General contractors in Los Angeles and Southern California manage some of the most financially complex construction projects in the country. Juggling multiple subcontractors, AIA billing schedules, retainage, bonding requirements, certified payroll on public works, and California’s complex tax and labor laws — all while trying to win the next job. Bookkeeping Champs provides specialized bookkeeping for general contractors throughout LA County, San Fernando Valley, and Ventura County.
We are the bookkeeping partner built specifically for GCs who are tired of generic bookkeepers who don’t understand construction. Call (818) 679-4451 for a free consultation.
Why General Contractors Need a Specialized Bookkeeper
General contracting is among the most financially complex industries for small businesses. As a GC, you face challenges that no standard bookkeeper is equipped to handle:
- WIP Schedules — Work-in-progress accounting is required for bonding, banking, and accurate percentage-of-completion revenue recognition across multiple simultaneous jobs
- AIA Billing — G702/G703 billing applications are the standard for commercial GC work; your books must support each draw request with accurate cost-to-date data
- Subcontractor Financial Management — Managing payables, lien waivers, retainage payable, and 1099s for 10–50 subs simultaneously requires a robust system
- Retainage — Both receivable retainage (held by owners) and payable retainage (held from subs) must be tracked accurately as balance sheet items, not P&L
- Bonding Support — Surety companies require clean WIP schedules, accurate balance sheets, and healthy cash flow statements to underwrite bonds
- CSLB License Support — Your financial records must support your B (General Building) or A (General Engineering) license status
- Multi-State Compliance — GCs working in Nevada or Arizona alongside California have multi-state tax and payroll obligations
Our Bookkeeping Services for General Contractors
Monthly Bookkeeping & Job Costing
We maintain detailed job cost records for every active project — tracking direct labor, materials, subcontractor costs, equipment, and allocated overhead by job. Monthly job profitability reports show you where you stand on every project against your original budget and change orders.
WIP Schedules
We produce monthly Work-in-Progress schedules showing percentage complete, earned revenue, billings to date, and over/under billing position for every job. This is the financial report your banker and bonding company need — and it’s the most accurate picture of your true financial health as a GC.
Subcontractor Management
We manage the full subcontractor financial cycle — W-9 collection, COI tracking, bill processing, lien waiver management (conditional and unconditional), retainage payable tracking, and year-end 1099-NEC filing. Never chase down a lien waiver or W-9 again.
General Contractor Payroll
We process payroll for your office staff, project managers, superintendents, and any self-performed field labor — with full California compliance. For public works projects where you self-perform work, we prepare certified payroll reports (DIR Form A-1-131) for eCPR submission.
Bonding Package Preparation
We prepare the financial package your surety needs to increase your bonding capacity — including reviewed or audited-quality financial statements, WIP schedules, and accounts receivable aging. Clean, professional financials can dramatically increase your single and aggregate bond limits.
Tax Planning for GCs
General contractors have significant tax planning opportunities — choice of accounting method (PCM vs. CCM), equipment depreciation, home office deductions, vehicle expenses, and California-specific deductions. We work with your CPA year-round to minimize your tax burden.
Serving General Contractors Throughout Southern California
We serve Class B (General Building) and Class A (General Engineering) contractors throughout Los Angeles County, San Fernando Valley, Ventura County, Santa Clarita, the Conejo Valley (Westlake Village, Agoura Hills, Calabasas), and the Antelope Valley (Palmdale, Lancaster). Remote service available statewide.
What General Contractors Say
“My bonding company kept asking for WIP schedules and I had no idea what they were. Bookkeeping Champs set up WIP reporting and my bonding limit doubled in the first year. That single service has paid for itself 100 times over in new contracts I can now bid.”
— Steve A., General Contractor, Santa Clarita (Class B)
“Managing 12 active subs’ lien waivers and retainage was killing me administratively. Bookkeeping Champs handles all of it. I haven’t had a lien filed against one of my projects since I started working with them.”
— Diane C., Commercial General Contractor, Burbank
Frequently Asked Questions
What is a WIP schedule and why do I need one?
A Work-in-Progress (WIP) schedule shows the financial status of every active construction project — percentage complete, earned revenue, billings to date, and whether you’re over or under-billed. Banks and surety companies require current WIP schedules to assess your financial health. Over-billing is a red flag; under-billing represents cash flow risk.
How do I increase my bonding capacity?
Clean, accurate financial statements — especially WIP schedules and working capital — are the primary drivers of bonding capacity. We help GCs prepare the financial packages that sureties need to increase both single-project and aggregate bond limits.
What’s the difference between retainage receivable and retainage payable?
Retainage receivable is money the project owner is holding back from your billings until project completion — it’s an asset. Retainage payable is money you’re withholding from your subcontractors — it’s a liability. Both must appear on the balance sheet, not the P&L, for accurate financial reporting.
Do I need to file 1099s for my subcontractors?
Yes. Any subcontractor paid $600 or more in a year must receive a 1099-NEC by January 31. This requires having a valid W-9 on file before the first payment. We manage the entire process so you’re never scrambling in January.
How much does bookkeeping cost for a general contractor?
Most general contractors pay $600–$1,500/month depending on the number of active projects, subcontractors, employees, and whether certified payroll is required. Call (818) 679-4451 for a custom quote.
Partner with a Bookkeeper Who Understands General Contracting
Your construction business is too important to trust to someone who doesn’t understand GC bookkeeping. Bookkeeping Champs is the financial partner built for general contractors in Los Angeles and Southern California.
📞 Call (818) 679-4451 for a free consultation. We’ll review your current setup, identify the financial gaps, and show you how proper GC bookkeeping can help you win more work, grow your bonding capacity, and keep more of what you earn.