Revolutionize Your Construction Business with the Construction Accounting Software. Check out in this article the best options on the market.
Construction contractors can manage their company finances and any projects they may be involved in using specialized accounting software.
The majority of these systems provide accounting capabilities to help you run your organization from the bidder selection to the invoice generation.
- 1 Construction accounting software best option for your company
- 2 Construction Accounting Software: Pricing
- 3 Features
- 4 Independent evaluations
- 5 Expert evaluation
- 6 How to Select Construction Accounting Software
- 7 Construction accounting software advantages
- 8 The Best Construction Accounting Software of 2023
- 8.1 Jonas Premier
- 8.2 CoConstruct
- 8.3 Foundation
- 8.4 BuilderTREND
- 8.5 CMiC
- 8.6 RedTeam
- 8.7 QuickBooks for Construction
- 8.8 Sage 300 Construction and Real Estate
- 8.9 Construction Accounting by Computer Ease
Construction accounting software best option for your company
We conducted research on the top construction accounting software available right now to assist you in identifying the best option for your company.
We gathered a proprietary set of data points to contrast and analyze different construction accounting software platforms.
Cost, the types and caliber of features the program supplied, third-party ratings and reviews, and a combination of metrics assembled by our crew of specialists were all taken into consideration.
To come to our conclusion, we considered a total of 22 distinct metrics in five different areas.
The categories listed below are some of the ones we utilized to rank the best service providers.
Construction Accounting Software: Pricing
We considered the software’s initial price as well as the company’s pricing transparency when determining the cost.
Those with open pricing performed better than those who required you to supply information in order to receive a personalized estimate.
We also considered the cost variances among the many pricing levels that a provider offered and the benefits those plans provided to customers. 10% of our weighted scoring was determined by pricing.
Following pricing, we examined information in the general feature category. This category identified the businesses that offered the most frequent features requested by construction contractors.
In comparison to those that required you to select a higher subscription service in order to unlock them, those that had all features provided for contractors without additional fees performed better.
Offering bids and estimates, job costing, PO administration, budgeting, billing and invoicing, and accounts payable (A/P) were some of the functions that were featured.
We then considered any additional or distinctive traits. Businesses with client monitoring systems, software integrations, and mobile apps outperformed those without them.
Our final score was based in part on features (55%).
To find out what real users thought of the product, we looked at ratings and reviews from independent sources.
To receive the highest rating in our research, the average threshold rating had to be 3.5 stars or higher.
We looked to well-known websites like Trustpilot, G2, and Capterra for these user comments.
In order to lessen prejudice, we also weighted the quantity of answers, awarding higher marks to service providers who had at least 300 favorable evaluations. These made up 5% of the final grade.
Our specialists developed their own analysis of each construction accounting software’s score using a weighted scoring approach that also took user friendliness, unique features, popularity, and value for the money based on real user feedback.
These factors together account for 30% of the final score.
How to Select Construction Accounting Software
There are three things to think about while selecting a platform for construction accounting software. Cost is the first area.
You want a platform that works with your total spending plan and delivers as much value as possible without requiring you to upgrade with additional subscriptions or specialized services.
The second factor to take into account is usability. If you include clients and subcontractors in the project management and bidding process, they too must feel at ease using the system in addition to you and your staff.
Look for a solution with a straightforward interface that enables you to quickly access anything from the general ledger to reports.
If you have unique reporting or processing requirements, you should pick a system you can customize.
This may be pertinent for larger businesses that need to produce thorough reports and cash flow information for stakeholders while managing numerous projects at once.
Construction accounting software advantages
When managing your construction projects, construction accounting software can save you time and keep you organized.
Contractors can swiftly transition a project from the prework phase into the project management/building phase by incorporating preconstruction characteristics, such as bidding and cost building.
Construction software turns into a one-stop shop for all things related to costs, contracts, and compliance. This makes it more likely that nothing will get missed during building.
