't book the expenses until they are paid. There are 2 main types of accounting, Cash and Accrual. The method we use is the cash method. What if someone stiffs us for $10,000 that we already booked? It all washes in the end.

Re: profit?? #155382
01/01/05 04:17 PM
01/01/05 04:17 PM
E
Electricmanscott  Offline
Member
Joined: Jan 2002
Posts: 1,457
Holden, MA USA
Made a nice profit. Also watched costs go up. Gas, insurance cell phone use etc. Looking at all the numbers and based on my anticipated workload, (looking great) I am going from $78.00 an hour for myself to $85.00. Also, material markup will be closer to 40% rather than 30%. I am giving myself a raise and covering more costs, one of which is non billable hours. Anticipating an awesome year. [Linked Image]

[This message has been edited by Electricmanscott (edited 01-01-2005).]

Re: profit?? #155383
01/01/05 05:21 PM
01/01/05 05:21 PM
A
Active 1  Offline
Member
Joined: Feb 2003
Posts: 687
Grayslake IL, USA
The accoutant said one problem with the accural is you would have to pay taxes on money you have not recieved yet. I too have a lot of recievables and I'm glad I don't have to send the tax money in for it yet.

I don't have any finel numbers yet but I'm not going to be happy. Material prices skyrockting after jobs bid out and a slower spring / summer hurt. Just have to charge more next year.

Tom

Re: profit?? #155384
01/02/05 09:22 AM
01/02/05 09:22 AM
F
Fred  Offline
Member
Joined: Apr 2001
Posts: 449
Straughn, IN 47387
I had a good year. Could have been better. The biggest price increases I saw this past year were copper and steel. I allow for a rollercoaster ride with copper but steel was a little more than I anticipated. EMT prices were all over the place and ended up with a 42% increase averaged out over the year. I will have to adjust for that this year. The 2005 work schedule is already filling up and is booked right now up to the end of April. Here we go again!

Re: profit?? #155385
01/12/05 11:29 AM
01/12/05 11:29 AM
D
Dave55  Offline
Member
Joined: May 2004
Posts: 697
Crystal Lake, Illinois, USA
I had my best year with a small profit, and a substancial increase in salary (sometimes it's good to be the boss).

I use the cash method also, but my understanding is that the accrual method is better for playing with the numbers and letting you know how your business is doing.

Dave

Re: profit?? #155386
01/17/05 02:59 AM
01/17/05 02:59 AM
D
Dave33  Offline
Member
Joined: Jan 2005
Posts: 15
beinica ca


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