Understand the importance of planning and budgeting your project costs.
Project cost components are defined as variable cost, which varies with revenue; and fixed cost, which are the overhead costs. Contract costs are defined as direct costs, those relating to performance of a job, or jobs in progress; and indirect costs, those associated with the specific work to be put in place. This video reviews keys to building an effective cost system and how to develop meaningful indirect cost pools; as well as how accurate job costing fits in the construction circle.
Agenda
Faculty
Theran J. Welsh, CPA
Playmaker, LLC
- Playmaker, LLC
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and ensure their tax structure is a model to support a sustainable organization
- He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
- His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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