Top 7 Construction Accounting Software Platforms for Contractors

Contractors should separate business and personal finances, ensure proper job costing and record all day-to-day cash inflows and outflows. Accounting software can streamline ― and, in many cases, fully automate ― these key tasks. When you log into a high-quality accounting software platform, you should see key financial data and clear links to key accounting tools. Concrete estimating software is designed to help concrete contractors determine costs related to concrete jobs.

Spend less time managing your projects and your people

This is why it has flexible billion options, such as American Institute of Architects, time and materials and freeform billing. The software makes invoice routing easy and conveniently reconciles things with the GL when paid. RedTeam is a company built out of a commercial construction firm, so it understands the needs of a construction company intimately. This is one reason it has received several industry awards, including Software Advice’s 2021 Front Runner award and making Capterra’s Shortlist. Features, such as timecards, can be synced automatically while working remotely so that nothing slips through the cracks. With the customizable tracking of assets, Asset Panda is distinct, and SmartEquip shines with procurement and service management.

Companies & Small Businesses

• This is ideal for the civil construction industry, as infrastructure operations have several complex stages with multiple different expenses that can become difficult to organize.
• Both of these approaches work, but they’re a finish hammer when you need a nail gun.
• Depending on your needs, QuickBooks can work as a construction accounting software.
• Allowing contractors to create detailed project budgets, track expenses, and generate comprehensive reports that provide insights into project performance, profitability, and resource allocation.
• UpKeep automates inventory counts by automating the paperwork and integrating the barcode scanning, reducing the number of manual errors and speeding up the process of reordering inventory.
• NerdWallet’s construction accounting software roundup favors products that have industry-specific features or integrations and prioritize job costing tools.

EOQ calculates the optimal order quantity to minimize ordering and holding costs. ABC Analysis prioritizes inventory management by categorizing items based on their value or importance. With real-time visibility and control of their valuable assets, businesses can improve security and operational efficiency with Fleet Complete’s asset-tracking solutions. A key goal in heavy equipment inventory management is to maintain full tracking and optimum productivity of each heavy piece of equipment.

Pricing

QuickBooks offers robust apps for iOS and Android that have most of the same functionality as the desktop and web software. Sage 300 is as comprehensive as it gets with prebuild reports; there are more than 1,400 to choose from. Regarding accounting, Safe 300 breaks tasks down into assignments and work orders. It also retains information about POs, time worked and equipment usage for specific sites. This software platform is best for contractors seeking detailed bids from subcontractors and vendors to have the most comprehensive preproject data.

The software also delivers flexible reporting and analytics, with pre-built options for progress billing and contract summaries. Overall, Vista makes tracking change orders, labor, and equipment easy for granular breakdowns on project profitability. Deltek acquired ComputerEase in 2019, integrating the software’s field-to-office functions with the corporation’s project-based business expertise. We found this platform best for small to mid-sized companies, providing accounting, payroll, HR, project management, and The Role of Construction Bookkeeping in Improving Business Efficiency reporting. With the availability of ComputerEase Cloud, users can now leverage its web-based platform for construction-specific accounting.

• That means you’re making business decisions based on the best available data.
• ComputerEase covers functions like AP, AR, bid day management, equipment costing, and estimating.
• It’s admittedly difficult to discuss financial software in nearly any vertical without mentioning QuickBooks or one of its companion tools in the Intuit family.
• Features within the software assist with job costing, payroll, reporting and more.

Automating Subcontractor Invoicing:

• If you’re mainly focused on basic timekeeping and payroll for a small team, a simpler solution might suffice.
• Clue eliminates friction in use thereby reducing errors in tracking inventory and maximising productivity.
• You’d normally need dedicated inventory management software or an enterprise resource planning tool for these features, but ZarMoney includes them all.
• If retainage isn’t being applied to the correct retainage accounts on your balance sheet, you risk over or understating your books – and you risk losing track of what you’re owed.
• This granular data helps you understand where resources are being used and make smarter decisions about future projects.
• With FreshBooks, you have a construction accounting software program that ensures you are always ready to send your books to your tax professional.

The platform starts with preconstruction details that https://digitaledge.org/the-role-of-construction-bookkeeping-in-improving-business-efficiency/ include a cost catalog, lead management and a section for proposals and contracts. When you’re done with the preconstruction phase, you move into project management, operations and financials segments of the software that work concurrently. One challenge with this is that you possibly do not want to give non-accountant users too much access to sensitive company information. You want the users to just access their projects and the jobs where they are doing something.

• Asset Panda’s inventory management software provides the complete solution for any organization looking to gain real-time visibility and full control over their inventory.
• For this reason, its features are well known and your accountant will most likely have experience using the program.
• However, you’ll have to integrate with QuickBooks Time, a separate product that comes with its own costs, to track employees’ hours.
• BuilderTREND allows you to send and receive payments online, generate invoices and bids, and even access financing right from within the application.
• Through this approach to accounting, you’ll estimate a project’s end date and calculate your revenue based on how much work your team has done.