Categories   >   Construction Accounting Software
Last Reviewed: November 13th, 2024

Best Construction Accounting Software Of 2024

What is Construction Accounting Software?

Construction Accounting Software tackles the complexities of managing finances in the construction industry. It goes beyond basic accounting by addressing challenges like job costing, lien waivers, and progress payments. This specialized software streamlines workflows, improves financial visibility, and ensures regulatory compliance. Key functionalities include project budgeting, change order management, subcontractor payments, and detailed reporting. Emerging features leverage mobile apps and integrations with project management tools for real-time data and improved collaboration. Construction companies of all sizes benefit from this software, gaining better control over project finances, optimizing cash flow, and boosting profitability. While learning the software takes time, the value lies in increased accuracy, efficiency, and informed decision-making across construction projects. In essence, Construction Accounting Software transforms financial management for construction businesses, providing the tools and insights needed to navigate complex projects, mitigate risks, and achieve financial success.

What Are The Key Benefits of Construction Accounting Software?

  • Accurate job costing
  • Improved cash flow management
  • Enhanced financial visibility
  • Streamlined workflows & approvals
  • Reduced manual data entry
  • Simplified tax compliance
  • Better project budgeting & control
  • Increased profitability & margins
  • Improved decision-making insights
Read more

Overall

Based on the latest available data collected by SelectHub for 26 solutions, we determined the following solutions are the best Construction Accounting Software overall:

Procore
Procore
Start Price
$375
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Procore

Procore's user reviews paint a picture of a powerful construction management software with strengths in centralizing data, improving communication, and streamlining workflows. Users praise its mobile accessibility, robust reporting tools, and collaborative features, citing improved project visibility and reduced paperwork as key benefits. However, some reviewers mention a steeper learning curve compared to simpler options and a higher cost point. One recurring strength is Procore's ability to consolidate information and communication. Users appreciate having a central platform for documents, drawings, discussions, and updates, eliminating the need for multiple tools and email threads. This fosters transparency and reduces miscommunication, as exemplified by a reviewer who mentioned avoiding costly delays due to improved information flow. Another frequently lauded aspect is Procore's mobile app, enabling field teams to capture data, submit reports, and access project information in real-time. This streamlines workflows and eliminates data silos, as highlighted by a reviewer who credited the app with improving efficiency and reducing rework. Procore's reporting and analytics tools are also seen as valuable assets. Users appreciate the ability to generate customizable reports and dashboards, providing valuable insights into project performance, resource allocation, and potential risks. This data-driven approach helps users make informed decisions and improve overall project outcomes. However, some users mention a steeper learning curve compared to more basic software, requiring initial investment in training and user adoption. Additionally, Procore's pricing structure can be a barrier for smaller companies or those with limited budgets, while competitors might offer more affordable options with similar core functionalities. In conclusion, Procore's strengths lie in its ability to centralize data, improve communication, and streamline workflows, making it a valuable tool for complex projects and larger teams. However, its learning curve and cost might pose challenges for smaller companies or those seeking basic functionalities. Ultimately, the decision depends on individual needs, project complexity, and budget considerations.

Pros & Cons

  • Functionality: All users that mentioned overall functionality liked its ability to perform different tasks such as invoicing, reporting, scheduling, submittals, RFIs and more, all in one tool.
  • Collaboration: All reviewers who referred to collaboration liked its ability to collaborate in real time with stakeholders and help teams bridge communication gaps while staying updated on current plans.
  • Cloud Based: All users who mentioned its cloud-based deployment liked that teams could easily access the tool from different geographical locations.
  • Tracking: All users that talked about tracking liked that they could keep track of individual employee production, employee timesheets and more.
  • Learning Curve: Due to its rich features, the system can be difficult to navigate and understand without proper training, as observed by 92% of users who specified the learning curve.
  • Performance: Almost all users who mentioned performance said that it takes time for the software to respond.
  • Updates: Around 85% of reviewers who specified updates said that frequent updates make keeping up with features challenging.

Key Features

  • Contract Management: View the status of purchase orders and contracts. Track and distribute change orders, payment documents and contract documents. 
  • Project Management: Automatically send overdue reminders via email to clients to help manage RFIs. Attach photos, plans, specs and PDFs to RFIs. Allow workers to log project time off-site using the web or mobile app. Sort activities by day, week or month. Filter project programs by resources or summary tasks. 
  • Time and Material Tickets: Generate change requests from T&M tickets to secure payments for performed work. Collect e-signatures to avoid payment disputes. 
  • Contact Directory and Permissions: Export contacts in CSV format. Grant role-based permissions to access data at individual, company or project levels. 
  • Quality and Safety Measures: Mitigate risks using incident tools. Understand the root cause of problems by identifying trends and combing through data. Identify unsafe patterns on job sites by accessing near-miss and injury records. 
  • Storage Capabilities: Gain unlimited storage space by purchasing an annual access agreement. 
  • Mobile Interface: Access project documents off-site. 
  • Drawing Management: Allow collaborators to upload drawings by granting issuance permissions. Create 2D and 3D models or designs. 
  • Data Security: Store data securely with AES-256-bit encryption. Conduct backups, track users and allow teams to view, edit and upload electronic documents. 
  • BIM: Access BIM data from the field with the ability to display 2D and 3D models on mobile devices. Publish models to enhance team collaboration. Compare site conditions to avoid costly errors. 
  • Bid Management: Track and manage bid invitations while increasing visibility with a single, organized repository. Compare bids by cost codes, bidding histories and location of bidders. 

Pricing

License/Subscription Cost
  • Procore offers a single annual license that provides unlimited access for employees and external clients. Pricing depends on the size of your company.
Buildertrend
Buildertrend
Start Price
$99
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Buildertrend

Buildertrend has an intuitive interface that is easy to use and navigate. It requires some time to get used to its tools because of the rich features available. Users can make proposals for bids, schedule, send invoices, collect payments, conduct surveys and more. It offers a portal where employees can conveniently view their running hours and corresponding pay. It streamlines coordination with clients, including sharing daily updates on the progress of building completion. It helps teams maintain better communication and keep track of progress. Some reviewers have noted that integration with Quickbooks requires a significant time investment. A few users wished for more customization options. Customer representatives respond quickly and provide answers that will effectively solve problems.

