Surety & bonding
Greywood CPA prepares compiled, reviewed and audited financial statements for general contractors, subcontractors and specialty trades that need bonding. Sureties set your bonding capacity largely from these statements, so how they are prepared directly affects how much work you can bid. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
Sureties look hardest at working capital, net worth, your work-in-progress (WIP) schedule and whether jobs are overbilled or underbilled. The level of CPA involvement they expect usually rises with the size of your bonding program: a compilation for smaller lines, a review in the middle and an audit for larger programs. Your surety or bond agent will tell you which they require.
Last reviewed: November 2026
Many sureties also discount assets they consider less reliable, such as old receivables, related-party loans and underbillings, when they calculate capacity.
| Bonding program | Usually accepted |
|---|---|
| Small or first-time bonding | CPA-prepared compilation or review |
| Mid-size program | Review with a WIP schedule |
| Large program or public works | Audit with a WIP schedule |
| Moving to a larger program | Usually an audit, a year before you need the capacity |
Upgrading from a review to an audit in the year before you need more capacity gives your surety a clean, audited starting point.
The WIP schedule lists every open contract with its contract value, estimated total cost, costs to date, percent complete, revenue earned, billings and the resulting over- or underbilling. It shows your surety whether your estimates hold and how much profit is still ahead in backlog. See WIP schedules and percentage of completion.
Sureties expect statements within roughly three to four months of year-end. Close the books and finalize job estimates in the first weeks after year-end, and we can start fieldwork immediately. Tell us your surety's deadline and we'll plan backward from it.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Usually CPA-prepared statements with a work-in-progress schedule: a compilation or review for smaller programs and an audit for larger ones. Your surety or bond agent will confirm the level.
Largely from working capital, net worth, your WIP schedule and your track record. Many sureties discount assets they see as less reliable, such as old receivables and underbillings.
Revenue earned on a job, based on percent complete, that you haven't billed yet. Sureties watch underbillings closely because they can signal cost overruns or billing problems.
Usually about a year before you need a larger bonding program, so your surety has audited statements when you ask for more capacity.
We quote one fixed fee in writing before any work starts, based on your revenue, number of open jobs and the level of statements your surety requires.
Tell us your year-end and your surety's due date. A senior CPA will send a fixed-fee proposal within 1–3 business days.