ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals
ECN Shout Chat
ShoutChat Box
Recent Posts
From an outsider- How does tipping work?
by Trumpy - 12/02/20 04:26 AM
Happy Thanksgiving
by Trumpy - 12/02/20 04:11 AM
Where is Everyone?
by Trumpy - 12/02/20 03:51 AM
What does your work place look like?
by Trumpy - 12/02/20 03:42 AM
Ground fault remover :-)
by dsk - 11/30/20 03:51 AM
New in the Gallery:
Facebook follies, bad wiring
FPE in Germany pt.2
Who's Online Now
0 registered members (), 24 guests, and 14 spiders.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Rate Thread
profit?? #155378 12/31/04 11:30 PM
Joined: Dec 2003
Posts: 84
S
slumlordworker Offline OP
Member
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 09:08 AM
Joined: Apr 2002
Posts: 914
E
Electric Eagle Offline
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.

Re: profit?? #155380 01/01/05 12:18 PM
Joined: Apr 2001
Posts: 507
G
golf junkie Offline
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.

Re: profit?? #155381 01/01/05 02:13 PM
Joined: Apr 2002
Posts: 914
E
Electric Eagle Offline
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.

Re: profit?? #155382 01/01/05 03:17 PM
Joined: Jan 2002
Posts: 1,457
E
Electricmanscott Offline
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).]

Re: profit?? #155383 01/01/05 04:21 PM
Joined: Feb 2003
Posts: 687
A
Active 1 Offline
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

Re: profit?? #155384 01/02/05 08:22 AM
Joined: Apr 2001
Posts: 449
F
Fred Offline
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!

Re: profit?? #155385 01/12/05 10:29 AM
Joined: May 2004
Posts: 697
D
Dave55 Offline
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

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


Featured:

2020 National Electrical Code
2020 National Electrical
Code (NEC)

* * * * * * *

2020 Master Electrician Exam Preparation Combos
2020 NEC Electrician
Exam Prep Combos:
Master / Journeyman

 

Member Spotlight
CharlieE
CharlieE
Indianapolis
Posts: 201
Joined: April 2004
Show All Member Profiles 
Top Posters(30 Days)
Trumpy 20
Popular Topics(Views)
272,184 Are you busy
206,070 Re: Forum
194,081 Need opinion
Powered by UBB.threads™ PHP Forum Software 7.7.3