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. You naturally plan to grow your 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.
Invoicing
- So first and foremost, it’s important to make sure that the option you choose will work with the accounting and finance tools you’re already using.
- Overall, Vista makes tracking change orders, labor, and equipment easy for granular breakdowns on project profitability.
- Few apps can boast the depth or breadth of functionality that QuickBooks can offer — or the expansive list of integrations such an industry mainstay brings to the table.
- For instance, if you need an affordable, collaborative ERP solution, Buildertrend might be a better fit.
- To compare various construction accounting software platforms, we collected a proprietary set of data points to compare and contrast.
- That means you should plan time, if possible, to chat with multiple companies to receive and compare quotes.
This guide to construction bookkeeping will give you the best practices when managing your books and performing accounting tasks. The average hourly rate for an accountant in the U.S. is about $35, making it quite affordable for the average owner. However, these rates may vary depending on the size of your company, the number of jobs and employees you manage, and your unique needs.
User Experience and Interface
Ultimately, it’s a comprehensive system that contractors can install on many different configurations, including stand-alone, network servers, and workstations. Construction accounting software packages provide financial accounting designed specifically with contractors in mind. Features typically include project accounting, job costing, and specialized progress billing. That’s why so many in the industry are now on the lookout for the best accounting software for construction. When used properly, it can streamline your day-to-day financial processes, help you manage project costs more efficiently, and improve your efficiency across the board. In this guide, we’ll review the top construction accounting software to use in 2025.
Best Construction Accounting Software of 2024
Spectrum also handles more basic functions like invoice entry, reporting, cash management, and job costing. Not all standard accounting software has the features you need for the construction industry. For example, suppose your company uses progress billing on large jobs (where each invoice is charged against the total cost of the job over time until the balance is paid). In that case, your construction accounting software needs to be able to produce a schedule of values to help you track the running total. Another key feature to look for is the ability to create Job Cost Reports. To compare various construction accounting software platforms, we https://www.inkl.com/news/the-significance-of-construction-bookkeeping-for-streamlining-projects collected a proprietary set of data points to compare and contrast.
Top accounting software comparison
Head out to our review of Wave to see if its free features are adequate for your construction business. Ease of use is an important factor, particularly if the owner or other nonaccountant will be keeping the books. I allocated extra credits to cloud-based construction accounting software, as I believe it is generally easier to use than locally installed programs. Contractor features include specialized tools, such as construction bookkeeping the ability to manage and track equipment, share project documents with clients, track employee location, and general construction reports.
Online and Digital Services
Depending on your needs, Procore may be all you need to keep your finances organized and trackable. It’s a well-known tool that does the job well, provided you have the budget to pay for their service. 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. The second price range I considered are intended for large construction companies and general contractors.
You’ll be able to streamline payroll administration making sure everyone is paid timely and correctly. QuickBooks for Construction comes in at the best value of all the options on our list. You can get the Plus plan for $49.50 per month for the first three months when it bumps up to $99 per month.
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. Features include accounting, budgeting, cash flow management, and payroll. The software also tracks and manages project costs, budgets, inventory, and resources. Jonas Construction Software is a comprehensive tool designed specifically for construction companies and specialty contractors.