9 Best Construction Accounting Software Solutions for 2024

Unlike the other picks on this list, Premier only offers products that meet the needs of contractors, home builders, land developers and construction management teams. Take a look at the customer support offerings when browsing construction accounting software. Forming solid construction accounting processes is absolutely critical if you want to grow your contracting business. The problem is, construction accounting is entirely different from accounting in other industries. From long term contracts and historically slow pay cycles to balancing costs in dynamic and unpredictable site conditions, there are a ton of factors that make financial management much more difficult.

• Gusto partners with accountants and offers full-service payroll solutions, expert advice, time-tracking solutions, and compliance assistance.
• Deltek ComputerEase, formerly Construction Accounting by Computer Ease, is a software solution that tells you where each job stands in various ways.
• In addition to its robust document management features, it has other construction management tools, like estimate management, job scheduling, and a mobile app for tracking tasks and time tracking on the go.
• This is one reason it has received several industry awards, including Software Advice’s 2021 Front Runner award and making Capterra’s Shortlist.
• It took a hit in pricing because the one-time implementation fees are a bit expensive, especially for small contractors.

Smart tools to make your accountant’s job easier

Construction accounting software pricing depends on several factors, such as the size of your business, how many total users you have, and what modules you want included. Subscription costs for cloud-based platforms average between $10 and $400 per month. Construction accounting software can save you time and help keep you organized when managing your building https://www.merchantcircle.com/blogs/raheemhanan-deltona-fl/2024/12/How-Construction-Bookkeeping-Services-Can-Streamline-Your-Projects/2874359 projects. By integrating preconstruction parameters, such as bidding and cost building, contractors can quickly move a project from the prework phase into the project management and building phases. Construction software becomes a one-stop platform for everything from prices to contracts and compliance. This helps ensure that nothing slips through the cracks in the construction process.

What makes accounting in the construction industry unique?

So it only makes sense to consider this task when choosing a software option for you. As we mentioned, Sage’s simple, easy-to-interpret interface is a strong point. With a simple design and an extensive collection of resources and tutorials to fill in the gaps, Sage users enjoy the experience of using the app. That’s why FreshBooks also has an excellent customer support team—no need to try and ‘talk’ to a chatbot or sift endlessly through self-help resources to get answers to your questions. Instead, give us a ring and talk to an actual human, ensuring you don’t have to deal with unnecessary downtime. Construction companies should use a percentage-of-completion method that recognizes both revenue and expenses as they are accumulated over time.

Why You Can Trust Forbes Advisor Small Business

FreshBooks contractor accounting software programs strike the ideal balance between ease How to Use Construction Bookkeeping Practices to Achieve Business Growth of use and functionality. You’ll be able to use it like a pro in no time—no accounting knowledge necessary. FreshBooks also offers mobile apps for both Android and iOS, providing the same functionality as its desktop accounting software. When choosing a construction accounting software platform, there are three areas of consideration that you should consider. You want a platform that fits your overall budget and provides as much value without needing to upgrade with other subscriptions or customized solutions. The Advanced plan adds the ability to create accurate estimates and provide full financial transparency.

• We recommend Jonas Premier, CMiC, or another construction ERP software instead.
• Depending on your needs, Procore may be all you need to keep your finances organized and trackable.
• Users particularly like the customization of reports and how robust the GL is, offering details on every aspect of a transaction.
• Whether you’re a large general contractor or a small subcontractor, we can help you manage finances across projects of all sizes.
• It can handle enormous amounts of data and large file sizes, but can still work for small contractors that are just starting out.
• You can avoid a fair bit of cash flow problems by negotiating more favorable retainage rates/terms with project owners.

Specializing in delivering exceptional value to businesses, Rick navigates the complexities of the financial realm easily. His expertise spans various industries, consistently providing accurate insights and recommendations to support informed decision-making. Rick simplifies complex financial concepts into actionable plans, fostering collaboration between finance and other departments. With a proven track record, Rick is a leading writer who brings clarity and directness to finance and accounting, helping businesses confidently achieve their goals. There are a few unique benefits that construction accounting software offers over general-purpose accounting software. The long duration of construction projects creates challenges when it comes to tracking costs and revenues.

Improve Job Costing

It also has additional capabilities for tracking equipment and fixed asset depreciation and for storing digital documents. This robust feature set — as well as training on how to use it — makes Foundation a good fit for a wide range of construction companies. JOBPOWER is as powerful as Premier in terms of construction management, and it has a pretty decent set of accounting features, like A/P and A/R management. Also, it didn’t do well in pricing because it’s one of the most expensive software on the list. Explore our top picks for general contractor software covering bid management, document control, and project management.

Track Time to the Minute

You can manage tasks such as multi-division accounting, workflow automation, scheduling, and dispatch. Other capabilities include inventory management, job costing, and real-time tracking of receivables and payables. Yes, you can—but only if you only need bookkeeping features, like income and expense tracking, budgeting, and reporting. However, if you require specialized features like equipment management and construction billing, you need construction-specific software like Premier Construction Software or Buildertrend. Accounting software for construction has unique features like the ability to create change orders, track job costs, and accept specialized billing methods like AIA and time and material billing.

It also has a lead management functionality that you can utilize to convert hot leads into projects. The dashboard is customizable, making it suitable for a variety of construction jobs, including electrical, HVAC, home builders, land developers, and plumbing. This blog will explore the 10 best construction accounting software systems for 2025, highlighting their features to help contractors make informed decisions and streamline their financial operations. Now you should have a better idea of the construction accounting software options on the market, and hopefully you’re a little closer to finding the software tool that’s the best fit for your team. The obvious one is that they offer functionality that’s specific to the construction industry. That includes things like job costing, change order tracking, and progress billing.