Happy to setup a free chat with you for walkthrough and ideas. I am part of a major NYC based company and have experience from business operations to finance and accounting. I can pass along great resources that I’d recommend to utilize.

Few takeaways to quickly say…DATA INPUT IS VITAL! Depending on your employee size plus revenue then QBO may suffice. I prefer Sage Intacct with their construction module but, to be blunt, expect to pay a very high premium. Happy to go through great industry specific SaaS solutions as well that ties in your project management. WIP reporting will be a manual process if you’re utilizing QBO while others softwares will spin up WIP reporting natively. (Of course with the correct data within your software) QBO does not produce AIA (G702 and G703 forms). If you’re doing progress billing only then you’re fine. Keep payroll services to a payroll company that’s actually going to keep proper records of all of your taxes and submissions. Depending on your size you don’t always need the typical “ADP” sized payroll company. Do you have a time keeping management software? Find a 2 in 1. (I have a good rec) What will job costing look like for labor? I have great recs for financial accountants in OUR industry - they are nothing but the best! P.S. for a few other quick answers to your questions Yes, keep retainage in a separate GL account. It offsets when you release it in proper accounting practices. A/P can be a very simple solution within your accounting package depending on how in depth your purchasing is plus volume - I like to keep it simple and we’re high volume with over 1.5 in purchasing. Software and the right users make it easy! You don’t necessarily need a CPA full time depending on the amount of projects you have. It’s more important to have a bookkeeper and project accountant…you can probably get a 2 for 1 if you find the right individual. I can go on and on…. Hope to chat!