The Best Construction Accounting Software of 2023
- Jonas Premier: Best overall
- CoConstruct: Best overall (runner-up)
- Foundation: Best for mobile use
- BuilderTREND: Best for client portal
- CMiC: Best for project drawing integration
- Procore: Best for customization
- RedTeam: Best for bid management
- QuickBooks for Construction: Best for value
- Sage 300 Construction and Real Estate: Best for real estate management
- Construction Accounting by ComputerEase: Best for managing multiple jobs
On our list, Jonas Premier is the Construction Accounting Software with the most features, taking first place overall.
It is a cloud-based service that can assist you in growing your company by giving you access to the appropriate data.
Starting with letting you manage several firms where you can separate projects, its feature-rich platform is very flexible.
You can quickly build reports to aid in planning and forecasting. In order to save you time from tedious reconciliations, the entire system incorporates bank integration.
Job costing is a vital component of any project. With forecasting and real-time estimates, Jonas Premier makes this simple.
With budget management solutions that let you transition rapidly from budget to change order requests, you can get down in the weeds.
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For your building sites to stay below budget, project management is essential. You can customize the dashboard that Jonas Premier offers to get the insights you need to manage every part of your career.
Receive alerts for compliance and past-due items. Use the cloud-based document storage solution to keep everything you need close at hand and to capture electronic signatures for approvals.
There are two levels of pricing. The first option is $199 per month over a year. The price is $249 each month if you don’t want to commit for a year.
Who ought to use it?
This is the greatest option for any contractor seeking a complete, ready-to-use accounting and project management solution.
With its four-part software platform, CoConstruct is your partner in managing an endless number of building projects.
Preconstruction information, such as a cost catalog, lead management, and a section for proposals and contracts, are included in the platform’s opening sections.
It provides common estimating tools to assist you in getting the work. After finishing the preconstruction stage, you enter the software’s concurrent project management, operations, and financials sectors.
You can use the task manager and work log within the project management section to keep track of important activities.
You can control how employees and independent contractors use the time clock and schedule tasks with ease.
Using solutions with your own branding, the operations component enables you to manage emails directly from the platform. Use this component to handle your files and pictures.
The software provides bid management, change orders, and purchase orders (POs) in terms of finances.
From the app, you can invoice clients, accept payments, and keep an eye on your spending to make sure you don’t go overboard. It is possible to integrate QuickBooks for people who desire it.
The starting price is $399 per month. The $699/month sophisticated plan is what you need to access sophisticated estimating and bill management.
Who ought to use it?
This works best for contractors that need a single location to organize their high scheduling needs along with the related labor expenditures.
Foundation’s software is divided into modules that can be used to create a unique solution. Utilize the job costing module to set up projects with the appropriate budget.
Create purchase orders and subcontractor costs for usage in projects to avoid unforeseen costs. After a project has been planned, use the general ledger (GL) and payroll features to manage it.
Union fringe and state tax rates are included in the payroll module together with Davis Bacon wage rates.
Check your progress using the report designer, which lets you alter financial and construction reports.
Conduct an audit of a project that will result in an easy-to-understand report for your certified public accountant (CPA) to use.
When in the field, record data using the mobile app. To ensure that nothing falls between the cracks while working remotely, features like timecards can sync automatically.
Who ought to use it?
This works well for contractors that frequently visit job sites and need a straightforward mobile app to organize and collect data that instantly links with the platform.
There are two subscription packages offered by BuilderTREND. The first is the Core Plan, which initially costs $99 per month for the first two months before increasing to $349.
For the first two months, the Pro Plan is $399 per month; after that, it rises to $599 per month.
Both plans include the fundamental tools you’ll need to manage your construction company, such as scheduling, daily logs, and a to-do list.
With chat within the app and a client site that enables clients to know where they are in the process and be able to sign contract and scope adjustments, BuilderTREND makes client communication simple.
Utilize the system’s built-in time clock to manage staff members while storing photos, videos, and documents for quick access.
POs and billing are added to the list of features in the Pro Plan. The Pro Plan will allow you to budget and perform advanced reporting.
Even Home Depot cart connection and receipt tracking are possible with the Pro Plan.
Who ought to use it?
For contractors who want clients to have access to cost information and project management oversight, this is the best option.
Procore is not a universally applicable product. The company’s website states that “you wouldn’t place a bid without first understanding the full scope of work.”
The construction accounting software that Procore uses is created using the same methodology.
