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Frequently Asked Questions
- How do I know MyOverhead will work for my company?
The MyOverhead Calculating System is designed to help virtually any business determine it's overhead cost in an hourly rate or percentage figure. These figures can be used and broken down into many different formats.
- Can my company information be entered in for me?
Yes. We designed the MyOverhead Calculating System to be user friendly and we are supporting it with an advanced Help System. However, your company information can be entered into the MyOverhead Calculating System for a one-time fee, depending on the size of your company. You will then be able to modify and/or edit your company information or settings at any time. Please email customerservice@myoverhead.com for a free quote and additional information about this service.
- Is my information automatically stored on the myOverhead.com's server, or is
the information stored on my computer?
Your information that is entered into the My Overhead Calculating System will be stored automatically on myOverhead.com's secure server.
- What security measures are taken to ensure the privacy of my company's information?
The MyOverhead Calculating System is completely secure and all information collected is handled through our secure server. If you look to the left in the address bar after logging into myOverhead.com, you will notice https:// - the “s” after the http indicates that myOverhead.com is a secure site. MyOverhead.com is protected with 128-bit encryption. To review a copy of our Certificate of Authenticity click on the seal unde the menu to the left. Please email customerservice@myoverhead.com if you would like to receive additional information about our secure site.
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Is there a discount if I sign up for an extended period?
Yes. If you sign up for an extended period longer than one (1) month, you will receive a discount. Subscriptions are currently offered in increments of one (1) month, three (3) months and six (6) months.
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What subscription plans do you offer?
One (1) month @ $49.95, three (3) months @ $44.95 per month (billed as $134.85 at the beginning of your subscription), six (6) months @ $39.95 per month (billed as $237.90 at the beginning of your subscription).
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Will my account be automatically billed each month after signing up for myOverhead.com?
Yes. If you do not cancel your subscription, your account will automatically be renewed with your original subscription choice.
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Will I be notified that my subscription term is ready to expire?
Yes. You will be notified that your subscription term is ready to expire ONLY if you have canceled your subscription. Your account will still be accessible until your subscription expires.
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Will I be notified each time my credit card is billed?
Yes. You will receive an invoice, via email, anytime myOverhead.com renews your subscription.
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Will this program benefit me if I am self-employed and I have no other employees?
Yes. As a business owner, even if you are the only employee, knowing your overhead is a key factor for staying in business. Research and statistics have proven that a large percentage (as high as 80% to 90%) of all start up business are out of business within the first year, because business owners either guess or they are unsure of their overhead costs or how to calculate it.
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How do I apply the information obtained from myOverhead.com to help me make a profit?
The information that is available in the reports generated by the system can be used in many different ways dependant on your company type. Example: Contractors, such as a plumbing contractor, can use the information to determine his break-even dollar per hour rate and figure exactly how much profit he would like to charge above his break-even rate. Instead of guessing, this system will show you how low you can go and still make money.
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Can I pay for myOverhead.com service with a check?
Yes. If you sign up for a minimum term of six (6) months, you may pay with a check. Please email customerservice@myoverhead.com for further instructions.
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How often should a company, large or small, look at their overhead?
You should look at your overhead each time there is a change in your business. Your overhead is constantly changing and you may not realize it. Here are some examples of common changes that affect your business overhead: (1) you buy more vehicle fuel in a month than expected or fuel prices change (2) there is a fluctuation in utility charges or fees (3) employee layoff, leave of absence (pregnancy, military, etc.), dismissal, new hire, tardiness or unscheduled time off (4) new office equipment (computers, printers, fax machine, telephones, etc.).
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Profit
At its most basic level, profit is defined as the difference between a business' income and its costs. When you evaluate whether a specific project was profitable, you typically look at gross profit. This is the project's revenue minus all of the direct costs related to it, such as personnel costs or any equipment that was required.
However, there are other items that fall into the cost or expense category, which should be included to get a clearer picture of your profitability.
These fixed or indirect costs are the costs associated with doing business and are also known as overhead. They might include rent, utilities, phone, equipment, interest on bank loans, taxes, employee salaries that are not billed to a specific project and staff training.
To determine profit, you must subtract all of your fixed or indirect cost from gross profit. Cash Flow Cash flow refers to both the revenue and expenses that flow into and out of a company's cash account. Cash may flow into your business through sales or operations, financing or investing. It may flow out to pay expenses or make investments.
Cash flow is crucial to a business' survival. To be successful, companies must have sufficeient cash on hand to pay employees, vendors and others in a timely manner. They should also have adequate cash available to put back into the business.
To manage your cash flow, you must shorten the length of time it takes to turn your services or product into receivables into cash, while delaying outlays of cash as much as possible. Overhead Overhead refers to any business expenses that are necessary for running the business, but do not directly generate revenue. Overhead may include expenses for accounting, advertising, depreciation, insurance, interest, legal fees, labor not directly related to generating income (such as clerical support), rent, supplies, taxes, telephone and utilites.
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