Pros & Cons

  • Comprehensive Tool: The system comes loaded with rich functionalities that simplify production and streamline workflows, as mentioned by all users who referred to functionality.
  • User Friendly: Offers a user-friendly interface that makes it easy to manage and navigate, as noted by all reviewers who mentioned ease of use.
  • Support: More than 92% of reviewers referring to customer support noted that included professional services were helpful and responsive, taking time to walk them through an issue.
  • Track: All users who specified tracking liked that it helps teams and managers keep track of progress, logs, expenses, payrolls, bid requests, receipts and more.
  • Communication: All reviewers liked that it simplifies the process of communication and keeping teams up to date.
  • Learning Curve: All reviewers who mentioned the learning curve said it took time to get used to the tools during initial setup due to the many options available.
  • Quickbooks Integration: Around 60% of users noted that integration with Quickbooks took some time and effort.
  • Customization: It could provide more flexibility in customization, as observed by 83% of reviewers who referred to customization.

Key Features

  • Selections: Approve product pricing, keep patrons in the loop about running totals, receive electronic client signatures and access selection decisions and their associated product warranties in a centralized location. 
  • Communication: Manage messages, comments, emails and task-specific data in one place automatically. This module also offers push notifications on mobile devices and utilizes current email accounts. 
  • Bid Requests: Develop, compare, distribute and save bids in one hub. Users may define deadlines and receive reminders, accept offers and incorporate them in contracts. 
  • Estimates and Proposals: Construct estimates, allocate personalized proposals and close sales. Users may work with pre-set templates, obtain digital signatures and import information into Excel and other solutions. 
  • To-Dos: Create and designate responsibilities to teams and subcontractors and send reminders to patrons. Users can add items to lists with voice-to-text capabilities, attach documents and photos and send prompt alerts. 
  • Work-In-Progress (WIP) Reports: Produce WIP reports for maintaining projects in real time; obtain data for total billings, profit margins and costs to complete specific or all jobs; and receive current views of over or under billing for clients. 
  • Payment Processing: Obtain check or credit card payments online, modify invoices through QuickBooks and Xero when a payment is received automatically and acquire safe and secure processing. 
  • Budget: Track labor costs, billing, purchase orders and change orders in real time. Make adjustments as necessary, compare proposed to actual expenditures and work with multiple software integrations. 

Pricing

License/Subscription Cost
  • Large businesses can receive a quote while small/medium businesses can get 3 users for 299$ a month.
Maintenance Cost
  • Subscription & Support costs are based on a fraction of the license cost (25% of the initial license cost)
  • Software Accelerated Value Programs are charged incrementally, calculated case by case. They're dependent on the exact service the customer needs. Buyers cannot opt-in to Software Accelerated Value Programs without paying the standard Subscription & Support cost
Training Cost
  • Self-service support is available online
  • Multiple avenues for extended training and support. Support is available 24/7.
Recurring/Renewal Costs
  • Renewal fee depends on if a perpetual license or subscription was chosen.
e-Builder
e-Builder
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked e-Builder

e-Builder maintains a historical record of accounts receivables invoices and their status. Users mentioned that admin roles are helpful, and its forms are easy to use. It helps manage employee workloads. Most users prefer the web version to its mobile app. Customization of reports is not always possible. Cost may be a potential hurdle for small businesses. Learning how to use the software to its full capacity is challenging for most users, and they think that without more hands-on training, using the tool becomes a challenge.

Pros & Cons

  • User Friendly: The system is intuitive and accessible, as noted by approximately 88% of users who mentioned its usability.
  • Functionality: It offers a robust suite of successful project management tools, as reported by 85% of the users who mentioned the product’s functionality.
  • Customization: Almost 80% of the users who mentioned its customizability state that the tool can be adjusted according to their needs.
  • Interface: Nearly 61% of the users who mention its interface do not like it and say that it is not easy to navigate.
  • Support: Support for the system can be slow, with some users noting that their queries take 2-3 days to be resolved, as reported by 60% of users who mention support. Also, the available documentation isn’t enough, as it doesn’t make the tool easy to learn.
  • Learning Curve: It has a steep learning curve, as mentioned by 84% of the users who mention its learning curve.

Key Features

  • Cost Management: Analyze data from previous projects to define contingency budgets and predict costs required for the completion of projects to reduce expensive errors. Review critical financial reports to help make data-driven decisions. Mitigate cost-related risks to help keep finances under control. 
  • Automated Workflows: Collect electronic signatures to shorten approval time using verification tools. Integrate project management and scheduling modules to keep projects on track. 
  • Schedule Management: Assign tasks and allocate resources to help streamline project processes. Link schedules to budgets to manage cash flows. Allow managers to anticipate delays to help make strategic business decisions. Grant permissions to authorized users to update schedules. 
  • Centralized Documentation: Store data gathered from various points in a project’s life cycle in a central database. Find and share crucial documents with team members to build a collaborative work environment. 
  • Reporting: Import reports into Excel. Export data into Powerpoint when project presentations come around. Generate reports to avoid conflicting data entries. 
  • Design: Import CAD and BIM files into the system to review designs. Access files directly from a browser to leverage automated workflows and ensure design reviews are completed quickly. 
  • Procurement: Get rid of resource-intensive bidding paperwork and mailing services with included procurement management support. Distribute bid packages and answer bidding questions quickly. Store bid responses in a centralized location. 
  • Business Intelligence Tools: Keep ahead of any surprises or problems that may arise with BI tools to gather and display vital data using dashboards. 
CoConstruct
CoConstruct
Start Price
$499
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked CoConstruct

CoConstruct offers a user-friendly solution for construction businesses to remove ambiguities, streamline operations and enhance productivity. It defines the scope of work, helps delegate tasks to team members, fosters communication with clients and trade partners, provides an overview of all in-progress projects and adapts to business needs. It seamlessly integrates with Quickbooks and keeps track of budgets, project estimations, expenses, billing and invoices. However, the system is challenging to set-up initially. It is hard to implement, requires a steep learning curve to understand its capabilities and backend processes and is slow to respond.