This cloud-based solution includes collaboration tools, search tools, and user interface (UI) customizations as a foundation.
The Procore analytics feature, which integrates with third-party products via a specialized app store, is the next layer of functionality. This might entail the use of drone technology or a unique CRM software.
You can undertake customer prequalification at the preconstruction stage of a project, handle bids, and produce thorough costing.
You can incorporate quality and safety standards, establish design coordination, and manage the entire project when you’re in the project management phase.
Data on field productivity as well as a labor chart are included in resource management solutions.
Before providing a price quote, Procore will interview you to better understand your business.
Who ought to use it?
This is the greatest option for contractors that require a totally adaptable solution that fits their unique requirements.
RedTeam was founded as a commercial construction company, thus it is well aware of the requirements of a construction company.
This is one of the reasons it has won numerous industry honors, such as the 2021 Front Runner award from Software Advice and making Capterra’s Shortlist.
By requesting quotations from the merchants in your database, you may manage bids. Decide on the specifications and standards depending on the location, experience, and insurance needs.
The platform manages the request using the vendor-provided documentation. Then, in order to make the best choice, you can compare vendors side by side.
RedTeam makes project management simple. Receive and follow requests for information (RFIs) on the platform.
This makes sure that everything is remembered and that the information is up to date. Change orders are made simple when you can keep track of all their moving pieces and update everyone on new demands.
Even better, it enables you to consult with owners on change orders so you can completely comprehend their needs before allocating resources.
For a price quote, get in touch with RedTeam.
Who ought to use it?
The finest software platform for contractors looking for thorough quotes from vendors and subcontractors is one that has the most complete preproject information.
QuickBooks for Construction
The most affordable choice on our list is QuickBooks for Construction. For the first three months, the Plus plan is available for $42.50 per month; after that, it rises to $85 per month.
For the first three months, the Advanced plan is $100 per month; after that, it rises to $200 per month.
Both programs let you keep track of your income and expenses, send and accept payments, and tag expenses to help you get the biggest tax deduction possible.
In order to keep track of all project expenses in one location, the system also enables you to scan and categorize receipts.
You can monitor the profitability of each project using the reporting, helping you avoid making expensive errors.
Business analytics with Excel, the ability to control staff spending, and the capacity to batch invoices and expenses are all included in the Advanced plan.
Task automation is another feature of the Advanced plan that cuts down on the time needed for data entry. Get a dedicated account team to assist you with issues and offer online training as needed.
Who ought to use it?
Contractors looking for a reliable solution at a reasonable price should use this program.
Sage 300 Construction and Real Estate
For owners and contractors to efficiently manage properties and projects, Sage 300 Construction and Real Estate was created.
The technology converts static information, such lease contracts, into dynamic information resources when it comes to real estate management.
This enhances communication, expands rental choices, and works with most real estate circumstances.
Safe 300 divides jobs into assignments and work orders for accounting purposes. From the operations portal, you can offer quotations.
Additionally, it saves data on POs, hours worked, and equipment utilization for certain sites.
Sage 300’s prebuild reports are as extensive as they get; there are more than 1,400 to pick from.
This enables you to control all the project costs by enabling you to quickly obtain any thorough report you can imagine.
To receive a price estimate for Sage 300, get in touch with them.
Who ought to use it?
The ideal users of this program are those that oversee construction projects on either their own or leased real estate.
Construction Accounting by Computer Ease
A software program called Construction Accounting by Computer Ease provides multiple ways of communicating the status of each job.
It can reveal the difference between actual and true expenses, the percentage of each work that was successfully finished, cash flow, and profitability.
Construction accounting is aware that no two projects operate in precisely the same way. Because of this, it offers flexible charging choices such time and materials, freeform billing, and American Institute of Architects.
When invoices are paid, the software conveniently reconciles the accounts with the general ledger.
Users particularly appreciate how reports can be customized and how comprehensive the GL is, providing information on every facet of a transaction.
Payroll management can be streamlined, ensuring that everyone is paid accurately and on schedule.
To acquire a price quote, you’ll need to get in touch with this seller.
Who ought to use it?
The contractors that manage many projects at once benefit the most from this Construction Accounting Software.