Pre-built integrations include various 3rd party applications like Autodesk, Bluebeam, Comdata, DocuSign, Kofax, and PlanGrid. CMiC also offers API bundles for CRM, estimates and budgets, payroll processing, and other tasks. These construction accounting platforms are seven of the best available to help contractors prepare, manage, and track their budgets. Each comes with its own advantages and disadvantages, so do your research well to fully understand what each has to offer. Other tasks include job costing, preparing estimates and quotes, forecasting, budgeting, and receivables. You get access to a broad network of experts for industry-specific tasks, including electrical work, and even plumbing.

Powerful construction accounting software

Some people need help learning to use its more advanced features, though Foundation offers a highly-rated customer service line for assistance. Sage was the standard accounting software for general contractors for a long time, but it’s lost popularity as other platforms have become available. It’s a more affordable option than some others, but that also comes at the cost of some of the deeper, more insightful analytics and data you may need. Today’s leading construction accounting platforms offer standard security features including data encryption, secure credential tokenization and more. While human error will always play some role https://www.inkl.com/news/the-significance-of-construction-bookkeeping-for-streamlining-projects in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe.

Explore Solutions

Use software to streamline your revenue reports, invoicing, and payroll processes to stay on top of your company’s finances. Standout features include mobile tools that allow you to proactively manage jobs, inventory, finances, and people from any location. Real-time job costing data, which is specialized for construction, allows you to track labor, material, subcontractor, and equipment costs, enabling more proactive business decisions. Plus its financial reporting features help with managing costs and cash flow. With so many different construction accounting solutions available, figuring out which is right for you is tough. You know you want to allow for accurate tracking, analysis, and reporting of financial transactions related to construction activities, but you need to figure out which tool is best.

How to choose construction accounting software

• You and your team need a tool that fits the specific jobs you intend to use it for.
• I have heard the industry standard is 10% of the overall project is given to project closeout.
• Efficiently handle tasks such as invoicing, processing liens, and accepting online payments.
• They are 60 days behind on our payment yet they are refusing to give us…
• Its feature-rich platform starts by allowing you to manage multiple companies where you differentiate projects.
• Better record keeping via time tracking, material costs, change orders, and subcontractor contracts can also lead to a better ROI.

You get functionalities such as invoicing, income management, expense tracking, and tax preparation. Easily manage your clients, vendors, and employees with this app by automating your processes. When choosing construction accounting software, start by making a list of your must-have features. For example, very small construction companies with just a handful of employees might prioritize job costing over a robust scheduling module.

Best Construction Accounting Software Shortlist

Striven has features for project and inventory management, job costing, scheduling and more. Those are in addition to built-in standard accounting functions such as reporting (including customizable reports), invoicing, audit trails and accountant access. You naturally plan to grow your construction bookkeeping business with time, so why not plan for your accounting solution to do the same? Some construction accounting solutions offer limited scalability, meaning you’ll be forced to make do or make the switch eventually. Tools like FreshBooks allow you to customize and upgrade your plan as needed to ensure you’re always ready to take on more work.

Explore our construction software by solution:

• Our next step is to determine the value of the software by comparing the total cost of ownership against the available features.
• As one of the most popular types of accounting software for a construction company, many in the industry use QuickBooks for their needs.
• It’s great at job costing, with tracking and monitoring tools for all job materials, labor, subcontractor, and equipment costs.
• Those that had all features provided for contractors without additional fees fared better than those that required you to choose a higher subscription service to unlock them.
• The payroll module uses Davis Bacon wage rates and includes union fringe and state tax rates.

NerdWallet’s construction accounting software roundup favors products that have industry-specific features or integrations and prioritize job costing tools. Job costing, in particular, is one of the main factors that sets construction companies apart from other types of businesses. Their books revolve around service-based projects as opposed to the sale of particular items. For more information about our star ratings process, see how we rate small-business accounting software in general.