Construction accounting is a form of project accounting in which costs are assigned to specific contracts. A separate job is set up in the accounting system for each construction project, and costs are assigned to the project by coding costs to the unique job number as the costs are incurred. There are a large number of construction accounting software on the market today claiming they can make such processes easier.
- Best Construction Accounting Software
Best Construction Accounting Software
Choosing the right construction accounting software to meet specific needs is not always an easy task for a company. Before making any kind of decision, it’s often best to do thorough research on the solutions that may (or may not) work best for your unique needs. Below are Best Construction Accounting Software currently available.
Jonas Enterprise is a construction accounting software as well as project management, service department dispatch scheduling, job costing and financial reporting. This solution is a fully integrated, highly flexible, industry specific software package designed for mid-sized construction and service management companies.
The main construction process modules are fully integrated with accounting, so you keep a close eye on budget costing and expenses. A centralized system with automated processes also means data is accurate, consistent and updated. With audit trail, you also have the tool to examine past financial transactions and check for irregularities. The accounting module includes core features like accounts payables, accounts receivables, general ledger, billing, fixed assets, and reporting.
- General Ledger – Fully GAAP compliant and designed specifically for contractors, the General Ledger (GL) module is both powerful and easy to use. Open accounting period flexibility allows you to work in the current period (month, quarter, year, etc.) while the previous period is still open.
- Account Receivable – The Accounts Receivable (AR) module gives you full control over client invoicing and receivables and gives your accounting group a simple and accurate tool to manage cash receipts. A wide range of invoicing options are available in the construction accounting software, including progress billing, AIA, job cost, preventative maintenance contracts, work orders and time and material billing. In addition, holdback / retainage are calculated and released automatically.
- Accounts Payable – With the Accounts Payable (AP) module, managing supplier and subcontract invoices to gain better control over cash flow couldn’t be easier. Choose which invoices to pay and when and automate functions like lien wavers, holdback / retainage release, direct deposit payments and recurring payables.
- Fixed Assets – The Fixed Assets module allows you to closely monitor the location and value of your fixed assets and simplifies the management of depreciation and amortization. Track assets by category and location with related purchase and selling prices, and calculate depreciation with automatic monthly journal entries using a variety of rates and methods.
Jonas eMobile increases technician productivity, while improving customer satisfaction and reducing billing cycle times. It allows work orders to be transferred seamlessly from your dispatch board to your field technicians with any device.
Technicians will be able to enter costs, review history, add notes, capture and access equipment information, generate new quotes, capture customer signatures and email or print a summary sheet for the customer.
The customer service is very helpful, timely, and professional. There is plenty of training available both online, by phone, and in person so all questions are answered in a very reasonable time.
Jonas Entrprise pricing is available upon request. Those interested can contact them directly. Interested parties can also request for a free demo. It is a very robust software for the price.
The software gives us all the tools we need to run efficiently with modules for Financial Reports, Payroll, Inventory, Project Management, Subcontracting, and more.
Jonas easy to learn because they have the best trainers and customer support. The reporting is the best part that allow you to fully drill down and see how all projects are doing at any point in time. From construction accounting management perspective, Jonas creates an almost sterile accounting environment where every move is tracked and audited.
The system can be a little overwhelming if you do not have some training, but once you have been working with it for awhile (if you have worked with other accounting software) it is very user friendly at least for the general areas of each module.
May be this is not a good product for a small to medium service company that only wants to take advantage of some of the available functionality/features. Some people think it is better suited for large construction companies.
QuickBooks is the best construction accounting software and is perfect for small business owners. Get access to features like payroll, A/R and A/P, inventory reports, financial statements and more. Best of all, it’s easy to use.
This software has both accounts receivable and payable features, and it can track projects and inventory, making it a great choice for nearly every business type. It allow you to create AIA compliant invoices, track working crews with GPS, let your team track time on their phone, and more.
With Quickbooks, you can accept payment right in the online invoice. Customers can pay by credit card, Apple Pay, free ACH bank transfer, or over the phone.
Get more done with instant access to your QuickBooks information and tools, right on your mobile device. You can email invoices, receive payments, reconcile online banking transactions, and a whole lot more.Quickbooks apps is available on android and ios device.
Ongoing business education is available through the company’s Resource Center, which features articles, video tutorials and step-by-step guides. For customer support, you can contact the company via phone or live chat. A user forum and training classes are also available through the company’s website.