Pros & Cons

  • Functionality: The system streamlines organizational processes, efficiently tracks change orders, manages construction schedules and makes all information available easily. Its user-friendly interface helps define the scope of work, delegates tasks to employees and displays an overview of project status, noted by 81% of users who talked about the product’s functionality.
  • Communication: Nearly 79% of reviewers said that the product fosters communication with their clients, trade partners and clients and tracks all interactions so that they can be accessed anytime. It provides clients with greater visibility into project progress and stores all information in one place.
  • Mobile App: The system’s mobile platform provides easy access to schedules and tasks anytime, anywhere from any internet-connected device, without affecting field staff productivity, said nearly 81% of the users who talked about the mobile platform.
  • Flexibility: The system is customized to handle specific projects and does not offer capabilities to handle diverse projects, noted nearly 75% of reviewers who mentioned its flexibility.
  • Customization: Nearly 77% of reviewers said that the system offers limited customizations while grouping trade partners, lacks a checklist feature for completed tasks and doesn’t allow copying specifications to create new templates.

Key Features

  • Optimized Bidding: Attach estimations and specs directly to bids. Auto-load bid details to avoid double entry. Allow trade partners to update bid statuses. 
  • Cost Control: Track costs against actual project bills to maintain accurate project budgets. Send verified work immediately to QuickBooks to create bills to help lighten the load on accounting employees. Create full PO items on estimates. 
  • Accurate Invoicing: Create invoices from project costs and email them with a single click. Automatically sync invoices with QuickBooks and mark them completed when paid. 
  • Budgeting and Forecasting: Update project costs with real-time data from budgets. Share budgets with clients without having to create cost spreadsheets. Automatically update budgets as clients make choices. 
  • Punch Lists: Receive reminders about last-minute fixes and repairs. Let clients confirm the completion of tasks to keep everyone on the same page. 
  • Lead Tracking: Keep lead data in one accessible location. Set scores and categories while finding interesting leads and track contact details and upcoming tasks. Stay updated about field tasks, lead acquisitions and administrative tasks. 
  • Jobsite Activity: Allow field teams to input log notes using the mobile app. Create custom flags to report project issues, such as missing orders and late subs. 
  • Timesheet Management: Track workers’ activities using time clock functionality. Allow team members to clock in and clock out from the web or mobile app. 
  • Schedule Coordination: Integrate with iCal to access data from Google, Outlook, Yahoo or macOS/iOS calendars. Use existing schedule templates or import from other systems. Adjust schedules by typing or using drag-and-drop functionality. Send alerts and reminders to teams through email or text.  

Pricing

License/Subscription Cost
  • Dependent on the type of subscription range you choose.
Installation/Implementation Cost
  • No setup fee
Training Cost
  • Self-service support is available online
  • Unlimited tech support is also provided
Recurring/Renewal Costs
  • Recurring costs depend on your level of subscription
Acumatica
Acumatica
Start Price
$4,000
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Acumatica

User reviews, coupled with our extensive research, confirm Acumatica’s reputation for flexibility and scalability. Still, certain features and overall performance have drawn mixed reviews.

First, the positives. A majority of user reviews highlight Acumatica’s functionality and its ease of use. Popular mentions include the quoting and billing, accounts location, and inventory management features. Other honorable mentions are the accounts payable and invoice routing tools.

Reviewers specifically mention that managing administrative functions is a breeze and accessible from anywhere. One user even mentioned that their business is retiring other legacy systems because Acumatica fulfills those needs by offering tools to manage various business functions on one platform with complete access to past data.

For those who swear by Excel, Acumatica offers a comforting bridge with its robust Excel integration. The export to Excel feature is available on every grid. No more tedious manual transfers.

However, drawbacks like the less-than-ideal calendar feature and tricky project management tools have been noted. Users say that project management, while capable of managing multiple projects at once, could have fewer steps.

The platform’s performance can be a hiccup. Multiple users experienced glitches, especially when dealing with large datasets or navigating through generic inquiries. The system also logs out after 60 minutes of idle time. Defining user inactivity timeout is only available for Acumatica 2023 R1 and beyond.

Beyond user reviews, our research team delved into the strengths and weaknesses of Acumatica. According to our research, it’s the best in the game for order and service management.

Acumatica's biggest differentiator lies in its open architecture and customization options. Unlike some competitors with limited customization or reliance on pre-built modules, Acumatica lets you tailor the platform to their specific workflows and processes.

The caveat is that molding the platform will take time and a great deal of expertise (either through internal IT or external support). Implementation will get drawn out, and expediting this process without proper alignment with your business needs will deter you from getting complete value for the amount you pay.

The timeline and pricing might not be suitable for smaller firms or startups. Some users also wished the private cloud perpetual (PCP) licensing model wasn't discontinued. We suggest looking for other options if you don’t want to pay a monthly recurring fee.

So, is Acumatica right for you?

Acumatica is a strong contender if your business demands a highly adaptable system and you're prepared to invest time and resources in customization. However, if you prioritize rapid implementation and lightning-fast performance, you might want to explore other options.

Pros & Cons

  • User-Friendly: While there were some mixed reviews concerning disjointed navigation and the need for in-depth end-user training, 75% of reviewers said that Acumatica is easy to use.
  • Reporting: Over 50% of users were in favor of Acumatica’s reporting. Those who were not in favor said that the reporting feature required IT assistance to generate specialized reports, as the custom report tool isn’t friendly for those without developer knowledge.
  • Customization: Nearly three-fourths of reviews that mentioned customization applauded the vast amount of opportunities for customization, while one-fourth of reviewers complained that users need IT assistance to complete customizations.
  • Functionality: Acumatica provides robust functionality — almost 82% of reviewers said the system came with every tool they needed and more. Reviewers also mentioned that yearly updates are rolled out, so functionality is always improving.
  • Integration: Of the users that mentioned integration in their review, 100% were satisfied with the connectivity to other systems.
  • Cloud-Based Scalability: Easily adapt to business growth by adding modules or users without data disruption or complex upgrades.
  • Seamless Integrations: Connect with various third-party tools and platforms through open APIs and connectors, streamlining data flow and operations.
  • Centralized Data: Consolidate all business information in one system, improving data accuracy, accessibility and reporting capabilities.
  • Mobile App Access: Manage key tasks and access data on the go with the mobile app, boosting productivity and flexibility.
  • Support: Almost 70% of reviews concerning support were negative, given that Acumatica requires users to partner with a third party for support. In addition, there were some grievances surrounding the “Help” documentation.
  • Implementation: Between long implementation cycles and a requirement for a VAR to implement the system, 75% of reviewers said that they weren’t happy with the process.
  • Higher Cost Than Basic Options: Initial investment and per-application pricing can be steeper than some basic accounting software, especially for smaller businesses.
  • Steeper Learning Curve for Complex Needs: Extensive customization and advanced features may require dedicated IT resources or consultant support, increasing implementation costs.
  • Limited Industry-Specific Features: May lack specialized modules or functionalities for highly regulated or niche industries.
  • Reporting Customization Restrictions: While customizable, financial reporting options might not offer the depth and drill-down capabilities of dedicated reporting tools.
  • Occasional System Bugs & Glitches: 80% of users who mentioned platform speed report occasional bugs and glitches, requiring troubleshooting and potential downtime.

