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The ability to share data seamlessly between the field and office, and across entire project teams in real time are really helping clients boost productivity and profitability. Both clients and prospective clients were happy to hear about all of the advancements we’ve made with our Viewpoint Team and Viewpoint Field View products.
In this practice, each project functions as its own entity with profits and losses. . The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) updated reporting standards for revenue recognition from contracts with customers in 2014. Some firms use project-based accounting.
There is a lot of information to be gained when you compare this year’s Profit & Loss to the prior year because it will alert you to trends early enough to respond rather than reacting after it is too late and help establish profit and sales goals. See more at: [link].
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