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Grand Valley Construction Association Education 25 Sheldon Drive, Cambridge ON. N1R 6R8 P: 5196224822 120 F: 5196213289 E: admin GCA.org Job Costing (Part 3 of a 4 Part Construction Financial Series)

How to fill out job costing - gvca

How to fill out job costing - GVCA:

1. Start by gathering all the necessary information about the job such as materials used, labor costs, and other expenses incurred during the project.
2. Organize the information into appropriate categories such as direct costs and indirect costs. Direct costs include materials and labor directly associated with the job, while indirect costs include overhead expenses like administrative costs and utilities.
3. Assign a unique job code or number to each job for easy tracking and reference.
4. Calculate the total direct costs by adding up the costs of materials and labor for the specific job.
5. Include any additional expenses such as subcontractor fees, permits, or equipment rentals.
6. Determine the indirect costs by allocating a portion of the overhead expenses to each job using an appropriate allocation method.
7. Sum up the direct costs and indirect costs to get the total job cost.
8. Once the job costing form is completed, double-check all the figures for accuracy.
9. Submit the job costing form to the relevant parties or departments for review and approval.

Who needs job costing - GVCA:

1. Construction companies: Job costing helps construction companies accurately estimate and track the costs of various projects, ensuring profitability and effective budgeting.
2. Project managers: Job costing provides project managers with valuable insights into the actual costs incurred during a project, allowing them to make informed decisions and adjustments as needed.
3. Contractors and subcontractors: Job costing helps contractors and subcontractors track their expenses and allocate costs to specific jobs, facilitating accurate billing and invoicing.
4. Business owners: Job costing allows business owners to understand the profitability of each job, enabling them to identify areas of improvement and make informed business decisions.
5. Accountants: Job costing provides accountants with the necessary information to accurately allocate costs, prepare financial statements, and analyze the overall performance of a company's projects.

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