Bookkeeping for contractors
Bookkeeping for contractors
Construction bookkeeping done for you: costs tracked by job, retainage followed, subcontractor paperwork kept current and every account reconciled, so you know which jobs make money.
What we handle
Job costing, retainage and sub paperwork, every month
Work happens inside your own accounting software.
Included
Job costing
Labor, materials and subcontractor costs tagged to each job, so you can see profit job by job.
Included
Retainage tracking
Retainage receivable and payable recorded on every pay application and followed until release.
Included
Subcontractor records
W-9s collected and payments tracked, so 1099 information is ready for your CPA at year-end.
Included
Reconciliations and statements
Bank, card and loan accounts reconciled, with monthly statements for your review.
Why it matters
Cash is tied up in every job
Owners commonly hold back 5 to 10% of each payment as retainage until a project is substantially complete (Ramp), so untracked retainage is money you may never collect. Contractor payments now need a 1099 once they reach $2,000 for payments made after December 31, 2025 (NATP).
How a month runs
Your books, job by job
What our team does for a contractor each month, inside your own accounting software.
Weekly
Costs coded to jobs
Supplier bills, receipts and payroll coded to the right job and cost type: labor, materials, equipment or subcontractor.
Each pay app
Billing and retainage
Every progress billing recorded with the retainage held back, so the receivable shows what the owner still owes you.
Before payment
Subcontractor paperwork
W-9 on file before a subcontractor is paid, and payments logged by subcontractor for 1099 reporting.
Month-end
Job profit report
Accounts reconciled and a report of revenue and cost by job, so you can see which work to bid on again.
Why Opteamus
Coded to the right job, the week the bill arrives
Job costing only works if every bill lands on the right job the week it arrives, and that steady weekly coding is the work our team does. Our accounting team is led by a Director of Accounting and Finance with CA-level expertise who oversees QA review. We do not prepare tax returns; your CPA keeps that work. Opteamus LLC is a US company based in Torrance, California. Our team works from Dhaka, Bangladesh, during US business hours, which is how we keep offshore rates.
FAQ
Common questions
What is different about bookkeeping for contractors?
Costs need to be tracked by job, retainage has to be followed on every pay application, and subcontractor W-9s and payments have to be kept current for 1099s.
Can you track profit by job?
Yes. Costs are tagged to each job in your accounting software, so you can compare what each job earned and cost.
Why do subcontractor W-9s matter?
If a subcontractor never gives you a taxpayer ID, the IRS expects you to withhold 24% of what you pay them as backup withholding (IRS). Collecting the W-9 before the first payment avoids that problem at year-end.
Which subcontractors need a 1099?
For payments made after December 31, 2025, the reporting threshold for most contractor payments rose from $600 to $2,000 (NATP). We track every payment by subcontractor so your CPA can see who crossed it.
Can you help when a job is over budget?
We can show you where the money went. With costs tagged by job and cost type, you see whether labor, materials or a subcontractor pushed the job over.
How much does it cost?
From $15 an hour with no setup fee. Your rate depends on transaction volume, and we confirm it on a free call. See how bookkeeping prices compare.
Do you prepare tax returns?
No. We keep the books accurate and closed every month, and your CPA prepares the returns.
How do you protect my data?
Every team member signs an NDA. Client logins are kept in a password manager, never shared in chat or email. We work inside your own accounting software rather than copying files out of it, and our managers monitor the browsers the team works in.
Get your contractor books handled
We reply the same business day.