What is a virtual CPA?

A virtual CPA provides the same services as a traditional CPA firm — tax preparation, bookkeeping, audits, financial planning — but delivers them remotely using secure cloud technology. You get expert-level service without visiting a physical office.

How much do virtual CPA services cost?

Pricing depends on the complexity of your financial situation and the services you need. We provide transparent fee estimates during your initial consultation. Virtual CPA firms typically have lower overhead than traditional firms, which translates to more competitive rates.

Do I need an audit for my nonprofit?

Many states require nonprofits to have an independent audit once they exceed certain revenue thresholds, often $500,000-$750,000. Grant-making organizations and government agencies frequently require audited financial statements. We can help determine your specific audit requirements.

What is the difference between an S-Corp and an LLC for tax purposes?

An LLC provides liability protection and pass-through taxation by default. An S-Corp election can provide additional tax savings by allowing owners to split income between salary (subject to payroll taxes) and distributions (not subject to payroll taxes). The right choice depends on your income level, business structure, and state tax laws.

What does a virtual CFO do?

A virtual CFO (fractional CFO) provides high-level financial strategy and oversight on a part-time basis — budgeting, forecasting, cash flow management, financial analysis, KPI reporting, and strategic financial planning. You get C-suite financial leadership without the full-time cost.

Can you help if I'm behind on bookkeeping or taxes?

Yes. We offer catch-up bookkeeping services to bring your books current and can help resolve back tax issues including IRS notices, unfiled returns, and payment plans.

What accounting software do you work with?

We work with QuickBooks Online, Xero, FreshBooks, Wave, and other major cloud accounting platforms. We can also help you select and set up the best software for your business.

How do I prepare for tax season?

Organize financial records throughout the year, keep receipts for business expenses, track mileage and home office usage, make quarterly estimated tax payments, and schedule a year-end tax planning session before December 31.

What is DCAA compliant accounting?

DCAA (Defense Contract Audit Agency) compliant accounting is a system that meets federal government requirements for contractors. It includes proper timekeeping, job cost accounting, indirect cost allocation, and specific internal controls required for government contract work.

Do I need a CPA or a bookkeeper?

Bookkeepers handle day-to-day recording of financial transactions. CPAs handle higher-level work — tax planning and preparation, audits, financial analysis, and strategic advice. Many businesses need both. Our firm provides both services so you have one team managing everything.

What's the difference between an audit, review, and compilation?

An audit provides the highest level of assurance through independent verification of financial statements. A review provides limited assurance through analytical procedures and inquiries. A compilation presents financial information in statement format without assurance. The right choice depends on your stakeholders' requirements.

Do you serve businesses outside the DMV area?

Yes. While our primary service area is Washington DC, Maryland, and Virginia, we serve clients nationwide through our 100% virtual model. Our cloud-based systems allow us to work with businesses anywhere in the United States.

What audit does a surety company require for a general contractor?

Surety companies typically require CPA-audited financial statements for bond lines over $500,000 to $1,000,000. For smaller bonds, a CPA-reviewed or compiled statement may suffice. An audit provides the highest level of assurance — the CPA expresses an opinion that financial statements are fairly presented in accordance with GAAP, which surety underwriters rely on to evaluate your financial capacity and bonding limit.

What financial statements do I need for bonding as a GC?

Surety companies typically require: (1) CPA-audited balance sheet showing total assets, liabilities, and net worth; (2) audited income statement showing revenue, costs, and net income for 2–3 years; (3) audited cash flow statement; (4) notes to financial statements; and (5) a completed construction work-in-progress (WIP) schedule. Some sureties also require a personal financial statement from owners with 10%+ ownership.

How much does a contractor audit cost in Virginia or Maryland?

A general contractor audit in the DC metro area typically costs $6,000–$18,000 depending on your revenue, complexity of contracts, and number of years needed. Virtual CPA firms like ours provide competitive pricing compared to traditional local firms. Contact us for a fixed-fee quote based on your specific situation.

What is the difference between a review and an audit for bonding?

An audit provides reasonable assurance and an audit opinion — the highest level of CPA assurance. A review provides limited assurance. Surety companies generally accept reviews only for smaller bond programs (under $500K). For larger bond lines, most sureties require an audit. Your surety agent can confirm exactly what's required for your bond program.

What is a prequalification financial statement for GCs?

A prequalification financial statement is a standardized financial disclosure required by public project owners, state DOTs, and large private owners before a GC can bid on a project. It typically includes a CPA-audited or CPA-compiled balance sheet, income statement, and a completed construction WIP schedule. Virginia and Maryland DOT prequalification programs each have specific form requirements.

Do subcontractors need audited financials?

Subcontractors generally need audited financials when: (1) they're bonded on a project as a principal; (2) the GC requires financial prequalification for large subcontract awards; or (3) they're applying for SBA programs. Many specialty subs start needing audits when their annual revenue exceeds $2–3M and they begin working on larger bonded projects.

How long does a general contractor audit take?

A general contractor audit typically takes 4–8 weeks from document receipt to delivery of the audited financial statements. Timeline depends on the completeness of your records, responsiveness during the audit, and whether prior-year audited statements exist. We work to meet your bonding application deadlines — contact us early if you have a time-sensitive bond requirement.

