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In the ever-evolving landscape of construction management, the right accounting software can be a game-changer, ensuring seamless financial operations and project success. These tools offer features such as job costing, progress billing, subcontractor management, and project tracking, enhancing operational and financial efficiency.
Each offering comes with its unique set of features tailored to address the diverse requirements of construction businesses. In this comprehensive guide, we'll explore some of the leading construction accounting software solutions 2024.
The Best Construction Accounting Software of 2024
Here’s some of the best accounting software for construction in no particular order:
- Sage 300 Construction and Real Estate
- Premier
- Procore
- RedTeam
- CoConstruct
- QuickBooks for Construction
- Construction Accounting by ComputerEase
- Foundation
- BuilderTREND
- CMiC
Sage 300 Construction and Real Estate
Sage 300 Construction, previously known as Timberline Software, represents a comprehensive accounting software for construction tailored to oversee the entire project and property lifecycle efficiently. Designed primarily for midsize and large companies engaged in homebuilding and real estate development, Sage 300 CRE offers robust functionalities to streamline operations.
As a more powerful iteration of Sage 100 Contractor, Sage 300 CRE provides extensive support across critical areas such as payroll, billing, inventory management, accounts payable/receivable, service management, and job costing throughout every project stage. It also integrates directly with Fyle, our expense management software, to ensure your project budget and expenses are tracked accurately and synced to the accounting system instantly.
Features:
- General ledger
- Accounts payable and receivable
- Budget and project tracking
- Cost & financial reporting
- Change & purchase order management
- Contractor and supplier management
- Bid and audit management
- Contract/license management
- Billing & invoicing
- Timesheet and document management
- Payroll management
Pricing:
Contact for pricing
Sage 300 CRE 2024 Reviews:
Premier
Premier is a construction accounting software carefully crafted to cater to the needs of general contractors, land developers, and home builders. Its suite comprises various integrated modules specifically designed for construction firms, including job costing, project management, billing, forecasting, payroll, and beyond.
Premier also comes with predictive intelligence features, customizable dashboards, and AI automation functionalities, simplifying the management of complex construction projects with ease and efficiency.
Features:
- Accounting
- Job costing
- Project & compliance management
- AI & predictive features
- Document control
- Equipment management
- Subcontracts
- Timesheets
Pricing:
Starter: $299 per user/mo billed annually + $15,000 implementation fee
Premium: $249 per user/mo billed annually + $25,000 implementation fee
Enterprise: $199 per user/mo billed annually + $50,000 implementation fee
Premier Construction Software 2024 Reviews:
QuickBooks for Construction
QuickBooks for Construction, a component of QuickBooks Online, offers cloud-based accounting solutions tailored to meet the various financial needs of businesses. It's flexible enough to cater to small and mid-sized companies across multiple industries, including construction.
With its comprehensive features, QuickBooks for Construction facilitates essential functions such as bookkeeping, cash flow management, inventory tracking, project management, payroll processing, job costing, invoicing, expense tracking, tax management, and beyond, ensuring efficient financial management and operational success.
Features:
- Accounts payable & receivable
- Invoicing
- Job costing
- Project-based accounting
- Inventory management
- Cash flow forecasting
- Bookkeeping & payroll
Pricing:
Simple Start plan starts at $15/mo
Essential plan starts at $30/mo
Plus plan starts at $45/mo
Advanced plan starts at $100/mo
QuickBooks 2024 Reviews:
Procore
Procore is a robust, comprehensive construction accounting software that oversees projects, resources, and finances from start to completion. By seamlessly connecting all project stakeholders, it facilitates effortless communication across teams.
The platform also offers a unified dashboard for managing multiple projects, assigning tasks, tracking progress, and optimizing essential processes such as project management, time tracking, document management, and financial reporting.
Features:
- Invoicing
- Task scheduling & management
- Takeoff & estimating
- Document & timecard management
- RFI & submittal management
- Punch List
Pricing:
The pricing depends on certain factors like the type of company you work for and the average annual construction volume.
Procore 2024 Reviews:
RedTeam
RedTeam is a cloud-based construction business accounting software tailored for midsize commercial general contractors, ideal for seamlessly navigating all stages of construction.
Specifically engineered to streamline tasks throughout the pre-construction, in-progress, and post-construction phases, it excels in project estimation, contracting, scheduling, job cost tracking, time capture, and expense management, offering comprehensive support for construction project lifecycles.
Features:
- Estimating
- Job costing
- Task scheduling
- Field management & reporting
- Scheduling
- Contracting
- Budgeting & Forecasting
- Accounts receivable & payable
Pricing:
Starts at $4,200 per year for companies with actual cash value (ACV) of $3 million or less.