Key Features

  • Financial Management: Manage accounting, budgeting, financial reporting and cash management on one platform. In addition to core functions like general ledgers, accounts receivables and payables, it offers automated bank reconciliations and multi-currency to support efficiency and global operations.
  • Distribution Management: Manage sales, inventory, and purchasing processes with one module. Top features include order management, inventory control and warehouse management. Its ability to handle complex inventory valuation methods and real-time inventory visibility sets it apart.
  • Order Management: Get better control over the entire order-to-cash process. From order entry and tracking to fulfillment and invoicing, it provides complete visibility and control.
  • Built-In CRM: Build and maintain strong customer relationships. Use sales force automation, marketing automation and customer service management tools to make every interaction meaningful. Integrated sales forecasting, lead scoring and customer lifecycle management drive sales growth and improve customer satisfaction.
  • Manufacturing: Get real-time visibility into shop floor activities. Create and manage multiple work centers. Manage everything from bills of materials (BOM) creation to work order management based on job dispatch lists.
  • Service Management: Use an extensive service management toolkit that includes service request creation, service contract management and installation management features. Enhance service delivery and improve technician productivity by offering a technical portal to start and end appointments.
  • Inventory Management: Capture key inventory details like class ID and item types. These support cycle routing with better visibility into stock levels. Build kits to stock with the option to disassemble kits into smaller components.
Sage Intacct
Sage Intacct
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Sage Intacct

Sage Intacct user reviews paint a picture of a powerful, customizable accounting software ideal for mid-sized, growing businesses. Users praise its real-time reporting, cloud-based accessibility, and ability to handle complex financial structures. Compared to competitors, Intacct shines in scalability and customization, effortlessly adapting to multi-entity operations and unique accounting needs. This agility is crucial for dynamic businesses operating in diverse markets. However, its strengths come with caveats. Intacct's feature-rich nature can be daunting for beginners, requiring dedicated training and technical know-how. Additionally, its subscription-based pricing can be prohibitive for smaller companies or those with simpler accounting requirements. The limited mobile functionality and lack of built-in payroll are also shortcomings some users find frustrating. Overall, Sage Intacct earns its positive reviews by empowering businesses with robust functionalities and seamless scalability. However, its complexity and premium cost may leave smaller players or those needing basic accounting solutions searching for a more accessible, budget-friendly alternative.

Pros & Cons

  • Intuitive User Interface: Precisely 65% of users stated it has an intuitive and user-friendly interface with a manageable learning curve.
  • Configurable: Approximately 90% of users conveyed that the product is customizable to fit their organization's needs.
  • Competent Performance: The quality, scalability and overall performance are favorable to 94% of users.
  • An Assortment of Features: According to 54% of users, the product has a wide range of features including accounts payable and receivable, bank reconciliation, time tracking, 1099 forms and more.
  • Ideal Integrations: Merges with various third-party systems such as Salesforce, Nexonia, Expensify, Bill.com and more, as stated by 94% of users.
  • Dawdling Customer Support: Of the users who discussed customer support, roughly 64% said it was lagging in resources and took a long time to get in touch with them.
  • Lagging Search Tool: Approximately 45% of users said the search and reporting tools aren't as effective as some of the software's other idiosyncrasies.
  • High Cost: Subscription-based pricing, often exceeding the budgets of smaller businesses or those with simpler accounting needs.
  • Steep Learning Curve: Feature-rich interface can feel overwhelming for beginners, requiring initial training and time investment.
  • Limited Mobile Functionality: Mobile app lacks access to many core features, hindering on-the-go workflow for some users.
  • Customization Complexity: Advanced customization options often require technical expertise or paid consultations.
  • Integration Gaps: While offering major integrations, it may lack connections to specific niche software used by some businesses.
  • No Built-in Payroll: Requires integrating a separate payroll solution, adding complexity and additional costs.

Key Features

  • General Ledger: Contains pre-built dimensions such as customer, location, department, warehouse and class. It also allows users to add their own dimensions. Required dimension values can be inputted so that certain values are mandatory for entries to post to designated accounts. 
  • Accounts Payable: This feature lets users set spending limits and define workflows and approvals. Users can easily view AP liabilities as well as check and bill register reports in real time. Users can automate ACH, check and credit card payments through the Vendor Payment Services function, which is built on the American Express Global Commercial Services infrastructure. 
  • Accounts Receivable: The program enables customers to generate recurring invoices and to attach customer information to transactions. It integrates with other business processes to centralize sales orders, quotes and invoices. Configurable dashboards and other visualizations are included in this function and allow users to look at data points such as deferred revenue and customer aging. 
  • Purchasing: Allows users to analyze costs and monitor budget vs. actual information through dashboards and reporting tools. These dashboards are role-based for security and ease of access and also contain budget performance information, price break monitoring and purchase quote functionality. The feature gives users more control over the entirety of the procure-to-pay process. 
  • Order Management: Users can leverage point-and-click functionality to set up individualized workflows and pricing requirements in the order management system. The program can be easily connected to Salesforce CRM, which allows users to share order status and pricing data across a business and reduce duplicate data entry. The solution includes sales tax and regulatory compliance through integration with Avalara. Order fulfillment rates, inventory quantities and sales data can be viewed in real time through this feature. 
  • Cash Management: Includes a live view of funds and cash flows through all associated credit cards, savings accounts and checking accounts. The management of cash across multiple locations is also supported. The system enables the application of payments to accounts that aren’t associated with an invoice and the recording of POS payments that aren’t connected to a specific customer. 
  • Reporting and Dashboards: This program can track both financial and operational data such as SaaS metrics, machine availability, etc. The system also has the ability to discover trends, drill down to source transactions and look at roll-up figures for multiple locations or entities. The solution includes more than 150 financial reports along with the ability to develop customized reports based on business needs. 
  • Digital Board Book: Produces metrics such as Annual or Monthly Recurring Revenue (ARR or MRR), churn, Committed Monthly Recurring Revenue (CMRR), Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV). This analysis is conducted in real time using transactional data obtained from Sage Intacct and Salesforce. 
SINC
SINC
Start Price
$24.99
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked SINC

Let's sync up on what users are saying about SINC.

