Accounting for job cost
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Accounting for job cost
Job cost accounting is fundamental to any business. Say you are an interior designer. You have a project to design a house. You draw out the plans, have it approved; you set about putting the design in place. Your customer has a budget. Oops, you're design for the house far exceeds that budget and you, the poor self-employed designer, have bought all of the material upfront. Why didn't you sit down and think about it? Before you know it you've spent more on a project that you've made. Your business is going to lose money, and if it's a small business and you own it, it could well be the end. That is why job cost accounting is so critical. You need software that is fast and reliable at calculating how much it is going to cost you to do the work - if you're going to make money from the project at all. The efficiency of your job cost analysis could be the difference between success and failure.
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