Answer to Question #79349 in Finance for Hugh Heron

Question

What is the purpose and value of the job cost report?

Why is it important for budgets and reports to be presented in a clear manner, that they conform to management information requirements and how would a budget timetable or planner assist in satisfying this need?

Answer 1

The job cost report is the starting place for much of the data contained in other reports. This report lists each job you are working on and lists the total cost incurred on the job in the previous period.
It is important for budgets and reports to be presented in a clear manner and to conform to management information requirements, because the more clear and correct is report, the more useful it is. A budget timetable or planner may assist in satisfying this need, because it helps doing a report in time.