SINC receives praise for its user-friendly interface and intuitive design, making it easy for employees to clock in and out, request time off, and view their schedules. Its scheduling features are also a hit, allowing managers to create and modify schedules with ease, ensuring proper staff coverage. The mobile app is particularly popular, providing employees with convenient access to their schedules and time-off requests. However, some users report occasional glitches and syncing issues with the mobile app, as well as limitations in reporting and analytics capabilities.

Compared to competitors like Deputy and When I Work, SINC stands out for its affordability and ease of use, making it a great option for small and medium-sized businesses. Its scheduling features are on par with competitors, but its reporting and analytics capabilities may not be as robust.

SINC appears to be best suited for small to medium-sized businesses in industries such as retail, hospitality, and healthcare that require basic workforce management functionalities like scheduling and time tracking. Larger businesses or those with more complex needs may require a more comprehensive solution.

Pros & Cons

  • Centralized Hub: Streamlines workforce management by consolidating scheduling, time tracking, and communication tools into one platform, eliminating the need to juggle multiple systems.
  • Automated Scheduling: Simplifies the scheduling process by automating shift assignments based on employee availability, skills, and labor regulations, reducing manual effort and potential errors.
  • Real-Time Visibility: Provides real-time insights into labor costs, employee performance, and schedule adherence, enabling data-driven decision-making and proactive adjustments.
  • Employee Empowerment: Empowers employees with self-service tools to manage their schedules, swap shifts, and request time off, fostering greater autonomy and engagement.
  • Compliance Assurance: Helps ensure compliance with labor laws and regulations by automating time tracking, break management, and overtime calculations, mitigating legal risks.
  • Limited Functionality: SINC lacks some core features that are essential for many businesses, such as the ability to track employee time off, manage schedules, and generate reports. This can make it difficult to get a complete picture of employee productivity and can lead to compliance issues.
  • Usability Issues: Some users find the SINC interface to be clunky and difficult to use. This can lead to frustration and can make it difficult to get the most out of the software. The mobile app also has limitations, making it challenging for employees to access information or complete tasks on the go.
  • Customer Support: There have been reports of slow or unhelpful customer support from SINC. This can be a major problem for businesses that rely on the software to manage their workforce.

Key Features

  • Scheduling: Produce employee schedules by incorporating automated regulations. Assign employees to particular jobs from any device. 
  • Reports: Deliver job reports useful for employee performance, future business strategies and operations. 
  • Analytics: Gain complete insight into metrics like hours worked, productivity, time-off details via in-depth information and tabular datasets. Understand employee performance and business units better with comprehensive data. 
  • Tracking: Monitor time spent on tasks to offer compliant scheduling. Generate projections based on hours worked. 
  • Live Staff Location: View an employee’s current location directly from any device through a sophisticated location tracking tool. 
  • Generate Payroll Data: Supply real-time, detailed payroll data to evaluate job costs and pay periods and estimate gross payroll values. 
  • OSHA Safety Signs: Meet safety requirements and protect staff from job-related safety or health hazards with a free DIY safety system toolkit to maintain OSHA compliance. Review laws to combat loopholes in workplace safety compliances. 
FOUNDATION
FOUNDATION
Start Price
$500
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked FOUNDATION

Foundation Software assists users in streamlining financial processes. Many reviewers were satisfied with the solution’s accounting functionalities. Several users noted, the product offers an easy-to-use interface that helps save time. Many observed that it’s hard to fix system crashes. They also criticized that the product didn’t function well on mobile devices. Overall, the software’s a good fit for companies needing help with accounting.

Pros & Cons

  • User-Friendly: The platform’s UI is simple and easy to use, according to 83% of users.
  • Accounting: According to 74% of users who reviewed this pro, the product’s accounting functionalities consisting of modules such as audit trails, general ledger and AIA billing helps speed up financial operations.
  • Customer Support: About 93% of users who mentioned this pro said the technical staff responds to issues in a timely manner.
  • Training: Regarding this feature, approximately 52% of users said the vendor offers detailed video tutorials.
  • Speed and Performance: It’s difficult to fix software glitches, according to 72% of users.
  • Reporting: According to 58% of users who reviewed this con, formatting issues can arise while exporting reports to Excel.
  • Functionalities: More than 80% of users who mentioned this con said the platform should offer advanced reporting, AR and AP capabilities.
  • Mobile Accessibility: Some of the modules such as payroll and time tracking, notes taking, and reporting don’t operate seamlessly on mobile devices, according to 90% of users.

Key Features

  • Project Budgeting: Import data from other construction estimating systems and break budgets into standard CSI divisions or custom cost codes. Compare project performances against estimated revenues, costs, quantities and labor hours. 
  • Job Tracking and Reporting: Track job costs using Microsoft-SQL-Server-powered reporting modules. Analyze project cash flows and WIP (work-in-progress) reports to help make informed business decisions. Receive automated notifications to avoid labor overshoots. 
  • Change Order Management: Update budget details after receiving approval and track change orders by status. Convert RFCs into change orders using project management modules. 
  • Auto Timecard Entry and Processing: Process multi-state, multi-trade and multi-union timecards to avoid reentering rates. Customize timecard screen layouts to track crucial data. Import data from other field logs and timekeeping apps. 
  • Payroll: Automatically calculate deductions or fringes based on overtime, regular or special rates. Create, print and email electronic payroll reports to federal, state or local agencies. Manage union payrolls and prevailing wages by creating rate tables. 
  • Project Management: Access job center to track documents such as RFIs, RFPs, field logs, submittals and more. Monitor project progress and receive alerts to avoid missing deadlines. 
  • Executive Dashboards: View current operations and accounting data from across the system in one location. Analyze reports to make strategic business decisions. Filter reporting by jobs, project types, project managers and more. 
  • Scheduling: Automatically create schedules from jobs. Analyze summary reports to identify resource requirements. Receive notifications to tackle scheduling conflicts. 
CMiC
CMiC
Start Price
$100
Per User, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked CMiC

CMiC is a comprehensive construction management software that has garnered a range of user feedback over the past year. Users appreciate its robust functionality, particularly in areas like job costing, budgeting, and document management. The software's ability to handle complex projects with multiple phases and stakeholders is a significant advantage. CMiC's integration capabilities with other software platforms are also highlighted as a strength, allowing for seamless data flow and collaboration. However, some users find the interface to be complex and overwhelming, requiring extensive training and support. The learning curve can be steep, especially for those new to construction management software. Additionally, CMiC's pricing structure can be a barrier for smaller companies, as it is often considered an enterprise-level solution.

