Benefits of Percentage of Completion Accounting for Contractors

There are two methods of accounting for most construction contractors; Percentage of Completion (POC) and Completed Contract (CCM). Percentage of completion is the method utilized most by contractors. But why? What are the benefits of POC? Let’s find out!

Smart Reporting or Dashboards

Let’s think of a world where everything you needed or cared to know about your business was in the palm of your hand. Maybe this is income, payroll expenses, or net income. Rather than looking at financial statements or certain month en numbers to figure this out, you could get

Streamlining Bookkeeping to Increase Efficiency

QuickBooks Online (QBO) is a cloud based accounting product meaning you can access your accounting records from anywhere that has an internet connection. QBO links directly to your banking and credit institutions to automatically download daily activity. Traditional accounting systems

When Have I Earned Revenue?

Many small and medium-sized businesses use varying basis of accounting depending on their financial reporting requirements. For companies preparing their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), recognizing revenue could become a more co

Cash vs Accrual Basis Accounting

Which is best for YOUR company? How does your business maintain your financials? Under the Tax Cuts and Jobs Act, taxpayers are eligible to select their accounting method according to the new limits in tax years beginning after December 31, 2017. Taxpayers which have an average annual