Construction and trades
Accounting expertise you can build on
We speak contractor
Most accountants know how to do the books. Fewer understand progress billings, retainage, WIP schedules, and what your surety actually wants to see on a financial statement.
RWM & Company works with general contractors, specialty trades, and subcontractors across a range of project types. We understand how job-based businesses are structured, how costs flow from the field to the financials, and what it takes to keep a contracting business financially healthy in a competitive industry.
Whether you’re a GC managing multiple active projects or a specialty trade growing your crew, we’re here to help you stay on top of your numbers.
THE CHALLENGE
The financial side of contracting is its own job
Running a construction or trades business means juggling projects, people, and payables all at once. When the accounting doesn’t keep up, the problems compound quickly:
- Job costs coded incorrectly, making it hard to know which projects are actually profitable
- Progress billings, retainage, and slow-paying clients creating constant cash crunches
- WIP schedules that are inaccurate or nonexistent, leading to surprises at year-end
- Financial statements that don’t satisfy surety or lender requirements, limiting bonding capacity
- Multi-state licensing, sales/use tax, and contractor compliance requirements piling up
- Tax strategies that don’t account for construction-specific methods or equipment timing
When the financials are unclear, it’s hard to bid with confidence or plan for growth.
THE SOLUTION
Financials as solid as the work you deliver
RWM & Company helps contractors and trade businesses get their accounting in order so they can focus on the work. Here’s what we bring to the table:
- Job costing systems set up correctly, so you always know where you stand on each project
- Accurate, timely WIP schedules and percent-complete reporting
- Cash flow forecasting tied to your project schedule, billing cycles, and payroll timing
- Financial statements prepared the way sureties and banks expect to see them
- Tax planning that incorporates construction-specific accounting methods and equipment strategy
- Year-round support that keeps compliance, payroll, and reporting off your plate
The goal is simple: Give you the financial clarity to run your business and the confidence to take on more work.
A full suite of services, built around your needs
From outsourced accounting and payroll to tax planning and business advisory, our complete range of services is available to construction and trades clients.
Outsourced Accounting
Accurate, timely bookkeeping and financial reporting, so you can stay focused on running jobs, not chasing numbers.
Business Foundation Services
From entity setup to internal controls, we help you build a financially sound operation from the start.
Business Management Services
Strategic advisory and CFO-level guidance to support your growth, profitability, and long-term planning.
Payroll
Accurate, compliant payroll processing for your crew, including certified payroll support where required.
Tax Preparation
Business tax filing done right, with an eye toward minimizing your liability and keeping you compliant.
Tax Planning
Proactive strategies to reduce your tax burden over time and align your tax position with your project pipeline.
Specialized services for construction and trades
Beyond our core offerings, we go deeper into the financial complexities specific to contractors and trade businesses. These services are built around the way your industry works.
Job Costing & WIP Reporting
We set up and maintain job-cost accounting structures that give you real visibility into project profitability. That includes monthly WIP schedules, percent-complete reporting, and over/under billing analysis, so you’re never caught off guard.
Bonding & Surety Support
Getting bonded—and increasing your bonding capacity—depends heavily on how your financials are presented. We prepare contractor-ready financial statements with the working capital, backlog, and retainage detail that sureties and banks need to see.
Cash Flow Forecasting
Cash flow in contracting is unpredictable by nature. We build forecasts tied to your project schedules, billing cycles, and seasonal patterns so you can plan ahead, meet payroll, and avoid unnecessary borrowing.
Construction Tax Methods & Planning
Contractors have access to accounting methods and tax strategies that most generalist firms overlook. We advise on completed contract versus percentage-of-completion methods, equipment depreciation, like-kind exchanges, and timing strategies that align with your project calendar.
Multi-State & Contractor Compliance
Project work often crosses state lines, and with it come multi-state income tax, sales/use tax, licensing, and contractor registration requirements. We help you stay compliant across every jurisdiction where you’re working.
Why contractors work with RWM
Construction accounting isn’t just about keeping the books. It’s about having a financial partner who understands job-based businesses, speaks the language of your industry, and shows up year-round—not just at tax time.
Our clients choose RWM because we dig into the details, help them understand their numbers, and support them through the decisions that matter: taking on a bigger project, expanding to a new market, or building a business they can eventually sell or pass on.
FAQs
What types of contractors does RWM & Company work with?
We work with general contractors, specialty trade contractors (electrical, plumbing, HVAC, and others), and subcontractors. Whether you’re running a single crew or managing multiple active projects, we tailor our services to fit how your business operates.
What is a WIP schedule and why does it matter?
A work-in-progress (WIP) schedule shows the financial status of each active project—how much has been billed, how much has been earned, and whether a job is overbilled or underbilled. It’s one of the most important reports in construction accounting and is required by most sureties and lenders. Without an accurate WIP, it’s easy to misread your financial position.
Can RWM help us increase our bonding capacity?
Bonding capacity is largely determined by how your financials look to the surety. We prepare financial statements specifically formatted for surety review, with appropriate emphasis on working capital, backlog, and WIP. We can also help you understand which financial metrics matter most and how to improve them over time.
How does RWM handle payroll for construction businesses?
We handle payroll processing for construction clients, including hourly and salaried employees. Where applicable, we also support certified payroll reporting for prevailing wage projects. Our goal is to keep your team paid accurately and on time while keeping you compliant with all applicable requirements.
Does RWM work with contractors who operate in multiple states?
Yes. Multi-state work is common in construction, and it creates real tax and compliance complexity. We help contractors navigate multi-state income tax, sales/use tax, and licensing and registration requirements so nothing falls through the cracks.
What accounting methods are available to construction businesses?
Construction companies can often choose between the completed contract method and the percentage-of-completion method for recognizing income, and the right choice depends on your project mix, size, and goals. We help you evaluate which approach makes sense and ensure your method is applied correctly and consistently.
Build a stronger financial foundation
Your business deserves more than a once-a-year tax preparer. Connect with RWM & Company and let’s talk about what better accounting can do for your contracting business.