The Early Stage: Bookkeeping Basics
In the early stages of a construction company, a bookkeeper typically handles:
- Recording transactions
- Reconciling bank accounts
- Managing accounts payable and receivable
- Supporting payroll and invoicing
While essential, this role is task-oriented and focused on historical data, ie. "what happened." For small contractors, this is often enough. But as project size, headcount, and revenue increase, gaps begin to show.
The Growing Pains: When Bookkeeping Alone Isn't Enough
Here are some common signs your business has outgrown a basic bookkeeping setup:
- Job costing is unclear or inaccurate
- Cash flow feels unpredictable
- You’re unsure about what’s profitable (and what’s not)
- Your bonding agent is asking for financials you can’t produce
- You have no forecast or budget guiding decisions
These symptoms indicate a need for higher-level financial insight and infrastructure.
The Next Step: Adding Controller Oversight
A controller brings oversight and consistency to your financial operations. This role is focused on accuracy, compliance, and timely reporting.
Key responsibilities include:
- Producing monthly financial statements
- Ensuring job costing and WIP reports are accurate
- Establishing internal controls
- Managing accounting systems and policies
A controller helps your business get reliable, timely data, which is a must-have for bonding, banking, and operational decisions.
Strategic Leadership: Bringing in a CFO
Once your company reaches a certain size or complexity, a CFO can provide the strategic lens your business needs. Unlike a bookkeeper or controller, a CFO is forward-looking and decision-oriented. Their focus is on financial strategy, growth planning, and risk management.
Key contributions of a CFO include:
- Developing forecasts and cash flow models
- Guiding capital decisions (equipment, financing, growth)
- Supporting bonding conversations with data-driven insight
- Evaluating profitability across projects and divisions
A fractional CFO model, like the one Groundwork Financial offers, can deliver these benefits without the cost of a full-time executive.
How Groundwork Financial Supports Your Growth
At Groundwork Financial, we meet contractors where they are. Whether you need a bookkeeper to clean up your books, a controller to standardize reporting, or a fractional CFO to drive strategy, we scale with you. Our construction-specific expertise ensures your financial foundation grows as solidly as the structures you build.
Ready to take the next step in financial leadership? Let’s build it together.
