Audit support

Contractor statements and WIP schedules for your surety and CPA

Finbryn provides job costing, work-in-progress schedules and year-end statements for contractors whose surety wants CPA-compiled or CPA-reviewed financials, reconciled monthly for the independent CPA you engage. The CPA's report, not our preparation, sets the level your surety sees. SBA SOP 50 45 4 (effective 2024-11-21) shows one program's tiers.

What is included

• Job cost ledger with change orders and retainage posted by contract
• Monthly work-in-progress schedule with percent complete and over or under billing
• Interim and year-end statements prepared for your surety and your CPA
• Aged receivable and payable schedules
• Trial balance and job files organized for the independent CPA practice

The process

1. 1.

   Read what your surety asked for

   We work from your agent's written request: statement level, interim dates and WIP format.

2. 2.

   Set up job costing

   Each contract gets a job code, and costs, change orders and retainage post to it from the first invoice.

3. 3.

   Reconcile every month

   Cash, receivables, payables, debt and job cost accounts tie to the ledger before the WIP schedule is updated.

4. 4.

   Update the WIP schedule

   You send estimates to complete; we recompute percent complete, earned revenue and over or under billing for each job.

5. 5.

   Prepare interim and year-end statements

   Statements and WIP schedules prepared for your surety and your CPA. We give no assurance on them.

6. 6.

   Hand the file to your CPA practice

   We organize the trial balance, schedules and job files in the order the practice requests. You engage the practice directly.

7. 7.

   CPA signs, you submit

   The independent practice signs its own report. You send it and the WIP schedule to your agent.

Software

QuickBooks Online, Xero, NetSuite, Sage Intacct, Excel

Pricing

See current pricing

Contact

+1 (312) 313-7376
hello@finbryn.com
finbryn.com
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