Compared to competitors like Procore and PlanGrid, CMiC offers a more comprehensive suite of features, covering the entire project lifecycle from preconstruction to closeout. Its strength lies in its ability to handle the financial aspects of construction projects, with advanced job costing and accounting tools. However, Procore and PlanGrid are often praised for their user-friendly interfaces and mobile accessibility, making them more suitable for field teams. Ultimately, CMiC is best suited for large construction companies with complex projects and dedicated IT resources to manage the software's implementation and ongoing support. Its comprehensive functionality and financial management capabilities make it a valuable tool for organizations that require a high level of control and visibility over their construction projects.

Pros & Cons

  • Customization: Nearly 79% of users who talk about customization mention that the software is flexible and can be customized to meet unique business requirements.
  • Overall Functionality: Approximately 80% of users who refer to the overall functionality of the software recommend it to get the job done.
  • Data Management: Efficient data management and analysis is a big advantage of the product, as noted by about 64% of users who mention the feature.
  • Reports: CMiC helps users track, analyze and course-correct various aspects of project management with in-depth and insightful reports - a feature lauded by more than 63% of users who talk about the reporting feature.
  • Project Management: 100% of the users who talk about the project management module concur that it has made their operations more efficient.
  • User Interface: Approximately 82% of users who mention the user interface note that the system is complicated and hard to navigate.
  • User-Friendliness: More than 84% of users who talk about user-friendliness as an important factor mention that the software is not easy to use.
  • Setup and Training: Nearly 100% of users who refer to setup and implementation note that training and onboarding support is lacking, making it difficult to adopt the software.
  • Glitches: Slow processing and frequent lags are detrimental to its usage, as pointed out by 100% of users who talk about issues and glitches.

Key Features

  • Bidding: Compare multiple bids side by side using bid leveling functionality. Automatically send invitations to bid to potential vendors. Enable bidders to download and view project documents with planroom management capabilities. 
  • Customer Relationship Management: Create sales opportunities and view crucial information such as linked contacts and tasks. Automatically perform duplication checks when creating new contacts to maintain data accuracy. 
  • Document Management: Securely store and manage all project-related documents, including drawings, specifications, submittals and RFIs, in a centralized database. 
    • Drawings: Automatically extract metadata such as titles, sheet numbers and trades. Compare drawing sheets and perform overlays for accurate revisions and insights. 
    • Specifications: Upload, review and manage specifications with ease using the web-based tool. Manage submittals seamlessly based on the provided specifications. 
    • Submittals: Ensure thorough submittal assessments with stakeholder-driven workflows. 
    • RFIs: Expedite information gathering by providing teams with instant access to relevant documents. 
  • Accounting: Manage finances for multiple companies and currencies. 
    • Accounts Payable: Automate invoice processing and payment approvals. Generate detailed reports on vendor activity and spending. 
    • Accounts Receivable: Manage customer invoicing, payment collection and credit limits. Reconcile client payments and apply them to the corresponding invoices for accurate AR records. 
    • General Ledger: Generate financial statements, perform cash flow analyses and produce custom reports with just a few clicks. Maintain a complete audit trail of financial activities to ensure regulatory compliance. 
    • Cost Management: Track labor, material and equipment costs using job costing tools. Issue subcontracts directly from the system. 
    • Financial Management: Identify over/underbilled jobs with WIP reports. Create and manage project budgets, comparing actual costs against budgeted amounts. 
  • Human Resources and Payroll: Simplify workforce management, empower team members and gain valuable insights. 
    • Workforce Management: Manage the entire recruitment process, from attracting candidates to onboarding new hires. Administer and manage employee compensation and benefits plans. 
    • Employee Self-Service: Enable employees to access and download pay stubs and W2s electronically. Allow staff to access information about their benefits plans, such as health, dental and vision insurance. 
    • Payroll: Process payroll accurately and timely, including deductions and taxes. Support various pay frequencies, such as weekly, bi-weekly and monthly. Pay employees with direct deposit. 
    • Crew Time: Encourage employees to track work hours and submit timesheets directly from mobile devices. Monitor and manage employee overtime to ensure compliance with labor laws. 
  • Inventory Management: Set low-stock alerts to prevent stockouts and delays in project execution. 
    • Inventory Tracking: Capture and create lot and serial numbers to track inventory levels in real time. 
    • Replenishment: Assemble kits of commonly used materials for faster and easier issuance. Determine order quantities, reorder points and forecast models to calculate replenishment. 
    • Inventory Valuation: Evaluate inventory using standard, average, specific (actual) and first-in-first-out (FIFO) costing methods. 
  • Mobile Capabilities: Access critical information and project-related materials from anywhere, at any time. 
  • Project Management: Set realistic timelines and dependencies to ensure on-time project completion. Produce change orders from RFIs. Manage subcontractor relationships efficiently. Conduct inspections and track corrective actions. 
  • Reporting & Dashboards: Create personalized dashboards to track key project metrics. Compare project performance against industry benchmarks. 

Corecon
Corecon
Start Price
$25
Per User, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Corecon

Corecon is easy to use and has a powerful set of features to handle construction management projects. Exporting and importing data from other tools like Sage/Timberline is easy. Users are pleased with its reporting feature as they allow them to edit reports. It gives users access to databases to create reports. QuickBooks integration isn’t seamless for some users and may get buggy. Users say that it may be fit for a small number of large projects. All the information about client billing and subcontractor work is available in one place. The support team is reasonably helpful.

Pros & Cons

  • User Friendly: The system is intuitive and accessible, as noted by approximately 85% of users who mentioned its usability.
  • Functionality: It offers a robust suite of successful construction project management tools, as reported by 83% of the users who mentioned the product’s functionality.
  • Integration: Nearly 66% of the users who mentioned its integration capabilities are satisfied with them. Users say that integration with Planswift and QuickBooks is robust.
  • Interface: Nearly 75% of the users who mention its interface do not find it easy to navigate.
  • Learning Curve: It has a steep learning curve, as mentioned by 100% of the users who talked about its learning curve.

