Electrical Income Statement Template

Move to the Job Cost Summary and add your active projects. For each job, enter the quoted or contract value, your estimated costs by category, and what you've spent so far. Electrical contractors with several concurrent commercial jobs or multi-phase residential builds will get the most out of this sheet — seeing gross margin per job in real time lets you catch material cost drift or labor overruns while the job is still open. Update the Job Cost Summary weekly: check wire and materials invoices against your estimates, verify any sub costs, and flag jobs where actuals are running ahead of budget.

A proper electrical contractor income statement starts with revenue broken out by work type, because service work and project work carry different cost profiles. Service calls and panel upgrades are typically labor-intensive with lower material costs; commercial projects carry high material costs (wire, conduit, panels, fixtures) that can run 30–40% of job revenue. Below revenue, direct job costs need to be broken out clearly: materials and wire as one line, direct labor split by journeyman and apprentice rates, permit and inspection fees (which can be significant on commercial work), and vehicle costs assigned directly to jobs. This level of detail lets you calculate gross margin by work type, which is where most electrical contractors discover that their commercial jobs — which feel like big wins — are actually generating lower margins than residential service work.