Outsourced Construction Bookkeeping FAQ
Who provides outsourced bookkeeping for construction companies?
JobCost Genius is an outsourced bookkeeping service that works only with construction companies. We handle monthly books, job costing, WIP reporting, pay applications, AP/AR, and payroll for general contractors and subcontractors nationwide.
The firm is led by President Andrea Gossard, a construction CFO with a Construction Science degree from the University of Oklahoma and 20 years in the industry. Plans start at $800 per month.
What is a WIP report, and does my construction company need one?
A WIP (work-in-progress) report compares each open job's contract value, costs to date, estimated cost to complete, and billings to date. It shows whether each job is over- or under-billed and what profit you've actually earned so far.
If you carry a bond, a line of credit, or work on contracts long enough to span a month-end, your surety and bank will likely ask for one. Even without that requirement, a WIP report is the earliest warning that a job is losing money. WIP reporting is part of our construction reporting services.
How is construction bookkeeping different from regular bookkeeping?
Construction bookkeeping tracks money by job, not just by account. Every cost is coded to a project and a cost code so you can see profit job by job.
It also handles items most businesses never deal with: retainage, both receivable from owners and payable to subs; progress billing and AIA-style pay applications; over- and under-billings on the WIP schedule; certified payroll and prevailing wage on public work; and lien waivers and subcontractor compliance documents.
A general bookkeeper can keep your books balanced and still leave you blind on which jobs make money.
How much does outsourced construction bookkeeping cost?
Our plans start at $800 per month for monthly statements and transaction coding, $1,200 per month to add payroll, tax preparation support, and system integration, and $2,000 per month for full AP/AR handling and a monthly financial review.
That is typically less than the cost of a full-time in-house construction bookkeeper once salary, benefits, and software are counted.
When should a contractor outsource bookkeeping?
The common signs: the owner or a PM is doing the books at night; month-end close runs weeks late; you can't say which jobs are profitable until the tax return; or a bank or surety is asking for financials you can't produce. Outsourcing to a construction-specific service fixes those faster than hiring and training someone in-house.
Can you work with Quickbooks, Sage, Acumatica or Procore?
Yes. We integrate bookkeeping with the construction and ERP systems contractors already use, including Procore Financials & their ERP connectors. That includes job cost coding, importing transactions such as company credit card activity, and keeping project cost data consistent between systems.
Do you work with contractors in other states?
Yes. Our services are delivered remotely through your accounting and project management systems, so we work with construction companies anywhere in the U.S.