Finance Track (1of 3): Creating an Accurate Income Statement for Better Analysis - Consider a New Accounting Standard

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Create DateApril 17, 2015
Last UpdatedApril 17, 2015

In order to create a profit and loss statement to help you improve profitability, you need financial statements that are readable, understandable and accurate. Consider an accounting standard called the “matching principle”: the amount of income you show must be related to the costs you’ve actually incurred. This webinar explains why, if the cost of goods sold on your P&L shows 25% of the expected costs of a job, you should show 25% of the expected revenue – and be able to show 25% of the expected gross profit. You’ll also learn how to:

- Create a Work in Progress Schedule to determine true profitability, no matter where you are on the job
- Determine benefits of the matching principle
- Organize your financials for better analysis

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