Bookkeeping

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This allows businesses to focus on project execution and strategic decision-making rather than getting bogged down in tedious accounting processes. For example, under the completed contract method, revenue, expenses, and profit related to a construction project are recognized only after the project is completed. This method might make sense when the outcome of a project

Having calculated the percentage of completion, the next step is to apply this percentage to the estimated total revenue from the project. You can use a few different methods to calculate POC, although the most commonly used approach is the cost-to-cost method. If you have accurate direct labor hours, you can also use the efforts-expended