What are Cost Codes?
A group of individual costs based on their nature or function. Cost Codes usually consist of numeric characters with an account title. For example, costs related to framing and drywall are classified under Framing Expenses with a cost code of 0001. Cost coding is used to facilitate easy classification of costs.
Many in the industry think their jobs are project-centric, when in fact they are cost code-centric. Everything about how they bid the job and how the crews execute the job centers around cost codes. Cost codes are the smallest reasonable unit of measure, and it's how you can best gauge work accomplished.
A cost code might consist of digging a trench, laying sewer pipe, installing connections, setting man (people) holes.
Each of these cost codes individually are the key to providing your company with real, accurate decision-making data.
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