SERVICE 01
Job Costing & Project Accounting
Cost tracking at the project level — labor, materials, subcontractors, and overhead allocated clearly. Actual-vs-estimated reporting for every active job, every month.
$2,500 USD / month
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SERVICE 02 · DEBITWISE
Financials That Reflect the Work, Not Just the Calendar
Percentage-of-Completion Reporting prepared to GAAP standards — so your financial statements hold up with lenders, bonding companies, and anyone else looking closely at your numbers.
THE PROMISE
Statements That Show Where You Actually Are, Not Where the Invoice Is.
Long-duration contracts carry a particular reporting challenge: completed billings and actual progress rarely line up neatly. Cash-basis statements make profitable projects look erratic and unprofitable ones look fine — until they're not.
Percentage-of-completion reporting ties your revenue recognition to what's physically been built. That produces interim financials that accurately represent where each contract stands at any given point — which is what banks, bonding agents, and serious buyers of construction businesses need to see.
WHAT YOU'LL HAVE
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GAAP-Compliant Financial Statements
Revenue and costs recognized in proportion to project completion — prepared with the disclosures required for compliant long-duration contract reporting.
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Completion Percentages Based on Field Data
Progress assessments coordinated with your project managers — using physical completion, not just cost consumption, as the measure of where each job stands.
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Overbilling and Underbilling Schedules
Clear schedules of costs and estimated earnings on contracts — showing exactly where billings run ahead of or behind actual progress on every active job.
THE CHALLENGE
Cash-Basis Reporting Closes More Doors Than You Realize
Bonding Capacity Left on the Table
Surety companies evaluating your bonding capacity want to see percentage-of-completion statements. Without them, underwriters are estimating — and estimates tend to be conservative. Your actual capacity to take on work is probably larger than what they're approving.
Lenders Struggling to Read Your Numbers
Construction lenders understand that cash-basis financials don't tell the full story — but understanding that doesn't make them comfortable lending against them. Percentage-of-completion statements give them what they need to say yes with confidence.
Internal Picture That Doesn't Match Reality
When revenue recognition doesn't match project progress, you can appear profitable while underbilled jobs are quietly accumulating. Catching that misalignment after the fact is significantly more disruptive than seeing it in real time.
The method itself isn't complicated — but it requires reliable progress data from the field, proper coordination between accounting and project management, and consistent application period to period. That's where most firms without a dedicated construction accountant run into difficulty.
THE APPROACH
Progress Data From the Field. Statements Built Around It.
Debitwise coordinates with your project managers each period to collect physical progress assessments for every active contract. We don't estimate completion based on budget consumption — we use what's actually been built as the basis for recognition.
From that data, we calculate completion percentages, determine the appropriate revenue and cost recognition for the period, and prepare financial statements with the schedules and disclosures required for compliant reporting. Overbilling and underbilling positions are clearly presented so there are no surprises.
The statements are formatted to meet what lenders and bonding companies expect — not a modified version of something built for a different industry.
HOW WE DO IT
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01
Field Progress Collection
Each period, we gather completion assessments from your project managers using a consistent format — straightforward for them, reliable for the accounting.
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02
Completion Percentage Calculation
Physical progress converted to a completion percentage for each contract, cross-referenced against costs incurred to ensure consistency and flag outliers worth investigating.
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Revenue & Cost Recognition
Revenue and costs recognized for the period in proportion to completion — applied consistently across all active long-duration contracts.
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Statements With Proper Disclosures
Complete financial statements including schedules of contracts in progress, overbilling/underbilling positions, and disclosures meeting GAAP requirements for long-duration contract reporting.
THE EXPERIENCE
What Reporting Looks Like on an Ongoing Basis
01
Contract Review
We start by going through your active long-duration contracts — understanding the structure, timeline, and billing terms for each one before the first reporting period begins.
02
Progress Check-In
Each reporting period, we coordinate with your team to collect physical progress data. The process is kept simple — we know your project managers have other things to focus on.