RedTeam 2024 Reviews:
CoConstruct
CoConstruct is a comprehensive accounting software for construction companies with features to streamline project, financial, and client management. It seamlessly syncs with accounting software and offers mobile, tablet, and desktop accessibility for efficient project oversight. CoConstruct includes scheduling, communication tools, contractor/client management, change order tracking, and more.
This allows teams to track tasks, synchronize schedules, and monitor job site activities more efficiently. Moreover, it provides essential financial management tools for construction businesses, ensuring holistic project control and success.
Features:
- Single-entry estimating
- Change order approvals
- Invoicing
- Project tracking
- Streamlined bidding
- Bill & task management
- Budgeting & forecasting
- Jobsite activity & progress tracker
Pricing:
Essential starts at $99/mo
Advanced starts at $399/mo
Complete starts at $699/mo
CoConstruct 2024 Reviews:
Construction Accounting by ComputerEase
ComputerEase by Deltek is an all-in-one accounting software for the construction industry, empowering contractors of all sizes to oversee many essential functions efficiently. From accounting and job costing to payroll, customer management, materials, labor, and equipment tracking, ComputerEase offers an all-encompassing platform.
It supports various construction billing methods, generates union work reports, and facilitates work-in-progress reporting. Renowned as an industry-standard in construction accounting solutions, ComputerEase by Deltek epitomizes excellence in streamlining construction management processes.
Features:
- Job costing
- Work in progress reporting
- Purchase order & subcontract management
- Billing & invoicing
- Cash flow management
- General ledger & payroll
- Field mobility
Pricing:
Contact for pricing
ComputerEase 2024 Reviews:
FOUNDATION
FOUNDATION construction accounting software is a powerful job costing and commercial construction accounting software renowned for its user-friendly interface and trusted by numerous successful construction companies.
Offering a wide array of features, from accurate job costing to precise project expense tracking, it encompasses everything needed in a construction accounting solution. Additionally, FOUNDATION provides an intuitive mobile platform for seamless on-field tracking and caters to businesses of all sizes with its adaptable functionality and ease of use.
Features:
- Accounts payable & receivable
- General ledger & payroll
- Project management
- Job costing
- Unit price billing
- Invoicing & billing
- Sales & purchase orders
- Mobile app
Pricing:
Contact for pricing
FOUNDATION 2024 Reviews:
BuilderTREND
BuilderTREND improves construction management by integrating project scheduling, financial management, customer relations, and service management into a user-friendly platform. Made specifically for residential construction professionals, it empowers users to efficiently handle multiple projects, minimize errors, and accelerate completion times.
BuilderTREND also prioritizes customer satisfaction through its advanced customer management features, facilitating conducting reviews, surveys, and communication. This tool is built to elevate your project management capabilities, streamline workflows, and enhance project outcomes.
Features:
- Portfolio budgeting
- Financial management
- Streamlined project planning
- Time tracking
- Resource & document management
- Sales and lead management
Pricing:
Essential: $449/mo billed annually
Advanced: $719/mo billed annually
Complete: $989/mo billed annually
BuilderTREND 2024 Reviews:
CMiC
CMiC is an end-to-end construction management solution that caters to projects of all sizes. It has seamless integrations and flexible deployment options, including on-premise and cloud-based setups. The platform can automate budgeting, forecasting, change orders, bidding, procurement, document management, and more. This your projects stay on track with timelines and within budgets. CMiC also comes with other essential construction project management features, ultimately unifying teams and simplifying project execution.
Features:
- Budgeting & forecasting
- Change orders and purchasing
- Bidding & procurement
- Document management
- Cost-to-completion tracking
- Resource management
- Time & expense tracking
- Accounts payable and receivable
- Handling quotes and estimates
- Cash management & payroll
Pricing:
Contact for pricing
CMiC 2024 Reviews:
Review Methodology
We evaluated the tools below according to the following criteria:
- Construction accounting capabilities: We looked at tools that provide a robust, feature-packed experience that makes construction accounting seamless.
- User-friendliness: Our priority was to choose the best software for construction accounting that’s easy to use for everyone on the finance team.
- Integrations: We also included features like third-party integrations that make certain tools stand out.
- Additional capabilities: We also focused on the other general features that construction accountants and contractors look for, like job costing, budgeting, billing, invoicing, accounts payables, and more.
- Pricing: We looked at the starting plans, most expensive plans, and tools that included free trials.