Key Features

  • Accounting Integrations: Integrate with QuickBooks, Sage 50, SAP Business One and Xero. 
  • Estimating: Create estimates with up to a four-tier breakdown and markups available at every level. 
    • Contact Management: Create and search contacts off-site through internet-enabled devices. Sync existing contact databases with Outlook. Receive alerts when licenses or insurances are close to expiration. 
    • Lead Tracking and Analytics: Track and analyze leads using dashboards. Create classification structures for leads to organize opportunities as per business needs. Set up awarded projects and eliminate duplicate data entries using the lead-to-project wizard. 
    • Drawings and Specifications: Share drawings and specifications through the team link portal. Add notes to images, documents and blueprints using document viewer. 
  • Utilities: Transfer the existing accounting system’s financials using a simple sync tool to help cut down on manual data re-entry. 
  • Project Management: Manage all aspects of a project to help streamline daily business processes. 
    • Scheduling: Import schedules from Excel or Microsoft Project. Assign tasks to workers and review timelines to keep projects on track using calendar functionality. 
    • Quality Control and Safety: Create checklists to conduct quality checks. Document and distribute inspection reports using punch lists. 
    • Correspondence and Documentation: Store journals, issues, RFIs, submittals and transmittals in an accessible location. Share data securely with internal and external team members. 
  • Mobile Interface: Enter and view data on the go. Handle daily logs, task updates, timecards and expenses off-site. 
  • Job Costing: Access financial documents anytime to help make quick and informed business decisions. 
    • Procurement: Automatically copy RFP packages and estimate items to purchase orders or subcontracts. Manage procurement requirements of suppliers and subcontractors. 
    • Timecards: Allow workers to clock in and out with geotagging. 
    • Financial Analytics: Manage multiple project budgets using financial dashboards. 

COMPARE THE BEST Construction Accounting Software

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Construction Accounting Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
Procore
$375
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Procore
Buildertrend
$99
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Buildertrend
e-Builder
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
e-Builder
CoConstruct
$499
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
CoConstruct
Acumatica
$4,000
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Acumatica
Sage Intacct
$10,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Sage Intacct
SINC
$24.99
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
SINC
FOUNDATION
$500
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
FOUNDATION
CMiC
$100
Per User, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
CMiC
Corecon
$25
Per User, Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Corecon

All Construction Accounting Software (26 found)

Narrow down your solution options easily





X  Clear Filter

Sage 100 Cloud

by Sage Group
Sage 100 Cloud
Sage 100cloud is a cloud manufacturing ERP that extends security and compliance to its users. It's scalable and is equipped with configurable settings that meet varying business requirements. Production management, tailored scripting, inventory requirements planning and analytics just a handful of Sage 100cloud's fundamental accessories.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

TracFlo

by TracFlo
TracFlo
TracFlo is an up-and-coming software system that ranks 22 among all Construction Accounting Software according to our research analysts and 12 crowd-sourced reviews from 1 source. TracFlo is most suitable for all company sizes. TracFlo can be deployed in the cloud and on-premise and is accessible from a limited number of platforms including Windows devices. Similar alternatives to TracFlo include Explorer Software, Planyard and PeerAssist.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Explorer Software

by Explorer Software
Explorer Software
Explorer Software is a rising platform that ranks 23 among all Construction Accounting Software according to our research analysts and 2 crowd-sourced reviews from 1 source. Explorer Software is most applicable for businesses large and small. Explorer Software can be deployed in the cloud and is accessible from a fewer number of platforms including Windows and Linux devices. Similar alternatives to Explorer Software include TracFlo, Planyard and PeerAssist.
User Sentiment User satisfaction level icon: poor
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Docketbook

by Docketbook
Docketbook
Docketbook is a promising software tool that ranks 24 among all Construction Accounting Software according to our research analysts and 4 crowd-sourced reviews from 1 source. Starting from $50, Docketbook is priced at a bargain, offers a free trial on occasion and is most applicable for any sized company. Docketbook can be deployed online. Similar alternatives to Docketbook include Planyard, PeerAssist and Explorer Software.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

PeerAssist

by PeerAssist
PeerAssist
PeerAssist is a promising platform that ranks 25 among all Construction Accounting Software according to our research analysts and 18 crowd-sourced reviews from 1 source. Starting from $50, PeerAssist is priced cost-effectively and is most advisable for any sized company. PeerAssist can be deployed online. Similar alternatives to PeerAssist include Planyard, Docketbook and Explorer Software.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Planyard

by Planyard
Planyard
Planyard is a promising software system that ranks 26 among all Construction Accounting Software according to our research analysts. Starting from $24, Planyard is priced at a low cost, commonly offers a free trial and is most fitting for any sized company. Planyard can be deployed online. Similar alternatives to Planyard include PeerAssist, Docketbook and Explorer Software.
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Buyer's Guide

The Best Construction Accounting Software Is All About Streamlining Project Costs

By Divya Dugar, Marketing Analyst at SelectHub

Construction Accounting BG Intro

Construction accounting is a complex process. It involves keeping track of project costs and managing contractor, subcontractor and supplier payroll while maintaining an inventory of required construction materials. To address these specific needs, over 100 construction software vendors offer solutions to handle accounting for complex construction jobs of all sizes.

Additionally, different construction accounting tools support specific features for various divisions like MEP, civil and heavy projects, general contractors and more. This guide will help you understand the features offered by some popular construction accounting software vendors.

Executive Summary

  • Asking probing questions about the features of construction accounting software and vendors is an essential step in selecting the right software partner.
  • Construction accounting software has many advantages, such as project control, safe record keeping and better estimates.
  • Comparing software should be approached strategically as justifying its cost can become challenging otherwise.
What This Guide Covers:

What Is Construction Accounting Software?

Construction accounting software is a solution that lets you manage and track job costing, equipment management, payroll processing and financial management.

Most popular applications include a general ledger, accounts payable and receivable, job costing, purchase orders, financial reporting, payroll, time tracking, equipment tracking and fixed assets accounts as a start. They also support standard billing formats like percent or progress completion, materials and time, cost plus and AIA, and more.

Typically, these platforms focus on job costing as a primary module and build on it.

The job costing module lets you allocate CSI code and job costs. This functionality differentiates construction accounting software from other ERPs and generic accounting systems.

Typically, software progression for contractors begins with generic bookkeeping software like QuickBooks. As the scope of their projects grows, they switch to construction accounting software. Contractors usually choose a solution once they have five concurrent projects or revenue of about $3 million.

