Best Accounting Software For Contractors – Get the best construction accounting software for your business Product reviews, compare prices below Read our buyer’s guide for more help
Construction accounting software packages provide financial accounting that is designed specifically with contractors in mind. Features included typically include project accounting, job costing, and special progress billing. Whether your construction project involves residential, commercial, or industrial work, construction accounting software will help you track real-time expenses such as materials and labor, revenue, and pay your employees efficiently.
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With the many different software packages out there (such as fully integrated construction management software), it can be confusing to decide which option is right for you.
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To help you find the best solution, we’ve researched and compiled a collection of our top picks for construction accounting software.
Vista by Viewpoint is a fully integrated manufacturing ERP software with a powerful accounting tool. Accounting features included include construction-specific payroll, such as union and certification reports, general ledger, and accounts payable and receivable. The cloud-based approach provides a worry-free IT experience, and the scalable approach allows you to purchase project accounting applications and add additional features such as project management and estimating (if needed).
Why we love it: This manufacturing ERP solution is scalable, highly configurable and fully integrated to manage your operations, improve your productivity and make better decisions. The solution can help reduce the accounting burden on your staff, meaning they can be more efficient in other areas of your business. As the solution seamlessly integrates project management, accounting and operations, Vista by Vistant is one of the most comprehensive construction accounting solutions.
Sage 100 Contractor is a popular choice for small to mid-sized contractors The complete solution provides management and accounting tools to meet your estimating, scheduling, project management, equipment management and payroll needs.
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Why we like it: Many users of Peachtree or Sage 50c have switched to Sage 100 Contractor because of its industry focus and ability to provide better pricing and job estimates. Sage 100 Contractors has a large network of dedicated providers who specialize in applying the software to specific aspects of the contract, such as plumbing, electrical and more.
Premier Construction Software (formerly Jonas Premier) is a cloud construction software for general contractors, plan builders, home builders and real estate developers. Job costing functionality helps find profitable jobs, matches payments to invoices, analyzes each job document, generates accurate reports with real-time expenses, and automates the calculation of any expenses in payroll.
Why we love it: Premier Construction Software’s job costing feature will help you break down costs into broad categories such as labor, materials, equipment, subcontractors, and any other custom areas you need. Job costing also allows you to record the cost of work in progress and compare estimated to actual cost Job costing capabilities in Premier Construction Software will improve customer service and billing cycle times using real-time data.
ZipBooks is a timeless free accounting software that can be used in any industry For the construction industry, the solution stands out from other free accounting solutions (such as Wave) due to its ability to manage project accounting Ease of use includes transportation costs and drop into expense categories, invoices, transaction views, balance sheets and reports.
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Why we like it: Zipbooks are accessible anywhere you have a web browser If you’re at a work site, you can pull up the necessary details from your phone or mobile device The free version of ZipBook includes unlimited customizable invoices, advanced financial reports and can accepts digital payments via Square or PayPal. The paid version of ZipBooks adds recurring invoices, time tracking, multiple bank account connections, and up to 5 users.
Procore is a complete web-based construction management software designed to integrate task recording with project planning and financial accounting – leave your business with nothing to desire. Unlike a typical accounting system, which is designed for the back office, ProCore Finance was built with project managers in mind – allowing them to make changes in real time.
Why we like it: The solution works on any mobile device, which is great for project managers in the field who need to manage a change order or submit a purchase order. Project managers in the office can create financial forecasts with data provided by field managers Project managers can see where they stand on project costs without having to wait until they get back to the office or run a month-end report.
ProCor can be integrated with other accounting platforms including QuickBooks Pro/Premier, Sage 100 Contractor, Sage 300 CRE and Viewpoint (Spectrum/Vista). To handle the large user base of most businesses, ProCore includes unlimited users for all plans – meaning pricing is determined per company based on the product and build volume you need.
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Buildtrend’s finance tool features help you manage the lifecycle of your project finances – organized in one place. It includes features such as purchase orders, change orders, time clocks, online payments, line discharge and integration with external tools.
Why we love it: Buildtrend lets you create line item invoices from your estimate, change order, or customer pick sheet. You can create, compare and send bids and notify subcontractors via email or text Accepted bids are built into contracts Invoice payments can be made online by check or credit card, allowing you to pay quickly.
To better control project finances, Buildtrend allows you to manage job costs, billing, POs, and other items that may be included in a project budget. Purchase orders that must be generated in the field can be signed by subcontractors before being sent for approval.
Construction accounting software is a type of project accounting developed for construction projects. These systems allow you to fill in the financial data of each construction project in real time while tracking your costs (such as material and labor costs). If you use invoicing and payroll processing software to optimize your revenue reporting, you can stay on top of your company’s finances.
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Construction accounting tools are also found in a fully integrated construction management software Whatever your business need, the unique functionality offered by our construction accounting software module includes:
Construction accounting is more complex than general accounting in terms of sales, cost of goods sold, cost and balance Real estate and construction companies typically have a variety of projects in progress at any given time. This leads to various direct and indirect labor costs, leading to highly complex costs that can be difficult to calculate if you rely on manual data entry and endless spreadsheets. This software can provide the tools you need to automate processes
The project overview in Sage 100 Contractor shows your cash position, job cash flow to date and income from your job.
When purchasing construction accounting software, your business should focus on the features that make these industry-specific solutions unique. Some of these key features include:
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Track all booking information related to the company’s income and expenses Generates balance sheet and income statement Maintains all details to track profitability and assist in financial decision making
Manage costs from labor, equipment rental and materials Maintain cash flow to ensure your bills are paid on time
Stores customer data and integrates it into shared ledgers Includes invoicing and construction billing such as AIA, time and materials, and progress billing
Create custom financial reports to visualize where your time and money are being spent on each project Analyze costs and net benefits to see where improvements can be made to increase ROI
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Manage timecards, payroll, direct deposit and tax administration for subcontractors and employees assigned to the project. Manage all types of construction payroll including certified, union and non-union
Construction businesses that use manual methods to manage their accounts are at a huge competitive disadvantage to their competitors. Filling out spreadsheets can take hours away from your other business tasks Alternatively, the constructions they use
Whatever your day-to-day pain points, you’ll want to explore these benefits of construction accounting software to determine if an upgrade is for you:
Job costing software makes it easy to allocate costs to individual cost categories to enable better cost control and job profitability. In construction accounting, labor costs supplement the company’s general ledger Tracking labor, equipment, material, and subcontractor costs is useful for both project managers (ensuring projects stay under budget) and financial managers (who monitor the bigger picture of a company’s financial health).
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One of the biggest benefits of job costing software is the comparison of estimated to actual costs It will allow you to track your financial performance on a job in real time Software developed exclusively with the construction industry in mind will be able to handle both small and large jobs for your construction business
How many construction companies charge labor costs? In our Construction Technology Trends report, we found that job costing is the second most desired feature in construction software, with 72% of buyers saying it should be included in their ideal solution.
Detailed records of your company’s project costs provide valuable insights to increase revenue Understanding relative costs