Profit and Loss Statement for Contractors! Know Your Accounting for MAXIMUM Profit!

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If you're a Concrete Business Owner, it's important to KNOW your numbers. Profit and Loss statement explained. #concrete #concretebusiness #businessowner #businesstips #concretecoach

In today's video I talk about the most important report in your concrete business. The profit and loss statement, also called the income statement.

In a high level overview I go over the various aspects of a profit and loss statement and what should be included in each category:

✅Revenue, what it means and when you record it, money collected vs jobs sold
✅COGS = Cost of goods sold - variable expenses like materials, labor, permits, dump fees, and equipment rental
✅Gross Profit - Revenue minus COGS should be at 50% to account for you other costs in your business
✅Overhead - indirect payroll, marketing, trucks and equipment, rent, utilities, phone bills, taxes, depreciation, accounting, legal fees, software, insurance, and depreciation
✅Net Income - what you make as a business owner, the money you take home as a business owner. Shoot for 20% to get ahead and to scale your business.

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