Quickbooks have excellent user interface and navigation. It provides flexible contact records and transaction forms, customizable reports, comprehensive payroll support, and integration with popular construction project management software such as buildertrend and redteam.
QuickBooks offers four pricing plans with monthly subscriptions start from $10/month. All plans include customer support, integration with apps you already use, and secure bank connection. Discounts are regularly offered and a free 30-day trial is available.
Xero is another popular construction accounting software with simple and user-friendly interface. You can tie Xero with other popular construction management software like Buildertrend and CoConstruct. Integrating your Xero account with the other platforms you use every day will streamline your processes, minimise errors and save you time and money.
Online invoicing system allows your customers to pay you faster and with convenience. The program enables you to customise attractive invoice templates as well as set up online payments options and automatic reminders.
With online dashboard, you can see all your accounting information in one place. This means that you can track your invoices, bills, payments, PayPal, credit card accounts, and bank balances in real time. The online accounting dashboard is designed to help you monitor your cash flow using simple graphs and charts. You can also customise your reports.
Xero allows you to take charge of your finances from anywhere using its mobile accounting application for both iOS and Android. Mobile accounting makes it easier for you to approve expenses, send invoices, input receipts, and reconcile. If your construction business operates across multiple locations, you can set up an office wherever you want.
Xero provides online support resources include a knowledgebase with step-by-step guides and videos, a blog, podcasts, Xero TV, and Xero U, which offers video courses. It has user communities for businesses and developers. You can contact the company for support via email or live chat. If an issue can’t be resolved over email or chat, a customer support agent may call you.
Xero offers three pricing plans with monthly subscriptions start from $9 per month. It is a good value for small businesses because all of its plans include nearly every feature – including accounts payable and inventory management tools, which are frequently only available in top-tier plans. Each plan supports an unlimited number of users, and payroll is included in its mid- and top-tier plans.
The one best thing about Xero is a “Open APIs” which allow other application writers to integrate their applications seamlessly with Xero. For example, a client can choose a scheduling/invoicing application that specifically suites their needs from a list of existing “Add Ons” in Xero and have their revenue information automatically fed into their General Ledger system.
Recording of sales, purchases, payroll and bank transactions is fast and efficient in Xero. As you begin to use Xero more regularly, you can generate client bills, record expenses, payroll at a rate of one minute per transaction.
Financial Reporting is pretty good that you can determine the layout of your financials – so you can format it based on how you track your KPIs – cost per acquisition (customer), recurring revenue,etc.
The Starter plan is very limited, as it allows only five invoices, quotes and bills, and 20 bank transaction reconciliations per month. Even very small businesses will likely need to subscribe to the Standard plan, even if they don’t require payroll. Xero doesn’t track time or billable hours. However, it integrates with time-tracking software like TSheets and MinuteDock.
Foundation® construction accounting software is a job costing, project management and scheduling solution available as traditional installed software and on the cloud.
With this construction accounting software, you can track financials and report critical, construction-related information like retainage, prevailing-wage rates, certified payroll, multiple trades, job activities, percent complete, change orders, POs and subcontracts, equipment usage, AIAs, union deductions and fringes, and much more.
Foundation Software offers several construction specific modules:
- With the purchase orders/subcontracts module, users are able to order inventory, print purchase orders, change orders and subcontracts, report committed costs, and control invoicing.
- The CPA audit/review console is designed specifically for accounting professionals doing reviews for Foundation users by leaving a complete audit trail and listing all relevant reports and data for the CPA.
- The fixed asset module tracks the acquisition, depreciation and retirement of fixed assets and other construction equipment. It also allows for the use of various depreciation methods.
- The inventory module lets contractors track on-hand, on-order, back-ordered, allocated, and available quantities of inventory. Price levels and stocking locations can be tracked as well.
- The time and material module allows users to mark up job expenses by taking all the costs posted to a particular client and allowing the user to create a custom report.
- Finally, the unit price billing module is designed for contractors who work for government agencies and are required to submit specialized reports.
FOUNDATION® integrates with Web-based mobile apps to sync your field and your office. Enter, manage and approve timecards, and capture field log data that syncs with your FOUNDATION® modules. The field log data includes daily log, RFC, transferred materials and inventory receipts, completed quantities, equipment usage, geolocation to auto-fill jobsite weather in one click, notes by job and date with custom priority codes.
Foundation Costruction Accounting Software offers support with expert training and continuing education programs. The customer services can be reached via email, live chat, or by phone.