03
Statements Prepared
Financial statements assembled, reviewed internally, and delivered on schedule — with the schedules and disclosures included so they're ready to hand directly to lenders or bonding agents.
04
Walkthrough & Questions
We walk through the key figures with you — overbilling positions, contracts showing cost pressure, anything that warrants a conversation before the numbers go in front of a third party.
INVESTMENT
One Fee. Statements Ready for External Review.
Percentage-of-Completion Reporting
$3,200
USD
This covers a full reporting engagement — from progress data collection through completed financial statements with proper schedules and disclosures. The scope is agreed on before we start so there's no ambiguity about what's included.
If your contract portfolio changes — new long-duration jobs added or existing ones completing — we'll discuss what that means for the engagement scope. Nothing adjusts without your knowledge ahead of time.
WHAT'S INCLUDED
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Physical progress coordination — structured collection of completion data from your project managers each reporting period
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Completion percentage calculation — applied consistently across all active long-duration contracts, documented and cross-referenced
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GAAP-compliant financial statements — income statement, balance sheet, and statement of cash flows prepared under the percentage-of-completion method
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Schedule of contracts in progress — overbilling and underbilling positions clearly laid out by contract
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Required disclosures — the footnote disclosures needed for compliant long-duration contract reporting included in the package
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Review walkthrough — a conversation about what the statements show before they go in front of lenders or bonding agents
HOW IT HOLDS UP
What Makes the Reporting Reliable
THE MEASUREMENT BASIS
Completion percentages are based on physical progress — not cost-to-cost ratios that can be gamed by front-loading purchases or misclassifying costs. Field-based measurement produces numbers that reflect what's actually been built.
That's the version external reviewers trust — and the version that gives you an accurate internal picture as well.
REALISTIC TIMELINE
First-period reporting typically takes slightly longer as we review existing contract documentation and establish the collection process with your team. By the second period, the cycle runs on a predictable schedule.
Statements are delivered within an agreed window after the period close — not whenever everything happens to line up.
WHO THIS SERVES BEST
Construction firms with long-duration contracts — typically spanning more than one fiscal period — where interim financial reporting matters for bonding, financing, or internal management decisions.
Particularly useful for firms actively working to grow their bonding capacity or secure project-specific financing.
OUR COMMITMENT
Statements That Are Ready When You Need Them
A lot of reporting engagements stall because the accounting side takes longer than it should. We agree on a delivery schedule before we start and hold to it. If something in your project data creates a genuine complication, we surface it early — not the day before the statements are due.
If the first set of statements doesn't meet what we described — compliant, clearly formatted, and ready for external review — we'll rework them at no additional charge until they do.
BUILT-IN ASSURANCES
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Scope agreed before we start. What's included, what the deliverable looks like, and when it's due — documented before the engagement begins.
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Initial consultation included. We'll review your contracts, discuss the engagement process, and confirm we're the right fit before anything is formalized.
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Your data stays with you. All working files, source data, and completed statements are yours — accessible and portable at any point.
NEXT STEPS
Getting Your Reporting Engagement Started
01
Tell Us About Your Contracts
Use the contact form on our home page. Let us know roughly how many long-duration contracts you're running and whether you have an existing reporting setup or are starting from scratch.
02
We'll Review and Respond
Within one business day, we'll come back with a few questions about your contract structures and set up a call to walk through what the engagement would look like in practice for your situation.
03
We Agree on Scope and Start
Once we've reviewed your contracts and agreed on scope and timeline, we get started on the first reporting period. The initial contract review takes a bit more time — subsequent periods move faster.
OTHER SERVICES
Explore What Else Debitwise Handles
SERVICE 03
Contractor Compliance & Certified Payroll
Certified payroll reports, prevailing wage verification, and compliance documentation for public works and government-funded construction — maintained and audit-ready.
$1,400 USD / month
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Ready for Financial Statements That Actually Work for You?
Tell us about your contracts and where reporting is falling short. We respond within one business day and keep the conversation straightforward.
Talk to Us About Completion Reporting