COMPILED, REVIEWED, AUDITED: WHAT EACH ONE ALLOWS.
Compiled statements support roughly $1M to $2M bond programs, reviewed statements cover most programs beyond that and open $5M to $10M of aggregate capacity, and audited statements open $15M to $30M or more. A reviewed set costs $15,000 to $40,000 a year and typically raises bonding capacity 2 to 3 times. Banks want compiled statements above about $1M of credit exposure and reviewed statements at larger facilities.
Most subcontractors learn the statement level they need when a surety or a GC asks, and the review takes weeks to arrange. Planning the upgrade a year ahead avoids a bid that cannot be bonded. A reviewed statement is also only as good as the books under it, so a WIP schedule that ties out and reconciled accounts come first.
WHAT IT MEANS.
Compiled, reviewed and audited are three levels of outside assurance on a contractor's financial statements: a compilation presents the numbers with no assurance, a review adds a CPA's limited assurance, and an audit tests the numbers in full.
The level an underwriter asks for depends on program size, and the same statements are read by the surety, the bank and the GC's risk department. One reviewed set often serves all three.
WHY THE LEVEL DECIDES THE LIMIT.
Compiled statements cap the program
A compilation puts your numbers in statement form and gives no assurance, so an underwriter treats them as your own. Compiled-only financials severely limit bonding capacity, and they support roughly $1M to $2M programs.
The request comes after the job is won
A surety or GC asks for reviewed statements when the bid is already due. Two subs with identical revenue can be millions apart in aggregate capacity because one had reviewed statements and a WIP schedule that ties out. Plan the upgrade a year ahead.
The statement is only as good as the books
A review tests whether the numbers are reasonable. If the accounts are unreconciled and the WIP does not agree with the income statement, the review costs more and the underwriter still finds the problem. Cleanup comes before the review.
WHAT IT LOOKS LIKE IN DOLLARS.
Compiled: no assurance, roughly $1M to $2M of bond program. Reviewed: $15,000 to $40,000 a year, $5M to $10M of aggregate capacity, and typically a 2 to 3 times increase in capacity. Audited: the highest assurance, which costs more again, with $15M to $30M or more of aggregate capacity.
Banks want compiled statements above about $1M of credit exposure and reviewed statements at larger facilities. The GC prequalification guide on this site puts CPA reviewed statements as the standard above $500K.
WHAT WE CHANGE.
Every account is reconciled and the WIP schedule agrees with the income statement before the CPA starts. That shortens the review and removes the questions an underwriter would ask.
The upgrade is scheduled against the bonding and bidding calendar, so reviewed statements exist when the first large bid is due.
Three quarters of predictive WIP, current statements, backlog with margins and the forecast go together, delivered through the bond agent. The statement level opens the door and the package gets the limit.
FLAT MONTHLY FEE. NO SURPRISES.
Three tiers, priced by your trailing twelve month revenue. Which one you're in depends on how much of the work you want off your desk. No hourly billing. No payroll. The one-time onboarding fee is right here in the table.
| Last 12 months revenue | Monthly fee | One-time onboarding |
|---|---|---|
| Up to $1M | $1,900 to $2,900 | $1,000 |
| $1M to $3.5M | $2,600 to $3,900 | $1,500 |
| $3.5M to $6.5M | $3,800 to $5,700 | $3,000 |
| $6.5M to $9.5M | $5,100 to $7,100 | $4,500 |
| $9.5M to $12.5M | $6,100 to $8,500 | $6,000 |
| $12.5M to $15.5M | $7,400 to $11,000 | $7,500 |
| $15.5M to $18.5M | $9,400 to $13,500 | $9,000 |
| $18.5M+ | Quoted individually | Quoted individually |
The onboarding fee covers migrating your books back to the start of your last taxable year and getting you fully operational in 60 days. It's billed once, with your first invoice. It's the same for all three tiers. Your first month is prorated, and your monthly engagement starts on the first of the first full month.
Range reflects the three tiers below. Which one you're in depends on how much of the work you want off your desk. No payroll. No hidden line items. The onboarding fee is right here in the table.
You stop guessing.
You get the CFO work. Job costing built against the way you estimate, a 13 week cash forecast, monthly WIP, and a meeting every month that ends in decisions and never in a report.
Your bookkeeper still does the books.
You stop touching the books.
Everything in Core, and we do the bookkeeping and the controllership as well. Your office stops answering coding questions and stops fixing a reconciliation that will not balance on the last day of the month.
We do the books. No payroll.
Every job shows its margin while it is still open.
Everything in Executive, plus the job costing and WIP platform set up, loaded with your cost codes, and managed for you every month. You never have to learn it.
We do the books, the job costing, and the software. No payroll.
FREQUENTLY ASKED.