Foundation Software’s pricing is not readily available on their website because their pricing structure is customized according to the user’s business needs. Other similar software ranges from less than $20 to over $200/user/month, or flat rates that start at around $100/month.
The program does it all besides estimating. Has a good system of checks and balances and everything is tracked so very hard for employees to cover their tracks. The one of the best thing about this software is the ability to process Multi-state payroll on all employees on 1 check.
There a very steep learning curve, especially for the advanced features of Foundation Software.
Sage 100 Contractor
Sage 100 Contractor software (formerly Sage Master Builder) is an industry-specific, fully integrated construction management solution that links all phases of your business cycle: estimating, production/project management, accounting, and analysis/reporting.
This solution offers core accounting package (GL, AP, AR, Bank Reconciliation), Advanced Bundle (Essentials plus Inventory, Purchasing, and Sales Order), and Complete Bundle (Essentials plus Bar Code, Return Materials Authorization, and Bill of Materials). For manufacturing, you can add the Complete Plus Bundle (Work Order, MRP, Job Cost, and Time Card).
There are additional add-on modules such as Paryoll with Direct Deposit, 100c Manufacturing (formerly JobOps), CRM, Sage Intelligence Reporting, and eBusiness Web Services. Each package includes Library Master, Business Insights (Drill Down Inquiry, Reporting, and Dashboard), Paperless Office, Custom Office (to create User Defined Fields and customized screens), Visual Integrator (to Export and Import data to/from Excel and Sage), and Crystal Reports.
Sage offers Accounting app that allow you to send invoices instantly, record your expenses and keep on top of the latest business transactions to maximize your cash flow.
Sage 100 have a knowledgebase published online, tutorials and guides for setting up your system. Customer service can be reached via email, live chat, or by phone.
Training on Sage 100 Contractor is very accessible and comprehensive. All systems are sold with a specific number of hours of initial training included. Additional training is available via live Online Internet classes, nationwide seminars, and individual training.
Sage offers a wide range of solutions to fit diverse business sizes and budgets. Actual costs are determined by number of users, specific modules purchased, implementation, customization, and training needs. It’s start at $5,000+ and subscription plan also available.
In Sage 100, when you enter a Purchase Order or subcontract number, your entire invoice entry can be completed in one step. The program will check over budget, contract, and POs automatically. Each line of the invoice will be verified to the purchase order when you save, preventing over-pricing or over-delivery of items without your approval.
Invoices, statements, overdue reminders and other documents can be customized with the Form Design tools to fit any company needs. You can have as many different formats as you like.
By giving you better control over your specialized processes, Sage 100 Contractor helps you win more profitable bids, finish jobs faster, collect money quicker, and rapidly grow your revenues.
Sage Support is very expensive and can’t get any update without getting support plan. They do not have a “pay for support” option only for the experienced user of their software. It does take some time to become familiar with the products and get used to the constant updating.
ComputerEase is a cloud-based construction accounting software solution that helps contractors providing different services for a construction project to manage their business operations and routines.
It provides a fully-integrated Job Costing, Accounting and Construction Project Management software along Web-based and tablet based applications designed to reduce paper transactions and streamline field-to-office communications.
This solution also provides the construction accounting software that contractors need to meet the unique demands of the industry. With tools like the powerful Job Center, you can tell at a glance where each job stands in terms of estimated vs. actual costs, percent complete, cash flow, over/under billing and most importantly, profitability. Here are just a few more of the powerful features that come with our Construction Accounting Software solution:
- Flexible Billing Options like AIA, Unit, Time & Materials and Freeform Billing
- Retainage Tracking
- Easy Invoice Routing and Reconciling
- Robust General Ledger with Customized Reporting
- Streamlined and Specialized Payroll Administration
- Much More!
From tracking each job’s profitability to identifying problem areas before it’s too late, the ComputerEase Accounting Suite gives contractors everything they need to tackle the unique challenges of Construction Accounting.
FieldEase is a field-to-office component that instantly integrates data from job sites into ComputerEase Software. FieldEase runs on mobile devices, including iPads and other tablets as well as smartphones with the Inventory Control App, Time Entry App, and ExpenseEase App.
FieldEase was designed to meet the project management, accounting and communication needs of contractors and subcontractors, allowing users to enter and access payroll hours, units completed, change orders, schedules, punch lists and more via any web-enabled device.
