Workers Comp · Classification Codes · Construction Insurance · Payroll · Cost Management
Workers Comp · Classification Codes · Construction Insurance · Payroll · EMR
Workers Comp
Classification.
Workers compensation classification codes determine how much you pay per dollar of payroll for each employee — and they vary enormously by job type. A concrete laborer carries a very different rate than an office manager or a field supervisor who doesn't perform manual work. Misclassification — in either direction — costs you real money every year.
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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
You're Using a Blended Rate for Everyone
Many small construction companies use a single workers comp classification code for all field employees — typically the highest-risk code applicable to their trade. This approach is simple but expensive. Employees who work in lower-risk roles — light supervision, safety management, surveying, equipment operating — carry lower rates than general labor. Using the wrong code overpays workers comp premium on every paycheck.
02
Your Annual Audit Surprises You Every Year
Workers comp is paid on estimated payroll throughout the year and audited after year-end when actual payroll is known. If your actual payroll is higher than estimated, you owe additional premium. If classification codes changed during the year without updating your policy, the audit produces unexpected charges. Most contractors treat the audit as an annual surprise rather than a managed process.
03
Your Experience Modification Rate Is Higher Than It Should Be
Your experience modification rate — EMR — is calculated from your claims history and directly affects your workers comp premium. A high EMR raises your premium on every policy renewal. Most contractors don't monitor their EMR or understand what specific claims history is driving it above the 1.0 benchmark.
How SPM Fixes It
Classification Code Audit at the Start of Every Year
SPM reviews workers comp classification codes as part of the annual financial review for all clients — ensuring each employee class is coded at the correct rate for their actual job duties. Office staff, field supervisors who don't perform manual work, and equipment operators often carry lower rates than general labor. Correct classification reduces annual premium. Codes are set up correctly in ControlQore so payroll runs at the right rate from day one.
Payroll Estimate Management Throughout the Year
Workers comp premium is based on estimated payroll at policy inception and audited after year-end. SPM tracks actual payroll against the policy estimate throughout the year — flagging when actual payroll is trending significantly above or below the estimate. Mid-year adjustments avoid large audit surprises in either direction.
EMR Monitoring and Claims Coordination
SPM tracks your EMR trend for Executive clients — identifying when a claim is likely to affect the next policy year's modification factor and flagging when proactive claims management might limit the EMR impact. We coordinate with your insurance carrier on claims documentation. We don't manage claims directly — but we make sure the financial management side supports the lowest possible EMR trajectory.
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.
What happens if I'm audited and found to have used the wrong classification codes?
If you've underclassified — placed employees in lower-risk codes than their actual duties warrant — the audit will produce additional premium owed plus potential penalties. If you've overclassified — placed employees in higher-risk codes than their duties warrant — you've overpaid and may receive a credit. The audit process reviews payroll records and job descriptions to verify classification. Accurate classification from the start is always less expensive than correcting an audit finding.
How does the experience modification rate affect my bonding?
Some sureties and GC prequalification programs review EMR as part of their financial evaluation — a high EMR signals safety risk and operational issues beyond just insurance cost. An EMR above 1.2 can disqualify subcontractors from certain GC bidding lists and government projects. Managing EMR is both an insurance cost issue and a business development issue.
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.