- Customer reviews: While assessing reviews, we considered reviews from G2, Capterra, and more. Reviews had to average 3 or above to be on our list of best construction accounting tools for 2024.
How To Choose Construction Accounting Software?
- Understand your needs when selecting software for your construction business operations. Once you've identified them, list out your essential features.
- It's necessary to think about future scalability. Will the chosen tool accommodate your growth plans and the increasing complexity of your projects down the line? By addressing these aspects, you can make a more informed decision about the software that best suits your current and future needs.
- Next, look for construction accounting software with robust features like job costing, flexible billing options, and industry-specific payroll functionalities. Subcontractor management, customizable reporting, and a user-friendly interface with mobile access and strong support are also crucial. Choose software that streamlines your operations and empowers informed decision-making.
- Look for software that seamlessly integrates with existing construction management tools, like project management, expense tracking, and CRM systems. This smooth data flow eliminates manual data entry and boosts efficiency across your entire operation.
- Finally, compare tools that fit your budget and company size when calculating costs. Think about any one-time setup fees and ongoing maintenance costs. Also, consider the long-term benefits, like better financial management and saving money, to see if it's worth the investment.
Benefits of Construction Accounting Software
- Construction accounting software streamlines financial management tasks, including project cost tracking, budget management, invoicing, and more.
- It simplifies payroll processing, tracks inventory and equipment expenses, and ensures compliance with industry regulations.
- Automating tasks and centralizing financial data enhances productivity and reduces errors, boosting project profitability and facilitating business growth.
Suggested read: Why Should The Construction Industry Solve The Receipt Collection Problem In 2024
FAQs:
What Is Construction Accounting Software?
Construction accounting software is an industry-specific software application designed to streamline the financial management processes of the construction industry. It caters to the unique needs of construction businesses, like job costing, progress billing, subcontractor management, project tracking, and more, while enhancing construction companies' operational and financial efficiency.
How Much Does Construction Accounting Software Cost?
The cost of construction accounting software can vary depending on the tool, but most tools start with low-price plans. It can begin at double-digit numbers but go up to hundreds or sometimes even thousands, depending on the construction accounting software, its features, and other fee structures.
What Specialized Features Are Found In Construction Accounting Software?
Construction accounting software comes with features built for the complexities of construction, like job costing, project management, subcontractor & vendor tools, inventory tracking, and insightful reporting, all in one place. An excellent construction accounting tool also has robust integration capabilities that enhance collaboration and workflow efficiency across accounting and project teams.
How Do I Choose The Best Construction Accounting Software?
Your choice depends entirely on your construction business's needs and wants. You can start by listing all your most essential features and then by understanding how user-friendly the tool is. You can finally determine how much the software costs, read user and expert reviews from within the industry, and make a decision.
Is Construction Accounting Software Secure?
While construction accounting software prioritizes data security with robust protocols, complete safety relies heavily on user awareness. Human error can still lead to breaches. Choose software that offers ongoing security updates and invest in employee training to build a comprehensive data security strategy for your construction business.
Which Method Of Accounting Is Best For A Construction Company?
There are multiple accounting methods a construction business can follow:
- Cash Accounting
- Accrual Accounting
- Percentage of Completion
It is highly recommended to seek professional advice from someone with experience in the construction industry to determine the most suitable accounting method for your specific needs. They can evaluate your company's circumstances and advise you on the most appropriate approach to ensure precise financial reporting and well-informed decision-making.
How Do You Do Construction Accounting?
Construction accounting involves monitoring project finances such as costs, income, and progress. It often utilizes specialized software for job costing, project management, and insightful reporting.
Can I Use General Accounting Software For My Construction Business?
General accounting software is helpful for basic tasks but may not be sufficient for construction projects. These projects require specialized software to track and monitor their specific needs. Without specialized construction accounting software, your business cannot achieve the level of detail necessary for construction projects.
Why Should Your Construction Accounting Software Integrate With Expense Management Software?
Integrating your construction accounting software with an expense management software optimizes expense tracking, boosts financial transparency, and guarantees accurate project costing. This seamless integration facilitates smooth data exchange, simplifying expense management procedures and elevating the efficiency of project management as a whole.
Choose Fyle To Streamline Construction Expense Tracking
Efficient expense tracking is essential for any construction project's success. By integrating your accounting software with a powerful expense management solution like Fyle, you can streamline the tracking and management of construction expenses like never before.
Fyle unlocks a seamless experience, ensuring easy receipt tracking, instant credit card reconciliations, accurate expense reporting, improved financial control, and enhanced project profitability. Discover how Fyle can revolutionize your construction expense tracking today.