ComputerEase has a Construction CPA Partner Program to assist CPA’s who focus on the construction industry. It requires no extra cost and comes with access to an archive of training videos and CPE webinars. If you need support, they get back to you very quickly. Their reps are very knowledgeable, not just in tech support but also in accounting to help you get back on track if you need it.
ComputerEase pricing is not readily available on their website, but other similar software ranges from less than $20 to over $200/user/month. Based on reviews, users think it comes at a reasonable price.
The reporting function is the one of best thing about ComputerEase. This software provides all the reports that the owner needs and much more for running his business. ComputerEase seems to be one of the less expensive software options out there while still offering many optional features.
Document Control and Scheduling needs improvement. Scheduling module doesn’t work well with construction scheduling software. There is so much there to learn and what ComputerEase can do, it can be overwhelming. This is overcome with experience and training, but onsite training is too pricey.
CMiC offers a fully integrated ERP system that caters to the needs to builders, design teams, and architects across the construction industry. This project management and construction accounting software can be deployed in public cloud, private cloud, and on-premise.
This construction accounting software allow you instantly evaluate operational transactions as they occur for maximum control over project completion, budgeting and ROI. CMiC Financials, which includes General Ledger, Accounts Receivable and Accounts Payable, lets you improve accountability at every level—for greater efficiency and lower risk.
With CMiC, you can store and exchange financial analytics in real time. It provides automatic inter-company balancing with automatic predefined transactions for recurring complex journal entries. You can also access a full audit trail on each transaction, and deliver financial statements in multiple formats. Other features include track invoices, access online historical financial information, allocate revenue accounts across companies, and provide vendor support by company and across companies.
With anytime, anywhere real-time access, an intuitive interface, and all the power of CMiC’s Enterprise and Field solutions, CMiC Mobile streamlines data collection, workflow management and analytical reporting for your entire field team.
CMiC offer additional training on the product via video tutorials, online documentation, and customer support representatives. CMiC’s customer support representatives can be reached via email, phone, or by submitting a ticket.
CMiC pricing is not readily available on their website, but a third-party source says that their one-time fees start at $90,000, depending on the scale of the business and type of deployment. Users have the following deployment options: public cloud, private cloud, or on-premise.
CMiC has robust features and the continuous software improvements the company provides. It has the capability to capture as many details as the user desires and then provides exceptional reporting capabilities.
The software can be overwhelming if you don’t know what the purpose is. If you plan on using this software just make sure you get a rundown on how the functions work. The the learning curve needed to learn how to use it is steep and training takes a lot of time.
CoConstruct is a web-based project management and construction accounting sotware designed to meet the specific operating needs of clients, builders, and design-build firms.
With three well-formulated functionality modules (coordinate, communicate, and control), CoConstruct helps builders and remodelers face common challenges related to their projects, be that budgeting, bidding process, client communication, scheduling, or activity planning. It is a flexible system that helps companies make the right selections, and works well for standardized and custom projects.
Coconstruct’s Financial Control features include: Estimates, Proposals, Bidding, Budget & Forecasting, Change Orders, Time clock, Quickbooks Integration.
This is an Construction accounting sotware that offers a seamless integration with QuickBooks, which means you will easily relate your project costs to planned and up-to-date spending. Your invoices will become clearer and more consistent, with no recurrent costs or hidden fees your client should worry about.
Another thing CoConstruct is really good at is budgeting and forecasting project costs, as once you set specs and selections, your budget values and cost codes are automatically generated. Each time an adjustment is made to your selection list, it becomes visible in the budget as well, and you don’t have to change anything manually. Summarized cost information beginning with latest expenditures will always be available to your colleagues and clients.
This construction software is open to use by field agents who control work while happening (both from Android and iOS devices). The mobile apps are also designed for clients, in which case you’re invited to make them brand-specific, and include your own logo, image, and contact information.
The subscription includes a dedicated implementation coach, custom branding to match the builder’s website, phone and online support, unlimited ongoing training, and options to attend an in-person, 2-day training sessions with other CoConstruct users.
Depending on your business’s needs and requirements, you can purchase the basic $99 CoConstruct package and with a 90-Day Money-back Guarantee, or ask the vendor to offer a quote-based enterprise pricing plan. There is also a free demo available that will guide you through all the software’s key features.
CoConstruct keeps the selections process simple, fun, and flexible for both team members and clients. In CoConstruct, you can keep all information for each project in one place, including contracts, specifications, variations and all communication. This product integrates various aspects of a construction project to eliminate double entry of information.
