Tag: Service
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Carpet Cleaning Service – Margins and Expenses
A very common small business in the service industry is the carpet cleaner. Many owners of such businesses desire to know the margins and of course the associated operating expenses involved.
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Format of the Profit and Loss Statement for Service Related Businesses
Service related businesses require a different format than the traditional profit and loss statement AKA the income statement. The traditional profit and loss focuses on sales of products and a corresponding cost of goods sold section to help the reader evaluate the gross margin. But in service, the owner needs a profit and loss statement…
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Labor Availability – How to Calculate Maximum Available Hours
Every service related business wants to maximize the hours the staff bills or provides services to customers. When they are working, the business gets to bill for time and generate revenue. Maximum revenue means the best chance at creating the highest profit.
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Service Equals Timeliness and Accuracy
In the world of accounting, we stand on two principles; timely and accurate information for the client. Without either, the client can’t make good decisions. As accountants our job is to record economic transactions and report this information in a financial format. For the client it is imperative that the information is provided in a reasonable period of…