ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals
ECN Shout Chat
ShoutChat
Recent Posts
Do we need grounding?
by gfretwell - 04/06/24 08:32 PM
UL 508A SPACING
by tortuga - 03/30/24 07:39 PM
Increasing demand factors in residential
by tortuga - 03/28/24 05:57 PM
Portable generator question
by Steve Miller - 03/19/24 08:50 PM
240V only in a home and NEC?
by dsk - 03/19/24 06:33 AM
New in the Gallery:
This is a new one
This is a new one
by timmp, September 24
Few pics I found
Few pics I found
by timmp, August 15
Who's Online Now
1 members (Scott35), 42 guests, and 13 robots.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Rate Thread
#155378 01/01/05 12:30 AM
Joined: Dec 2003
Posts: 84
S
Member
did we all make a profit or atleast breakeven in 2004

we lost our a in 2004

Latest Estimating Cost Guides & Software:
#155379 01/01/05 10:08 AM
Joined: Apr 2002
Posts: 914
E
Member
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.

#155380 01/01/05 01:18 PM
Joined: Apr 2001
Posts: 507
G
Member
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.

#155381 01/01/05 03:13 PM
Joined: Apr 2002
Posts: 914
E
Member
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.

#155382 01/01/05 04:17 PM
Joined: Jan 2002
Posts: 1,457
E
Member
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).]

#155383 01/01/05 05:21 PM
Joined: Feb 2003
Posts: 687
A
Member
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

#155384 01/02/05 09:22 AM
Joined: Apr 2001
Posts: 449
F
Member
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!

#155385 01/12/05 11:29 AM
Joined: May 2004
Posts: 697
D
Member
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

#155386 01/17/05 02:59 AM
Joined: Jan 2005
Posts: 15
D
Member


Link Copied to Clipboard
Powered by UBB.threads™ PHP Forum Software 7.7.5