Bookkeeping for general contractors
Job costing per project, WIP overbilling and underbilling schedules, retainage tracking, subcontractor 1099 compliance, and a live dashboard — so you know your true financial position on every job, not just your bank balance.
We work with general contractors on job costing, WIP schedules, retainage tracking, and subcontractor compliance — the financial infrastructure that lets you bid accurately, collect on time, and know your true job-level profitability before the job closes. We coordinate with your CPA on tax filings.
QuickBooks Online · Gusto · Ramp — professional liability insured — month-to-month, 30-day notice
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Construction accounting is its own discipline. WIP schedules, retainage receivable and payable, percentage-of-completion revenue, and subcontractor compliance are non-negotiable. Most bookkeepers haven't touched any of it — and the gaps show up when you're in the middle of a job.
What changes with TurnkeyCFO
Built for how general contractors actually run — multiple active jobs, multi-trade subcontractors, retainage, and progress billing.
Accurate job cost allocation, overhead distribution, and revenue recognition. Full monthly close with P&L, balance sheet, and WIP schedule — so your books reflect what you've actually earned, not just what you've invoiced.
Every project tracked from contract to close — materials, direct labor, subcontract costs, and overhead allocated per job. Monthly WIP schedule identifies overbillings and underbillings so you know your true earned revenue position and can catch margin erosion before the job finishes.
Retainage receivable (what your clients are withholding from you) and retainage payable (what you're withholding from subs) tracked in separate accounts. Never mixed into general AR/AP — so your cash collection metrics are accurate and your subs get paid correctly at project close.
W-9 collected from every sub before the first payment. Payments tracked against the $600 threshold. 1099-NEC prepared and filed by January 31 — even for subs brought on mid-job or paid across multiple projects.
Weekly or bi-weekly payroll for superintendents, project managers, laborers, and office staff — correct workers' comp classification per trade, certified payroll support if you work on prevailing-wage jobs, quarterly 941 reconciliation.
Supplier invoices, subcontractor draws, and vendor payments tracked and paid on schedule — so your AP is always current, lien waivers are documented, and your books close on time every month.
Job-level P&L, WIP position, retainage summary, outstanding receivables, and cash flow forecast — updated monthly so you make bidding and staffing decisions with real data, not gut feel.
Tax filings and legal matters — coordinated with your CPA or attorney. TurnkeyCFO does not provide tax or legal advice; we keep your books filing-ready and support the process end-to-end.
WIP schedules, retainage, and percentage-of-completion — the financial realities most bookkeepers have never touched. We have.
What you've billed vs what you've earned are almost never equal.
Overbilling (billed more than earned) is a liability — you owe future work. Underbilling (earned more than billed) is an asset — you have uncollected value on the job. Without a monthly WIP schedule, you can't see either — and margin surprises hit you at job close, not when you can still fix them.
Held back by clients, held back from subs — tracked separately.
Retainage receivable (typically 5–10% withheld by your GC or owner) is not regular AR — it's collected months after invoice date. Retainage payable to your subs must be tracked against lien waiver receipt. Both require separate accounting so your actual cash position and lien exposure are clear.
Which trade, which job type, which client makes you money?
General contracting margin lives in labor efficiency and subcontractor management. Without job-level cost tracking, you can't tell if your residential jobs, commercial jobs, or remodels are the most profitable — or if one trade is consistently over budget. We build job cost structure around how you actually bid and manage work.
Multi-trade subs on every job. 1099 compliance is complex.
GC jobs routinely involve 5–15 sub trades, some brought on mid-job, some paid across multiple projects. Every sub paid $600+ in the calendar year needs a 1099-NEC. W-9 before first payment, payments tracked from day one, 1099-NEC filed by January 31 — even across job splits.
Revenue recognized as work is performed, not as invoices go out.
On longer projects, revenue is earned as costs are incurred relative to the total estimated cost — not when you invoice. Booking revenue at invoice date understates or overstates income depending on billing timing. We apply the percentage-of-completion method correctly so your income statement reflects actual job progress.
Surety bonds require clean, current construction financials.
Bonding companies want to see your WIP schedule, working capital, and job-level profitability — not just a P&L. We keep books in the format sureties and lenders expect: WIP schedule, retainage separate, backlog visible, and no construction accounting shortcuts that disqualify you from bond capacity when you need it.
Simple, fast, and designed not to pull you off a job site.
We learn your business — active job count, sub mix, billing method, current software, and where the books are breaking down.
We connect to QuickBooks, clean historical data, and set up job costing, WIP schedules, and retainage tracking around your project types.
Monthly close with WIP schedule, job profitability dashboard, retainage summary, and subcontractor compliance workflows running clean — every month.
No — we work alongside your CPA. We keep books clean and filing-ready year-round so your CPA can file your return without a month of cleanup. We keep WIP schedules and retainage in the format your CPA and bonding company expect.
Yes. Monthly WIP schedule showing contract value, billed to date, costs incurred, estimated cost to complete, percentage complete, and over/underbilling position for each active job. This is the most requested output from GC clients and something most bookkeepers can't produce.
Retainage receivable and retainage payable are tracked in separate accounts from regular AR/AP — so your collection metrics and lien exposure are clear. We track lien waiver receipt from subs against retainage payable release so you're protected before releasing final payment.
Yes. We work with your project management or AIA billing process to reconcile draw requests to job costs and ensure your billings match your WIP position each month.
Every sub tracked from first payment regardless of which job they're on. W-9 before first check, payments aggregated across all jobs for 1099 threshold tracking, 1099-NEC filed by January 31. Mid-job additions tracked from hire date — no end-of-year scrambles.
Yes. We integrate your project management software with QuickBooks so job costs sync correctly without double entry. We work with Buildertrend, Procore, CoConstruct, and most other construction management platforms.
Month-to-month, 30-day notice. No multi-year contracts. We keep clients because the work is good, not because the paperwork traps them.
Our instant estimate takes about 60 seconds and gives you a real price range based on your active job count, crew size, and sub volume. Tap any "Instant Estimate" button on the page.
Get your instant estimate, then book a 15-minute call. No pressure, no sales pitch.