What is a Job Cost Sheet?
A job cost sheet is an accounting document used by a business to track the expenses related to a particular job. It is also used to compare estimated costs to the actual costs. This helps the business understand their profits or losses associated with a job, and can also be used for budgeting and future estimating.
Include in a Job Cost Sheet
A job cost sheet includes several elements that will help give a more accurate picture of a job’s costs. These include:
- Estimated Costs: This is the estimated cost of the specific job in question, usually broken down into parts and labor costs.
- Actual Costs: This shows the real cost of completing the job, including parts and labor.
- Hours: This is the number of hours that were spent on the job.
- Commissions/Fees: This records any commission or fees that were earned by the business for the job.
- Materials: This shows any materials used in the job, along with their cost.
- Income: This records the money the business made on the job.
- Profit/Loss: This shows the total amount of profit or loss the business made on the job.
Benefits of Job Cost Sheets
Job cost sheets offer several benefits to businesses. Firstly, they allow the company to accurately track their expenses for each individual job and accurately estimate their profits and losses. They also provide useful information that can be used for future budgeting, such as the cost of labor, materials and other expenses. Finally, job cost sheets are a useful tool for analyzing the performance of the business and its employees.