Contractors & construction
Bookkeeping and job costing for contractors in Northern Virginia
Know which jobs make money, keep cash moving between draws, and hand your bonding agent and lender books they can trust. 7Bay Finances is a QuickBooks ProAdvisor-led accounting and finance firm in Burke, VA, working with general contractors and subcontractors across Virginia, DC and Maryland.
- QuickBooks ProAdvisor
- Serving small businesses since 2020
- English & Spanish
Construction accounting that follows the job, not just the bank account
Most contractor books are set up like any other small business: income in, expenses out. That works until you need to know whether the job you just finished actually made money, or why the bank balance looks healthy while you're short on payroll. We set up QuickBooks (Online or Desktop) so every bill, timesheet and invoice lands on the right job and cost code, and we reconcile it every month.
The result is a job profitability report you can read in five minutes: contract value, costs to date, billed to date and what's left. You'll see problem jobs while there's still time to fix them, not at tax time.
WIP schedules, retainage and progress billing
Surety underwriters and banks want a work-in-progress (WIP) schedule that ties to your financial statements. We build and update it monthly, showing over- and under-billings, estimated gross profit and backlog. We track retainage receivable and payable by job so it doesn't get lost, and we support AIA-style progress billing (G702/G703) and schedule-of-values updates so draws go out on time.
Bonding- and lender-ready financials
When you're going after a bigger bond line or a new equipment loan, the quality of your books matters as much as the numbers. We keep your balance sheet clean, accrue what should be accrued, and prepare a monthly package (balance sheet, profit and loss, WIP and A/R aging) that your agent, lender or outside accountant can work with right away.
Payroll for crews, including 1099 to W-2 moves
Crew payroll gets complicated fast: multiple job sites, overtime, prevailing wage on some jobs and not others, and subs who may really be employees. We run or review payroll, allocate labor to jobs, and help you move workers from 1099 to W-2 cleanly when it's time. We work with ADP, Paychex, Paycom and QuickBooks Payroll, and we can talk your crew leads through it in English or Spanish.
FAQ
Common questions
Do you work with QuickBooks for construction?
Yes. Kelvin is a QuickBooks ProAdvisor, and we work in QuickBooks Online and QuickBooks Desktop (including Contractor editions). We set up jobs, cost codes and items so job costing works without a separate system, and we connect it to tools like Procore where you already use them.
Can you help me get ready for bonding?
Yes. We clean up the balance sheet, build a WIP schedule that ties to your statements, and keep a monthly reporting package your surety agent can review. If your agent requires reviewed or audited statements, we hand your outside accountant a clean, reconciled file to start from.
We're months behind. Can you catch us up?
Yes. Catch-up and cleanup work is one of our most common projects. We reconcile the missing months, sort out job costs and get you current, then keep it current every month.
Do you only work with contractors in Northern Virginia?
Our home base is Burke, VA, and most of our contractor work is in Northern Virginia, DC and Maryland. Because everything runs in the cloud, we also work with contractors in other states.
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Ready for books you can trust?
Book a free 15-minute consultation by video or phone. We'll talk through your business, what you need and the next steps. In English or Spanish.