If you are reading this, you are probably looking for the best accounting software for construction company. You are right in your quest, accounting software for small construction businesses is essential. Why?
It helps in managing their finances and keeping track of expenses, income, and profits. Reliable and efficient accounting software is the key for a successful construction company, particularly when managing extensive projects and numerous suppliers.
Challenges of a Construction Business
Managing finances for a construction company can be challenging. Construction projects can take months or even years to complete. With so many moving parts, its hard to keep track of everything.
For contractors, a suitable accounting system is critical for efficiently dealing with the challenges of managing financial records, monitoring expenses, and reconciling bank statements. This is where accounting software tailored for small construction businesses proves invaluable.
Benefits of Accounting Software for Construction Business
Using accounting software for a construction company can have many benefits. One of the significant benefits is its ability to streamline financial processes and save time.
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The software automates tasks like invoicing, payroll, and bank reconciliations, which saves a lot of time for contractors. It also provides real-time financial data, allowing contractors to make informed decisions about their business.
The features of the best accounting software for builders can help them control costs, analyze budgets, and grow their businesses profitably.
Key Features to Consider in Accounting Software for Construction Business
If you’re in search of the ideal accounting software for your construction company, it’s important to take note of several essential features. These features are crucial in ensuring that you select the best accounting software that meets the unique needs of your construction business.
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So, read on to discover the essential features you should consider when choosing the best accounting software for your construction company.
1. Pricing
Cost and pricing options are crucial for construction businesses, especially for small construction companies. The best accounting software for contractors should offer affordable pricing options that are tailored to the specific needs of the business.
2. Integration
Accounting software for construction companies should also offer integration with other software being used in the business. Other software could include office and project management tools.
3. Deployment
Cloud-based or on-premise options are also essential features to consider. The best construction accounting software should offer cloud-based options, allowing contractors to access financial data from anywhere.
On-premise options are also important for companies that prefer to keep their financial data in-house.
4. Mobility
Mobile accessibility is another key feature of the best accounting software for small construction businesses. Mobile accessibility allows contractors to access financial data on the go, which is crucial for businesses with employees who work on-site.
5. Customization
Customizable reporting options are important for construction companies that need to generate reports specific to their business needs. The best accounting software for builders should offer customizable reporting options that allow contractors to generate reports that are tailored to their business needs.
6. Comprehensive
Project management features, job costing and estimating capabilities, and payroll and time tracking options are also essential features to consider when looking for the best accounting software for a construction company.
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The above features help contractors manage their finances more efficiently and make better decisions about their business.
Top Accounting Software for Construction Companies
When it comes to the best accounting software for construction companies, there are many options.
Let’s take a closer look at each software and what they offer.
1. QuickBooks for Construction
QuickBooks provides construction businesses with accounting software that automates processes, tracks projects and expenses, and generates insights on profitability. The software features invoicing, job costing, customizable reporting, and contractor management.
Users can send invoices and estimates on the go, track time and expenses per project, and view income statements, balance sheets, and cash flow in one place.
QuickBooks also offers a mobile app that enables users to manage their business from any device and integrates with other construction apps to streamline lead tracking, project scheduling, expense entry, and field service management.
The company offers different pricing plans. Starting at $42.50/month for the Plus plan and up to $100/month for the Advanced plan, The advanced plan includes features like advanced reporting, project profitability, employee expenses, and workflow automation. Users can also add QuickBooks Payroll to their plan to sync payroll with their construction accounting software and auto-pay contractors and employees.
2. Sage 100 Contractor
Sage 100 Contractor is a software solution designed to help small to mid-sized contractors manage all phases of construction and service management effectively. The software provides easy access to critical business and project information and offers webinars, demos, and comparison charts to help users understand its capabilities.
The software’s features include customizable dashboards, industry-specific reports, and integrated estimating, providing real-time visibility into project status and cost information, and helping contractors make timely and informed decisions.
Additional Sage products and services include Sage Paperless Construction, Sage Estimating, and Sage Business Care, which can help contractors streamline their operations and protect their software investments.
Sage also offers training and support resources, such as Sage University, Sage Knowledgebase, and Sage City, to assist users in mastering the software and addressing any issues. Overall, Sage 100 Contractor aims to help contractors manage critical business operations efficiently and effectively.
3. ProContractor by Viewpoint
ViewpointOne by Trimble Viewpoint is a construction management suite that provides solutions for managing projects, processes, and people. It includes features such as job costing, project management, service management, and employee management.
The suite is easy to use and accessible from any device. It helps contractors manage their cash flow forecasting and good data management, while also being customizable to meet specific business needs.
Trimble Viewpoint has over 8,000 clients worldwide, with half of them being long-term customers for a decade or more. The suite integrates with other Trimble Viewpoint solutions such as Jobpac Connect.
The suite’s importance lies in connected data and digital construction technology for successful construction businesses. The software helps to simplify multiple processes, increase productivity, and profits, and also access to real-time data.
