A CPA for general contractors who builds the WIP schedule and the surety package.

The WIP schedule is the center of a GC's books

A work in progress schedule lists every open job with its contract amount, estimated total cost, cost to date, percent complete, billings to date and the resulting over or under billing. It tells you which jobs are making their expected margin, which are fading, and where cash is trapped. Bankers and sureties read it first.

We build the schedule from your job cost reports, update the estimated cost to complete with your project managers, and post the over and under billing entry so the balance sheet reflects it. When a job is going to lose money, the loss belongs in the books now, not at closeout.

Our GC WIP and job costing checklist (PDF) walks through what to have in place.

Percentage of completion or completed contract

For tax, the method you use to report contract income depends on the size and length of your contracts and your business. Some smaller contractors and shorter contracts can use completed contract or another simpler method, while larger or longer contracts generally require percentage of completion. Lenders and sureties often want percentage of completion financials regardless of what the return uses.

The choice changes when you pay tax, not what you owe over the life of a job. Read the full breakdown in percentage of completion vs completed contract.

Surety-ready financials

Bonding capacity grows when your surety agent trusts the numbers. Requirements vary by surety and by program size, so ask your agent what they need, then plan to deliver it on time. Typically that package includes:

• A current WIP schedule with over and under billing
• A balance sheet and income statement prepared on the basis your surety expects
• Accounts receivable and payable agings
• Bank reconciliations and a backlog report
• Working capital and profit by job

We prepare these on a regular schedule, and we are glad to coordinate with your agent and your reviewing CPA.

Subcontractors and 1099s

General contractors carry the most subcontractor paperwork in the industry. A W-9 on file before the first payment, a current certificate of insurance and a clear record of what you paid each sub make January much easier. For payments made in 2026 and later, a 1099-NEC is generally required once you pay a sub $2,000 or more in the year. We also look at worker classification, because treating someone as a sub who the IRS sees as an employee creates back payroll tax exposure.

Retainage and cash

Retainage held by owners and retainage you hold from subs both need to be tracked by job. We keep both receivable and payable current so your cash forecast reflects when that money is actually due.