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Are You Using Generally Accepted Accounting Principles?
From:
Elinor Stutz Elinor Stutz
For Immediate Release:
Dateline: Washington , DC
Friday, April 19, 2019

 

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There are many types of accounting methods that businesses may use and still follow the ‘Generally Accepted Accounting Principles.’ What differs in each is recognizing revenues and expenses. One of the most common ones that businesses rely on is called the percentage of completion method, also known as PoC.

In a nutshell, the PoC method recognizes a portion of revenue for a project, even if it has yet to complete. It’s a way of acknowledging that expenses have been incurred and the project has chugged along. Construction companies are a prime example of using the PoC method. It has also trickled its way into the tech sector too. Think about it: If a software company is developing something for someone, then they want to recognize part of the work and part of what it has cost them to complete the task.

What else do you need to know? This graphic explains it:

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Everything You Need to Know about the Percentage of Completion Method (PoC)

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Elinor Stutz, CEO of Smooth Sale, delivers inspirational keynotes at conferences and authored three books: The International Best-Selling book, Nice Girls DO Get the Sale: Relationship Building That Gets Results”, "The Wish: A 360 Degree Business Development Process to Fuel Sales", and community service led to the writing of her second best-selling book, HIRED! How to Use Sales Techniques to Sell Yourself On Interviews.”

Kred proclaimed Stutz as a “Top 1% Influencer for Social Media,.  CEO World Magazine named Stutz as one of “The brightest sales minds to follow on Twitter”.  Bizzhum and NowISeeIt both named the Smooth Sale Blog as one of the “Top 100 Most Innovative Sales Bloggers.”  Stutz consults and speaks worldwide.

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CEO, Speaker, Author
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Ashburn, VA
408-209-0550