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Why a 51% margin leaves −$39k: delivery margin only counts the direct cost of client work. Payroll for time not spent on clients ($291k), internal work ($3.6k) and overhead ($96k) come out afterwards. View calculation
Timing differences are work in progress (earned, not invoiced) and receivables (invoiced, not collected)
Employee salaries are counted once. Labor recorded on client work is part of delivery cost; the remainder of payroll is shown separately.
| Earned revenue (client projects) | $683,657 |
| − Direct cost of client work (labor, contractors, project expenses) | −$332,335 |
| = Delivery profit (51.4% delivery margin) | $351,321 |
| − Employee labor not on client work (internal, bench, leave, admin) | −$291,081 |
| − Contractors and expenses on internal work | −$3,600 |
| − Overhead (rent, software, admin) | −$96,000 |
| = Operating result (simplified) | −$39,359 |
| Check: total payroll $552,375 = client labor $261,294 + non-client labor $291,081. | |
Delivered but not invoiced or not yet priced, as of Oct 5, 2026. Valued at bill rates; not revenue until agreed.
As of Oct 5, 2026
| Invoice | Client | Due | Amount | Outstanding | Days overdue |
|---|---|---|---|---|---|
| FW-1047 | Verdant Foods | Jul 31, 2026 | $28,500 | $28,500 | 66 |
| FW-1054 | Orchard Education | Sep 21, 2026 | $45,000 | $45,000 | 14 |
| FW-1052 | Kestrel Outdoor | Oct 30, 2026 | $45,000 | $45,000 | — |
| FW-1068 |
Opening balance $486,000 observed on Oct 5, 2026. Change assumptions to see the effect; nothing is saved.
Share of earned revenue in Q3 2026 (last full quarter)
The lines below sum to the period totals above
| Project | Hours | Earned | Labor | Contractors | Expenses | Margin |
|---|---|---|---|---|---|---|
| Harbor & Pine website rebuild Harbor & Pine Hotels | 831 h | $69,715 | $57,028 | $14,725 | $1,200 | −5% |
| Harbor & Pine autumn campaign Harbor & Pine Hotels | 214 h | $30,025 | $6,802 | $7,800 | $1,900 | 45% |
| Meridian patient portal UX Meridian Health Partners | 408 h | $57,863 | $30,674 | $0 | $0 | 47% |
| Meridian content retainer Meridian Health Partners | 139 h | $42,000 | $5,028 | $3,650 | $1,350 | 76% |
| Copperline driver app redesign Copperline Logistics | 504 h | $102,455 | $36,224 | $8,170 | $3,200 | 54% |
| Copperline growth retainer Copperline Logistics | 172 h | $54,000 |
| Copperline Logistics |
| Oct 31, 2026 |
| $18,000 |
| $18,000 |
| — |
| FW-1082 | Brightwater Credit Union | Oct 31, 2026 | $16,000 | $16,000 | — |
| FW-1094 | Meridian Health Partners | Oct 31, 2026 | $14,598 | $14,598 | — |
| FW-1061 | Meridian Health Partners | Oct 31, 2026 | $14,000 | $14,000 | — |
| FW-1099 | Brightwater Credit Union | Oct 31, 2026 | $13,425 | $13,425 | — |
| FW-1102 | Northwind Cycles | Oct 31, 2026 | $8,923 | $8,923 | — |
| FW-1075 | Atlas Fitness | Oct 31, 2026 | $8,500 | $8,500 | — |
| FW-1089 | Harbor & Pine Hotels | Oct 31, 2026 | $7,585 | $7,585 | — |
| FW-1086 | Kestrel Outdoor | Oct 31, 2026 | $6,500 | $6,500 | — |
| Week of | Opening | In | Out | Closing | Items |
|---|---|---|---|---|---|
| Oct 5, 2026 | $486k | $0 | −$32k | $454k | Overhead 2026-10 −$32k |
| Oct 12, 2026 | $454k | $45k | $0 | $499k | Collect FW-1054 +$45k |
| Oct 19, 2026 | $499k | $0 | −$184k | $315k | Payroll 2026-10 (salary + employer costs) −$184k |