4. Foundation Software
Foundation Software is a specialized accounting software made for contractors in the construction industry. It provides all the essential back-office tools such as job costing, payroll, and CPA tools required to run their business efficiently.
The software’s customized detailing feature accurately tracks every detail of every job, generating reports on project cash flows and work-in-progress, preventing overruns with automated alerts, and giving contractors complete control over their projects.
Apart from accounting software, Foundation Software has a wide range of other products to help construction professionals, including payroll services, health and safety software, and project management software.
The company boasts 35 years of experience in serving the construction industry and is committed to helping contractors manage the business side of construction so that they can concentrate on their projects. With over 25,000 construction professionals relying on Foundation Software to keep their businesses running smoothly, it is a reputable and trusted name in the industry.
5. Jonas Construction Software
Jonas Construction Accounting offers integrated software solutions for mechanical and specialty contractors to manage cost overruns, protect profits, and make informed decisions.
Their software uses real-time data to produce superior construction reports, resulting in increased operational efficiency, timely decisions, and improved communication.
The backbone of Jonas Construction Accounting’s software solutions is the automation of accounting and operations, which integrates accounting and payroll with important tasks completed in the field.
This reduces double data entry, resulting in accurate construction reports, job cost reports, and profitability tracking at the company, division, and job level. With Jonas Construction Accounting, contractors can use real-time data to protect their profits and optimize workflows, reducing operational expenses.
Other Accounting Software Options for Construction Business
Apart from the accounting software options for construction companies that were discussed earlier, there are other software options that may cater to the requirements of various construction businesses.
Let us share some of the important features of each software.
1. Xero Accounting
Xero is a cloud-based accounting software that offers a range of features for businesses of all sizes. Some of its key features for construction companies include job costing, inventory management, and project management.
It also offers integrations with over 800 third-party apps for added functionality. Xero has a user-friendly interface and affordable pricing plans.
2. Zoho Books
Zoho Books is a cloud-based accounting software that offers features such as expense tracking, project management, and invoicing. It also integrates with other Zoho apps such as Zoho CRM and Zoho Inventory for added functionality. Zoho Books has a user-friendly interface and affordable pricing plans.
3. FreshBooks
FreshBooks is a cloud-based accounting software that offers features such as time tracking, project management, and invoicing. It also integrates with over 100 third-party apps for added functionality. FreshBooks has a user-friendly interface and affordable pricing plans.
4. Wave
Wave is a cloud-based accounting software that offers features such as invoicing, expense tracking, and receipt scanning. It also offers a range of financial reports and integrations with third-party apps such as PayPal and Etsy. Wave is known for its free accounting software, but it also offers affordable pricing plans for added functionality.
Each of these accounting software options has unique features that can be beneficial to construction companies depending on their specific needs. It’s important to consider factors such as pricing, features, and integrations when choosing the best accounting software for your construction business.
How to Choose the Right Accounting Software for Your Construction Company
As a construction company owner, you know how important it is to keep track of your finances. Choosing the best accounting software for your construction company can be overwhelming, but with the right approach, it can be a simple process. However, it is advised to seek a professional opinion from professional accounting experts.
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Here, we will guide you through the steps to choose the best accounting software for your construction company.
1. Evaluate Your Business Needs
The first step in choosing the best accounting software for your construction company is to evaluate your business needs. Consider the size of your business, the number of employees, and the types of financial transactions you make.
Some accounting software options offer features specifically designed for contractors, while others are more suitable for small construction businesses.
2. Consider Your Budget
The cost of accounting software can vary greatly, depending on the features and level of support you need. It’s important to consider your budget before choosing accounting software.
There are free options available, but they may not have all the features you need. Paid options often offer more advanced features and better support.
3. Research the Software Options
Once you have evaluated your business needs and considered your budget, it’s time to research the software options available. Look for accounting software specifically designed for construction companies. Check the features and pricing of each software and see how they match your business needs.
4. Read User Reviews and Ratings
Reading user reviews and ratings is an important step in choosing the best accounting software for your construction company. Look for reviews from users in the construction industry to see how the software performs in real-world scenarios. Pay attention to reviews that mention the software’s ease of use, customer support, and compatibility with other software tools.
5. Take Advantage of Free Trials and Demos
Most accounting software options offer free trials and demos. Take advantage of these offers to test the software before making a purchase. During the trial period, try out the software’s features and assess how well it meets your business needs. This will give you a better idea of whether the software is the right choice for your construction company.
Conclusion: Best Accounting Software for Construction Business
Choosing the best accounting software for construction company is a critical decision that can have a significant impact on your business’s financial management. By evaluating your business needs and taking other factors into account you can make an informed decision.
With the right accounting software, you can streamline your financial management and improve your business’s bottom line. Don’t hesitate to invest in the best accounting software for your construction company today to set yourself up for success in the future.
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