5 Top Questions for Finding the Best Construction Accounting Software

If you are a construction company with maintaining high levels of profitability, then Spectrum is a solid tool if you can afford it. There is a great online invoice system for contractors, with a pay-now button embedded on the forms to send the payment instantly. Premier has an offer for a one-time implementation with full onboarding and training for an unlimited number of users, and unlimited document storage. Sage has amazing inventory management, helping streamline updates for things like stock levels, purchasing and sales. You might think the enterprise edition for contractors would be on premise, but the Quickbooks Desktop Enterprise version still holds everything in the cloud.

Additionally, it could be a good fit for government contractors since it’s compliant with the Defense Contract Audit Agency. If you think general accounting software is enough for you, choose QuickBooks Online. However, if you need specialized contractor features, you should consider Jonas Premier or Sage 100 Contractor or even integrate QuickBooks with Buildertrend. While QuickBooks Online is our best small business accounting software, it can be an especially good option for contractors—even without any construction software integration. There are many benefits to using cloud-based accounting software for your construction company.

Pay your team fast and hassle free

It handles cost-plus billing, progress-billing and other accounts receivable modules. You get all the power of Sage ERP but with dedicated contractor functionalities, and it functions especially well with small businesses and medium-sized businesses. This is an all-encompassing construction and service management system. „Proper cost management was essential to the success of our construction projects. See all of them in our article about the best construction financial management software tools in 2023.

Better record keeping via time tracking, material costs, change orders, and subcontractor contracts can also lead to a better ROI. With better insight into this information, you’ll have a more complete view of not only your financials but also your operational plans and expectations. If a project is not performing up to standards, you can find out in real-time before it affects profits or incurs a loss. A good project management solution will also lead to improved profitability. This is because project costs are always tied into what is deemed as a successful project–keep costs down and finish the project under budget and within a specified amount of time.

Do Your Professional Services Have ComplexNeeds and a Growing Team?

Construction-specific accounting software is usually just one component of a total ERP solution. ERP software for construction and contractors should help you with job costing, subcontractor management, project management, and other tasks unique to the construction industry. It should construction bookkeeping also offer at least the accounting basics, such as general ledger creation, estimating, and invoices. Projectmates is a management software solution focused on capital construction operations. It helps save time on projects through the automation of resource-consuming processes.

• Our ratings consider starting price and the overall price range for all software tiers as well as the depth and number of available features, customer reviews and a deep dive by our experts.
• While in the preconstruction phase of a project, you can perform prequalification of clients, do bid management and create comprehensive estimating.
• The most common example of general accounting software is a product like QuickBooks Online.
• To address these specific needs, over 100 construction software vendors offer solutions to handle accounting for complex construction jobs of all sizes.

This does not only eliminate manual time tracking and computation of labor costs, but it also gives construction business owners access to the profitability of their projects in real-time. A majority of the buyers we speak to are small contractors evaluating construction-specific systems for the first time. They are currently using Quickbooks, Peachtree or another entry-level package. However, they are growing and need more sophisticated job costing and payroll management functionality.

Accounting Software Integrations and Apps for Construction Companies

With a robust Oracle database backend, PENTA offers a unified alternative to oversee accounting and payroll and equipment and inspection management. However, this software’s price and management overhead mean investing in PENTA should not be entered into lightly by any company despite its size. Is another cloud-based software, ideal for large — even international — firms.

• But it’s not necessarily something you can figure out on your own either.
• Buying otherwise useful software for the sake of its secondary features will probably give you the wrong tool for the job.
• Deltek’s ComputerEase provides a full-featured toolset that delivers construction accounting, job costing, and project management.
• So, in addition to core accounting, they require service dispatch, scheduling, service contract management and spare parts inventory management.
• These construction accounting platforms are seven of the best available to help contractors prepare, manage, and track their budgets.

Innovations in workflow design mean reduced complexity in running your construction operations, resulting in more substantial revenues. Every minute of work is precisely tracked and reflected on your records, so you won’t wonder where all those work hours of your personnel have gone. Meet Eric, a software expert who has helped 1,534 companies select the right product for their needs. BuilderTREND has two subscription plans from which to choose.

Choose the Best Accounting Software for Your Construction Company

To get the most out of your system, the end of your initial training is just the beginning. The vendor knows what resources they have to develop their clients into advanced users. So ask them whether they would be able to work with you to create a long-term game plan. FreshBooks Select is a custom plan built to save time and money, and ensure your growing construction business has the accounting solution it needs. Award-winning support means talking to a real person for the help and info you need because we provide so much more than just online accounting software for construction professionals.