How do you handle retainage?

Retainage receivable and payable are carried on their own lines, aged separately, with their own collection cadence. Mixed into ordinary AR/AP, retainage silently ages past the point where it can be collected.

Do you track cost at the cost-code level?

Yes — job-cost accuracy at the cost-code level, not just the job level, tied to actual cost-to-complete updates that drive percentage-of-completion revenue recognition.

Can you produce bonding-company-ready financials?

Quarterly, as a routine output — not something scrambled together under pressure at audit time.

General Contractors · Industries

Agents on the desk

pcf-categorize · transaction classification · continuous ▸ pcf-reconcile · bank / processor / GL reconciliation · daily ▸ pcf-cashflow · 13-week cash forecast · weekly refresh ▸ pcf-anomaly · anomaly watch vs. rolling baseline ▸ pcf-sales-tax · multi-state filings · prepared for CPA review ▸ close · month-end close · signed off by day 7 ▸ pcf-categorize · transaction classification · continuous ▸ pcf-reconcile · bank / processor / GL reconciliation · daily ▸ pcf-cashflow · 13-week cash forecast · weekly refresh ▸ pcf-anomaly · anomaly watch vs. rolling baseline ▸ pcf-sales-tax · multi-state filings · prepared for CPA review ▸ close · month-end close · signed off by day 7 ▸

In one paragraph

PC Financials handles general-contractor accounting the way a bonding company reads it — percentage-of-completion revenue, a WIP schedule that ties to the GL on every reporting date, and retainage carried separately — so the audit and bonding review become same-day deliveries.

What the GL has to handle

· Percentage-of-completion revenue recognition tied to actual cost-to-complete updates
· WIP schedule that ties to the GL on every reporting date
· Retainage receivable + retainage payable carried separately from current AR/AP
· Job-cost accuracy at the cost-code level, not just the job level
· Bonding-company-ready financials produced quarterly, not scrambled at audit time

What we see in this vertical

A general contractor’s books look fine until the bonding company asks for a WIP schedule, and then the question becomes whether the schedule ties to the GL or only to the project-management system. In most shops, it doesn’t tie. The PM system has one set of percentage-complete numbers; QuickBooks has another; the year-end audit produces a third.

The firm’s job in a GC engagement is to make the three numbers be the same number. That usually means rebuilding the cost-code structure once, then writing the integration that keeps the PM system and the GL in sync going forward. After that, the WIP schedule is a query, not a project. The bonding-company review goes from a three-week scramble to a same-day delivery.

Retainage is the other place GC books quietly drift. Retainage receivable belongs on its own line, aged separately, with its own collection cadence. Mixed into AR, it’ll silently age past the point where it can be collected.

Frequently asked

Will my WIP schedule actually tie to the general ledger?: Yes — that's the core of the engagement. We rebuild the cost-code structure once, then write the integration that keeps the PM system and the GL in sync, so the WIP schedule becomes a query rather than a three-week scramble before the bonding review.
How do you handle retainage?: Retainage receivable and payable are carried on their own lines, aged separately, with their own collection cadence. Mixed into ordinary AR/AP, retainage silently ages past the point where it can be collected.
Do you track cost at the cost-code level?: Yes — job-cost accuracy at the cost-code level, not just the job level, tied to actual cost-to-complete updates that drive percentage-of-completion revenue recognition.
Can you produce bonding-company-ready financials?: Quarterly, as a routine output — not something scrambled together under pressure at audit time.

General Contractors.

Frequently asked

Vertical-specific intro.
Thirty minutes, no deck.

Frequently asked

Vertical-specific intro. Thirty minutes, no deck.

Vertical-specific intro.
Thirty minutes, no deck.