Cost

A often misstated term which actually refers to the price for a material item, the direct cost of labor or the price related to an outside service or utilization fee (rent, insurance etc.). Most individuals restrict the meaning to a material price.

Phase Codes and Cost Codes with QuickBooks and Construction Accounting

Phase Codes

The whole goal of financial reports is to gain an understanding of financial performance and identify the key issues for changes to make improvements.  In accounting we referred to this as a continuous feedback loop method of financial improvement.  Insert data, report the data, discover opportunities for improvement; make changes and insert data and begin the whole process all over again.  If you are even mildly alert to what is going on, you should easily identify opportunities and make financial improvements and ultimately maximize profitability for your business.  It is not going to happen overnight but it will dramatically improve your bottom line within 2 years.

But all of this starts with the estimate for the project.

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