If your business delivers services on a project or job basis — such as construction, design, consulting, or IT — tracking overall revenue isn’t enough. To truly understand your financial performance, you need to know which projects are profitable — and which ones are not.
That’s where job-level accounting comes in. Here’s how project-based businesses can track profitability by job, and why this kind of financial insight can make or break long-term success.
Relying solely on overall income and expense figures can mask problems. You might be profitable in total, but losing money on specific projects without realising it.
Tracking each job’s performance helps you:
In short, job-level tracking helps you protect your margins and run a lean, profitable operation.
Effective project accounting means tracking income, costs, and time for each job. Key elements include:
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Some businesses also assign a portion of overhead costs (e.g., rent, software subscriptions) to jobs for a more complete picture.
Once income and costs are tracked, you can calculate gross profit per job and compare it to targets.
Modern accounting platforms allow for job costing or project tagging, where income and expenses are assigned to specific projects. Accounting services help:
With systems in place, you can view real-time dashboards showing project budgets, spend-to-date, and profitability. This helps:
Post-project reviews allow you to analyse:
This insight helps refine pricing, improve efficiency, and increase future profitability.
While tracking job profitability helps with internal management, it also supports accurate reporting for tax and compliance purposes, including:
Well-maintained project records make filings faster and reduce audit risks.
For project-based businesses, profitability can vary widely from job to job. Without proper tracking, it’s easy to overlook losses or overestimate success. By implementing project-level accounting, you gain control over your financials, improve decision-making, and set your business up for sustainable growth.
Focus on growing your business while our in-house team manages your payroll. From payment processing to tax compliance, we handle everything under one roof. Get accurate payments, timely tax deposits, and perfect records that sync automatically with your accounting.
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