| Oct 26, 2026 | $315k | $93k | −$34k | $374k | Harbor & Pine website rebuild: remaining direct expenses −$1.5k · Collect FW-1068 +$18k · Collect FW-1094 +$15k · Collect FW-1061 +$14k · Collect FW-1102 +$8.9k · Collect FW-1089 +$7.6k · Collect FW-1082 +$16k · Collect FW-1099 +$13k · Overhead 2026-11 −$32k |
| Nov 2, 2026 | $374k | $60k | −$4.0k | $430k | Collect FW-1075 +$8.5k · Verdant product launch campaign: remaining direct expenses −$4.0k · Collect FW-1052 +$45k · Collect FW-1086 +$6.5k |
| Nov 9, 2026 | $430k | $0 | $0 | $430k | |
| Nov 16, 2026 | $430k | $0 | −$2.0k | $428k | Copperline driver app redesign: remaining direct expenses −$2.0k |
| Nov 23, 2026 | $428k | $60k | −$184k | $304k | Payroll 2026-11 (salary + employer costs) −$184k · Harbor & Pine website rebuild: milestone "Launch" (due 2026-10-30) +$60k |
| Nov 30, 2026 | $304k | $98k | −$44k | $358k | Contractors for 2026-10 (planned hours) −$12k · Meridian patient portal UX: T&M 2026-10 (planned hours) +$16k · Meridian content retainer: retainer 2026-11 +$14k · Copperline growth retainer: retainer 2026-11 +$18k · Lumen dashboard design sprint: T&M 2026-10 (planned hours) +$3.7k · Northwind discovery & brand strategy: T&M 2026-10 (planned hours) +$8.0k · Overhead 2026-12 −$32k · Brightwater member onboarding redesign: T&M 2026-10 (planned hours) +$14k · Brightwater marketing retainer: retainer 2026-11 +$16k · Atlas digital retainer: retainer 2026-11 +$8.5k |
| Dec 7, 2026 | $358k | $6.5k | −$1.0k | $364k | Kestrel site support retainer: retainer 2026-11 +$6.5k · Orchard course platform UX: remaining direct expenses −$1.0k |
| Dec 14, 2026 | $364k | $116k | $0 | $480k | Verdant product launch campaign: milestone "Media plan live" (due 2026-11-06) +$38k · Copperline driver app redesign: milestone "Store release" (due 2026-11-20) +$78k |
| Dec 21, 2026 | $480k | $0 | −$184k | $296k | Payroll 2026-12 (salary + employer costs) −$184k |
| Dec 28, 2026 | $296k | $63k | −$38k | $321k | Contractors for 2026-11 (planned hours) −$5.6k · Meridian patient portal UX: T&M 2026-11 (planned hours) +$18k · Meridian content retainer: retainer 2026-12 +$14k · Copperline growth retainer: retainer 2026-12 +$18k · Northwind discovery & brand strategy: T&M 2026-11 (planned hours) +$4.0k · Overhead 2027-01 −$32k · Atlas digital retainer: retainer 2026-12 +$8.5k |
| $12,247 |
| $0 |
| $0 |
| 77% |
| Verdant product launch campaign Verdant Foods | 234 h | $45,137 | $11,652 | $4,880 | $8,400 | 45% |
| Verdant packaging system Verdant Foods | 0 h | $0 | $0 | $0 | $0 | — |
| Atlas digital retainer Atlas Fitness | 268 h | $25,500 | $19,554 | $0 | $0 | 23% |
| Brightwater member onboarding redesign Brightwater Credit Union | 299 h | $45,883 | $22,132 | $0 | $3,400 | 44% |
| Brightwater marketing retainer Brightwater Credit Union | 246 h | $48,000 | $13,384 | $3,721 | $0 | 64% |
| Kestrel e-commerce replatform Kestrel Outdoor | 325 h | $69,986 | $19,232 | $8,645 | $0 | 60% |
| Kestrel site support retainer Kestrel Outdoor | 46 h | $19,500 | $3,986 | $0 | $0 | 80% |
| Lumen dashboard design sprint Lumen Analytics | 51 h | $7,350 | $3,400 | $0 | $0 | 54% |
| Orchard course platform UX Orchard Education | 351 h | $57,322 | $14,948 | $0 | $0 | 74% |
| Northwind discovery & brand strategy Northwind Cycles | 67 h | $8,923 | $5,003 | $0 | $0 | 44% |
| Total | 4,152 h | $683,657 | $261,294 | $51,591 | $19,450 | 51% |