Does the cost relate to the performance of a particular job?
Indirect costs do not exist unless there is contract activity. Indirect costs are not directly identified with a specific job. The company develops a plan, the plan is the basis for a budget; the budget identifies direct and indirect costs, and establishes rates; and these rates are consistent between estimating and job cost. Typical indirect costs are the costs compared to overhead. This video discusses examples of indirect costs, and reviews case studies for cost pools.
Theran J. Welsh, CPA
SVA Certified Public Accountants
- Partner with SVA Certified Public Accountants since 2005
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and assure 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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