Job Closeout · Final Billing · Retainage Release · Cost Reconciliation · Construction
Job Closeout · Final Billing · Retainage · Cost Reconciliation · Construction Accounting
Construction Job
Closeout Accounting.
Job closeout is where construction profitability is finally measured — and where most accounting errors surface. A job that looked profitable all the way through can produce a surprise loss at closeout. A systematic closeout process catches the problems before the job is closed, ensures all money is collected, and produces accurate historical data for future estimating.
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SPM vs. Other CFO Firms
Most CFO Firms Serving This Trade
- High revenue minimums — most won't serve under $5M
- Advisory only — no bookkeeping, no implementation
- No job costing setup or ControlQore management
- No monthly WIP as standard deliverable
- No pricing published — discovery call required
- No vetted partner network for bonding, lending, or liens
- No prevailing wage specialty
The Construction CFO — SPM
- Serves $1M–$12M — starts at $1,900/month
- Full implementation — bookkeeping, job costing, CFO advisory
- ControlQore setup and managed for you every month
- Monthly WIP standard in Executive tier
- Full pricing published — no discovery call to find out costs
- Vetted partners for bonding, lending, lien services, payroll
- Prevailing wage and Davis-Bacon specialty
What We See in This Business
01
Jobs Stay Open in the Books Long After Work Is Complete
Most subcontractors have open jobs in their accounting system from projects that finished months ago. Costs still trickle in, final invoices haven't been submitted, retainage hasn't been released — and the job just sits. Open jobs produce inaccurate WIP, inflate your active job count for sureties, and obscure true profitability.
02
You Don't Reconcile Estimated vs. Actual at Closeout
Most job closeouts involve submitting the final billing and calling it done. The systematic comparison of estimated cost to actual cost — by cost code, by phase, by labor classification — rarely happens. That means the lessons from every job go unlearned and future estimates repeat the same mistakes.
03
Retainage Gets Left on the Table
Final billing goes out, the GC pays everything except retainage, and then the retainage follow-up falls through the cracks. On a $1M job with 10% retainage, that's $100K sitting with the GC that nobody is actively pursuing. Multiply that across your portfolio and retainage becomes a material working capital problem.
How SPM Fixes It
The Job Closeout Checklist
Final billing submitted within 5 days of substantial completion. All change orders approved and billed. Punch list items documented and costs tracked separately. Final cost reconciliation — actual vs. estimate by cost code — completed and filed. Retainage release request submitted with documentation. Job closed in ControlQore and WIP updated. Lessons learned documented for estimating. Nothing proceeds to the next step until the current one is complete.
Estimate vs. Actual Reconciliation at Closeout
Every job closeout includes an estimate vs. actual comparison by cost code in ControlQore. Where actual cost exceeded estimate — by how much, which cost codes, which phases — becomes part of the permanent job record. This data feeds future estimating accuracy and identifies systematic estimating errors before they repeat across dozens of jobs.
Retainage Release Tracking Through Closeout
SPM tracks every job's retainage release status through closeout — submitted, approved, pending, overdue. When retainage isn't released within the contractual period, the escalation process starts automatically. Executive clients see retainage status on their monthly WIP schedule until every dollar is collected.
Service Tiers
Tier 01
Core Financial
Starts at $1,900 / month
- ControlQore setup and management
- Job costing aligned to your estimate structure
- Cost-to-complete tracking — updated monthly
- Full-service bookkeeping — minimum 30 min/week
- Vendor payments via ACH (you approve, we initiate)
- Accounts receivable management
- Bank reconciliations and transaction matching
- Controllership
- 1 monthly CFO meeting
- 60-day onboarding — books migrated to last taxable year
Most Popular
Tier 02
Executive Financial
Starts at $2,900 / month
- Everything in Core Financial
- Monthly WIP schedule — delivered every month, standard
- 13-week cash flow forecasting
- CEO Report — monthly financial dashboard
- 3 CFO advisory meetings per month
- Strategic accountability and actionable to-dos
- Direct access to Josh Luebker
Pricing by Revenue
Revenue Range
(Last 12 Months) |
Core Financial
Monthly |
Executive Financial
Monthly |
| Under $1M | $1,900 | $2,900 |
| $1M – $3M | $2,600 | $3,600 |
| $4M – $6M | $3,800 | $5,500 |
| $7M – $9M | $5,100 | $6,900 |
| $10M – $12M | $6,100 | $8,500 |
| $13M+ | Quoted | Quoted |
Vetted Partner Network
National Lien Services
When AR gets too long, we connect you directly to our lien services partner to protect what you've earned.
Additional cost — not included in monthly fee
Payroll Integration Partners
Prevailing wage and regular payroll software partners integrated directly with ControlQore job costing.
Additional cost — not included in monthly fee
Bonding Partners
Surety relationships and bonding capacity support. We prepare the financials — our partners get you bonded.
Additional cost — not included in monthly fee
Lending Partners
Working capital lines and equipment financing through vetted lenders who understand construction.
Additional cost — not included in monthly fee
Reviewed Financials
CPA-level financial statement reviews for banking, bonding, and large contract requirements.
Additional cost — not included in monthly fee
CPA Coordination
We work alongside your existing CPA — not replacing them. Clean books and job costing make tax time easier.
Included — no extra cost
Common Questions
Straight answers.
How long should a job stay open in the accounting system after work is complete?
A job should be closed in ControlQore within 30–45 days of final billing submission — once all costs are in, the final invoice is submitted, and retainage has been requested. The retainage receivable stays open as a balance sheet item until collected, but the job itself should be closed so it doesn't inflate your active WIP and active project count for surety review.
What if subcontractor invoices come in after the job is closed?
Late subcontractor invoices are coded to a closeout cost code and tracked as a job cost adjustment. If the late invoice changes the job's profitability materially, the job record is updated and the historical estimate vs. actual comparison is adjusted. SPM manages late cost coding to ensure jobs that appear closed don't get silently revised in a way that distorts historical profitability data.
What's included in Core Financial?
ControlQore setup, job costing aligned to your estimates, cost-to-complete tracking, full bookkeeping (minimum 30 min/week), ACH vendor payments (you approve, we initiate), AR management, bank reconciliations, transaction matching, controllership, and 1 monthly CFO meeting. Starts at $1,900/month.
What does Executive Financial add?
Everything in Core plus monthly WIP schedule, 13-week cash flow forecasting, CEO Report, and 3 CFO advisory meetings per month. Starts at $2,900/month. WIP, cash flow forecasting, and the CEO Report are Executive tier only.
Do you handle payroll?
No. We have vetted payroll software partners — including prevailing wage integrations — that connect directly with ControlQore. Those are separate engagements at additional cost.
How long does onboarding take?
60 days. We migrate your books to the start of your last taxable year, set up ControlQore, and build your job costing structure. Fully operational in two months.
What software do clients use?
ControlQore. All SPM clients run on ControlQore for job costing and WIP. We set it up and manage it — you don't have to learn it. Clients switching from QuickBooks, Sage, or other platforms migrate during onboarding.
Do you work alongside our CPA?
Yes. We work alongside your existing CPA — not replacing them. Clean books and accurate job costing make their job easier at tax time.
What happens when we grow past $12M?
We have a clear graduation path. We prepare your financials, systems, and team for the transition and connect you with the right firm for your next stage of growth.