Can a virtual CPA audit my construction company?

Yes. Licensed CPAs can perform audits remotely and are not required to be physically present at your location. We securely receive your financial records electronically, perform our audit procedures remotely, and issue our audit report and opinion letter. Our audit opinion carries the same professional weight as one issued by a local firm. We serve contractors across Virginia, Maryland, and DC.

Construction Industry Specialists — VA, MD & DC

General Contractor Audit Services — Bonding, SBA & Bank Requirements in Virginia, Maryland & DC

General contractors in Virginia, Maryland, and DC need CPA-audited financial statements to qualify for surety bonds over $500,000–$1,000,000, secure SBA 8(a) or HUBZone certification, close construction loans over $2M, and bid on large public projects. Your Virtual CPA provides GAAS-compliant audited financial statements that meet surety company requirements (Travelers, Hartford, Liberty Mutual), bank underwriting standards, and government certification requirements — delivered virtually with fast turnaround.

Schedule a Call

Do general contractors need an audit for surety bonds?

Most surety companies require CPA-audited financial statements for performance bonds over $500,000–$1,000,000. General contractors bidding on larger projects, SBA 8(a) work, or joint ventures need audited financials prepared using the percentage-of-completion method. A review may be accepted for smaller bonds, but an audit provides the highest assurance and maximum bonding capacity.

Surety Bond: A surety bond is a three-party agreement guaranteeing that a contractor (principal) will fulfill contractual obligations to the project owner (obligee). If the contractor defaults, the surety company pays the owner and then pursues the contractor for reimbursement.

Percentage-of-Completion Method: The percentage-of-completion method is the GAAP accounting method required for long-term construction contracts, recognizing revenue and expenses proportionally as project milestones are reached rather than when cash is received.

Contractor Audit & Financial Statement Services

From surety bond audits to SBA certification financial statements, we handle every type of audit requirement general contractors face.

Surety Bond Audit

CPA-audited financial statements meeting surety company underwriting requirements. We understand what Travelers, Chubb, Hartford, Liberty Mutual, and other major sureties require — including the WIP schedule, balance sheet presentation, and notes required for bonding underwriting.

SBA 8(a) & HUBZone Certification

Audited financials required for SBA 8(a) program admission and HUBZone certification. We prepare the audited statements required by SBA SOP 50 10 7, ensuring proper presentation of business and personal financial statements for owner-operators pursuing small business certification.

Bank & Construction Loan Audits

Commercial banks and construction lenders require audited financials for loans over $2M. We work with your lender's specific requirements to ensure our audit opinion and financial statement presentation meets their underwriting criteria for construction loans, lines of credit, and real estate development financing.

Joint Venture Audit Requirements

JV partners, project owners, and large general contractors require audited financial statements from subcontractors and JV partners before contract execution. We provide audited statements with fast turnaround — typically 4–8 weeks — so you don't miss a project opportunity.

Prequalification Financial Statements

Public projects and GC prequalification applications require CPA-compiled or CPA-audited financials. We prepare financial data meeting state DOT requirements, public owner prequalification standards, and large GC prequalification programs across Virginia, Maryland, and DC.

Annual Contractor Financial Audits

Year-round audit relationships for contractors who need annual audited statements for ongoing bonding programs, lender covenant compliance, and fiscal year reporting. We build an efficient recurring audit process that minimizes disruption to your operations.

Serving General Contractors Across Virginia, Maryland & DC

From residential renovators in DC to large commercial GCs in Northern Virginia, we serve contractors at every stage of growth.

Northern Virginia (Fairfax, Loudoun, Prince William)

Commercial construction, federal facilities, residential developers needing bond audits

Washington DC

Public project GCs, certified business enterprises (CBE), public contract bidders

Montgomery & Prince George's County, MD

County and state project bidders, MBE/DBE certified contractors

Richmond & Hampton Roads, VA

VDOT and state contract bidders, regional commercial construction

Baltimore Metro, MD

City and state of Maryland public project contractors

Suburban MD & VA

Residential developers, HOA builders, mixed-use project contractors

Virginia, Maryland, and DC each have specific bonding requirements for public project bidders. Virginia requires a contractor's license bond; Maryland requires bonding for projects above certain thresholds; DC's CBE and certified contractor programs have specific financial reporting requirements. Your Virtual CPA understands all three jurisdictions.

Related Services

HOA Audit Services

Annual audits for HOA and condo associations.

Attestation Services

AUPs, reviews, and compilations for specific requirements.

Compilation & Review Services

Lower-cost alternatives to a full audit.

Small Business Audit

Audits for bank loans, SBA, and investor requirements.

Nonprofit Audit (Single Audit)

Federal compliance audits under OMB Uniform Guidance.

Book a Consultation

Talk to a contractor audit specialist today.

General Contractor Audit FAQs

Common questions from construction companies and contractors about audit requirements for bonding, SBA, and bank financing.

Your Bonding Application Is Waiting.

Don't lose a project because you don't have audited financials. Our team delivers GAAS-compliant audited financial statements built for surety underwriters, banks, and government certification programs — with competitive fixed pricing and fast turnaround.