percent profit

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something else I was wondering about paychex. we have an accountant that i send the time into weekly and they produce payroll and send off liability checks. I saw somewhere on this forum that they can do workers comp as well and take it out weekly. Is this true or do you use it. Because we get audited each year and sometimes multiple times a year and have to come up with this enormous amount of money. Which we fully expect and anticipate but if someone else could take it weekly with me not having to track it and put money back throughout the year would be great.
 
fisherelectric said:
I'm curious what net income different size shops make in different parts of the country. Here in No. Va. with 2 electricians and myself I make ~35% to 38% net of total revenues. Both electricians make $30.00/ hr and I do all the paper work. I pay Comp and liability. No bennies but all paid holidays. I'm thinking about paying half their health ins. this year. I do have an accountant/tax guy to do quarterly statements and use Paychexs for payroll. I also use a permit service. I work in the field as much as possible but spend a lot of time doing estimates, bids, checking on jobs, getting material and other things that don't generate an immediate check. I'm pretty much working all the time, all day in the field...all evening in the office (when we're busy, which is usually). I'm curious how that works out with 1,4, or 6 man or larger shops.

edit to add...I work out of my house...no shop but my garage.
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Why outsourse for only two employees? I do payrole with quickbooks for 4-6 men and it does not take long to do it also generates my quarterly statements so no need for accountant until years end.I spend about 30 minutes each day inputing time from their time sheets and another 30 inputting daily material used this generates my invoices to bill I spend about an hour each day on billing.I put my tools on the shelf and only do the occasional service call I have to devote my time to running and growing the business I also decided at the begining I would not work out of my garage and rented space for an office This way I draw a clear line between home and work not just for taxes but to also keep me in work mode I needed to get up and "go to work" also with my building I have a business "presence" in the community.
 
Why outsourse for only two employees? I do payrole with quickbooks for 4-6 men and it does not take long to do it also generates my quarterly statements so no need for accountant until years end.I spend about 30 minutes each day inputing time from their time sheets and another 30 inputting daily material used this generates my invoices to bill I spend about an hour each day on billing.
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Rewire I have to agree with you. One of the smartest things I did in the beginnning was learn how to do basic business accounting using Quickbooks. Locally most folks just have an accountant do their weekly payroll which I didn't really care for.

During a winter slowdown I learned how to do payroll, track/pay workmans comp, manage inventory and most importantly quickly invoice customers. I payed the local accountant dearly to tutor me initially. The initial expense was little high considering my shallow learning curve but it's definitely paid off.

One of things I noticed right away was how much I wasn't making making:mad: . I had to significantly raise my laobr rate and mark-up to put net profits in the double digits. I had been close to breaking even for some time not because of lack of work but because I couldn't work the books properly.
 
QB really is a no brainer for payroll. You need to track hours anyway. Just have someone make sure you set it up right and everything is just a click or two away.

Holidays, sick, vacation, year end bonus. Simple retirement plan, no health but have helped with it in the past. No takers at the moment.
I am really happy to see 5%.

Rented shop bldg. I am incorporated so I am an employee.
1 EC (me)
1 Journeyman
1 Apprentice
1 Part time office - worth it if you can get someone to stick around a year or two.

Permits are phone call or internet. Takes more time to say pleasantries than get permit.
 
480sparky said:
Yes. click here
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Thanks for the link to the pictures 480, that is awesome. I don't know what it must feel like standing there on top of one of those towers. Wife and I were travelling through western Maryland this summer, saw a flatbad parked on the side of the road with a couple of those monster blades on it. Had to get out of the car and take a few pictures.
 
Energy-Miser said:
....Wife and I were travelling through western Maryland this summer, saw a flatbad parked on the side of the road with a couple of those monster blades on it. Had to get out of the car and take a few pictures.
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You must have been near where I live. They're putting those things up everywhere. I'm not sure what my opinion is of them.

When you see them along the road like that, they are really something aren't they? BIG.
 
realolman said:
You must have been near where I live. They're putting those things up everywhere. I'm not sure what my opinion is of them.

When you see them along the road like that, they are really something aren't they? BIG.
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Was near Deep Creek area, almost western most end of Maryland. I looked around for the truck driver to ask a few questions, no one was around. Travelling from Pittsburgh another time, saw many in operation someplace in Wester Virginia. Found out later that the windfarm there is a 65 kw, the name of which escapes me now. A foreign manufacturer has started building blades and maybe some other parts for wind turbines / towers in PA. Good boost for the local economy. It is good to see some jobs migrating in, to make up for some of the outsoursing we have seen in recent years. e/m
 
Energy-Miser said:
....A foreign manufacturer has started building blades and maybe some other parts for wind turbines / towers in PA. Good boost for the local economy. It is good to see some jobs migrating in....
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Gamesa ... I think it's spanish. I guess as long as you're not living in the strobing shadows of a couple of those monsters.


I think I'd rather see a nuclear power plant in my back yard.

... Actually neither. I live in the sticks because I like the sticks. I'm a stick kinda guy.:smile:
 
realolman said:
Gamesa ... I think it's spanish. I guess as long as you're not living in the strobing shadows of a couple of those monsters.


I think I'd rather see a nuclear power plant in my back yard.

... Actually neither. I live in the sticks because I like the sticks. I'm a stick kinda guy.:smile:
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You know burning sticks is an environmentally friendly of using energy, as long as you grow enough trees and shrubs to replace what you use. It is carbon neutral as the jargon goes. Nuclear is attractive, near zero carbon emission, but of course there is the pesky problem of radioactive waste to deal with. e/m
 
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