CoConstruct may little expensive for smaller jobs. It has so many features that may not be applicable to everyone. You have to figure out what will and will not work for you company.
Buildertrend is the best construction project management software for home builders, remodelers, specialty contractors and general contractors. It combines scheduling, project management, financial management, customer management and service management in a single suite.
This construction management solution offers great integration from tracking purchase orders, maintain subcontractor communication, sharing progress through social media, and tracking warranty for the residential construction industry. Project management tools include scheduling, budgeting, time sheets and more.
It is also integrated with other construction accounting software such as QuickBooks, Xero and various dedicated estimating and takeoff tools.
Buildertrend’s Financial Tools will help you manage the lifecycle of the finances for each of your construction projects. It portion allows for the ability to schedule and submit PO’s to sub-contractors, receive payments from your clients, and submit invoice payments directly into other accounting software such as Quickbooks and Xero. It has a time clock for time entries, time reports, and export to compatible accounting software.
Other features include lien wavers, purchase orders, job costing, scheduling, tracking and acceptance of payments.
Buildertrend’s construction app keep everyone informed by quickly adding daily logs, updating schedules, marking up plans and more. It available on Playstore (android) and App Store (IOS).
This solution provides each company with an account manager to provide training and support. Also included are customized branding, daily webinars, support chat, the Buildertrend Learning Community, a 24/7 help section and Buildertrend University.
Buildertrend pricing starts at $99 per month for one project, with no setup fees and with a 30-day money back guarantee. Their more detailed pricing structures aren’t readily available on the website, but they do specify that the more projects a user adds, the cheaper the monthly fee becomes.
This software has very many great features that are in demand by construction companies. Its easy to learn and use. In buildertrend you are able to manage bids, leads, proposals before the project starts.
The pricing is very high and It starts from $99 per month only for 1 project. Some features can often be difficult to find or use but it is just a matter of playing around with the program to figure out how to use it.
Procore is a cloud-based construction project management software that helps companies boost project accountability and efficiency by mobilizing and streamlining project documentation and communication. It has a comprehensive construction operating system that provides a central platform where users can collaborate, applications can integrate, and devices can interconnect to provide real-time sharing of information and other updates.
This software has a feature for creating and managing change events, organizing RFIs, manage schedule with different tools such as Daily Log, Gantt charts, calendar view or integrate with MS Project, Primavera and others. It also automates meetings, submittals, transmittals, spec management, and timecards. Nothing gets lost with searchable threaded emails.
The construction accounting software is so powerful that can be used to track all communications, invoices and documents keeping a neat record of all information. Change orders, contract and application for payments can be submitted through the program dashboard, making it easier to manage and providing all key players with the most current information.
Procore has capabilities to manage the following accounting areas: Accounts Payable, Accounts Receivable, Inventory Management, Job Costing, Materials Management, Purchase OrderTime, Materials Billing, and Billable Hours.
The functionality, interface, and design of Procore Mobile have been specifically designed for iOS (iPad, iPhone) and Android devices. It’s allows you to check submittals, documents, drawings, and specs on your phone. This software also allows your photos to be uploaded to the same location as the photos your superintendent takes. And everything syncs up nearly perfectly with the desktop app that provides, even more, features and tools to efficiently manage your project.
Procore also builds mobile app for financials, so you can pull up contracts and documents and be sure you’re looking at the most current data from anywhere.
Customer service is at your fingertips, with the ability to write a question and remain on the screen for direction and efficient answers within minutes. Online training shows how to use the features available with short videos. There is also written instructions that can be done through searching key words. Overall, procore has one of the best customer support teams.
Procore offers a single annual license that allows for unlimited access to internal employees as well as external clients and partners. Please contact the company for specific pricing details.
In procore everything is archived and stored in an organized manner, it’s like having your entire project in a cloud-based filing cabinet. This software provides access to unlimited users at no extra cost. The daily log tool is excellent for the superintendent to record all day-to-day activities on the job-site.
From the construction financial management perspective, the one best thing of Procore is the completeness of the software accounting for any task that you need to perform on a construction project.
Scheduling tool is almost useless if you want to update it daily. The ability to create and modify the schedule without having to go through a third party would be a great improvement.
Integration with accounting software is a huge weakness. It is expensive to integrate with accounting software (paying for the module with Procore and from your accounting software).