General Accounting vs. Construction Accounting Software

Related Categories

Most companies transition from a general accounting system to a more specialized accounting solution suited to their projects and industry.

Most general accounting systems let businesses maintain financial accounts with a focus on maintaining accounts payable and receivable, assets and liabilities, capital, expenses and revenues. The most popular general accounting software is QuickBooks.

On the other hand, construction accounting software includes most of the same features and more construction-specific modules such as progress billing, job costing and project accounting. It also lets you track your expenses in real time.

Whether you can manage with a general account tool is dependent on project scopes and business size. Smaller companies with a few projects of similar size and type might manage with general accounting software, but construction accounting software is a must for companies that have multiple projects running concurrently across locations.

ERP vs. Construction Accounting Software

ERP software tracks data about suppliers, employees, finances, assets, contractors and subcontractors. Generally, an ERP includes accounting features, but since they aren’t the focus, the accounting module may not be designed to meet all the requirements of a construction business.

Since construction accounting software’s sole focus is maintaining accounts related to construction, it will provide more in-depth reports and maintain records against various expense heads. That being said, larger businesses often find an ERP more suitable to their comprehensive requirements, while smaller firms may find an ERP to be more than their business requires.

Often, an ERP is more expensive than standalone construction accounting software.

Three Reasons You Need Construction Accounting Software

Three aspects of the construction industry that make construction accounting systems a requirement are:

  1. Long-term Projects: Unlike most businesses that have standardized costs, construction projects are long-term, and revenue generates based on project completion levels. If project costs and revenue aren’t tracked properly, it creates a mismatch in cash flow, leading to stalling a project or a complete shutdown.
  2. Decentralization: Construction happens in the field, not the office. Resources such as labor and equipment have to be available according to the needs of the project and have to be tracked carefully enough so that the project continues smoothly.
  3. Project-based: Construction, while it’s a continuous business, is ultimately made of many projects running parallelly, and every project has different requirements. Since it isn’t always possible to predict such costs, you should be able to record expenses against relevant headers.

Construction accounting tools can also be implemented as part of an application of suites since they integrate with project management, document management, fixed asset accounting, inventory management and equipment tracking tools.

Types of Buyers

Construction companies come in all sizes, varying from businesses that manage multi-million dollar projects to smaller firms with just one ongoing project. That’s why, before you choose a tool to manage your finances, it’s imperative to identify the type of operation you have.

  • Large Construction Company: This category includes owners and commercial developers with multiple concurrent projects at various locations. Since their operations are large-scale, an ERP is a better choice than a construction accounting suite.
    An ERP will be more expensive, but it’ll include project management and accounting capabilities, though you may need workarounds to generate reports.
  • Civil Contractor: Also known as general contractors, civil contractors don’t need an ERP with all the bells and whistles. Civil contractors need software that can handle invoicing, payroll and job costing. They may also implement project management software to manage subcontractors.
  • Service Contractor: Subcontractors and specialty contractors fall in this category. Their operations aren’t large-scale, and they’ll typically look for a tool that simplifies invoicing, payroll and billing. If your projects involve predictable costs, the software will be easy to implement.
    Construction accounting software is less expensive than full-suite general accounting or project management software.

Primary Benefits

Benefits of Construction Accounting Software

Accounting software for construction has a host of benefits if implemented correctly. Some of these advantages are:

Boost Project Control

At every step in a construction project, you make or lose money. Efficient software tracks, records and manages costs, time, change orders, materials and subcontractor work. Such data provides operational and financial details of the project in real time. These details help identify when a project is and isn’t going well so you can take corrective measures and improve profitability.

Increase Client Confidence

The efficiency and cost at which you complete projects are proportionate to how you manage various aspects of construction. Well-managed projects impress clients, adding credibility and helping win more jobs in the future.

Safeguard Record Keeping

Maintaining and protecting proper documentation is necessary as it opens businesses up to lawsuits. If there is no document, chances are, the data doesn’t exist. It is equally important to back up your data at regular intervals.

Enable Reporting and Tax Filing

Construction accounting software saves you from having to keep track of reams of receipts and paperwork. It lets you generate reports automatically for analysis. It also calculates taxes accurately, defending against false charges from tax authorities and paying them on time.

Improve Estimates

Developing estimates for future projects becomes easier since construction accounting software provides an overview of job costs across active and inactive projects. Reports from previous jobs help identify labor and material cost trends, where construction jobs go over budget and unanticipated expenses, resulting in better cost control.

While estimating, construction firms can incorporate the above factors while submitting bids.

Strengthen Visibility

These systems provide better visibility and insight into a project’s profitability and leverage drill-down tools to explore fine details. Data collection and reporting tools give you insights into the costs involved in their projects. Compared to generic accounting systems, construction accounting software provides vital insights into job and project costing.

Reduce Double Entry

Tracking job and project costs using spreadsheets is an inefficient and error-filled process, thanks to double entry. Double entry, lost information and errors result in erroneous reports and inaccurate data analysis. Using a single job costing and accounting system results in fewer errors and better estimates.

Key Features & Functionality

The construction accounting software market was valued at $497.34 million in 2021 and is projected to be $978.65 million in 2027.

The features below help companies navigate through various tasks.

Cost Tracking

Track and manage job costs and map them to their respective cost codes. Comparing estimated with tracked costs informs project owners of profitability. You can also create alerts for items that may adversely affect job costs. Construction accounting software streamlines job costing.
Payroll

Various factors like government compliance, wage rates, and non-union and union pay make construction payroll complex.
AIA Billing

AIA billing is a standard billing form created by the American Institute of Architects. Progress billing may require some projects to generate bills using G703 and G702 forms. You can use construction accounting software to develop billing records and create printouts. AIA billing posts records to job costing and general ledgers.
Equipment Management

Equipment is a significant investment for most construction companies. Construction accounting software lets you manage depreciation schedules and record fixed assets to maintain compliance with IRS regulations.
Inventory Management

Construction companies typically have warehouses overflowing with products. Tracking, controlling and managing inventory is critical, and construction accounting software handles it. It tracks items, pricing, usage and purchasing.

For projects to keep moving, maintaining supplies is necessary. As in billing, inventory used is posted to the particular job cost code to ensure accurate cost estimation.
Material and Time Billing

Construction companies may bill for materials and time for projects that don’t apply AIA billing. Construction accounting software creates invoices that include applicable markups and project expenses. You may create markup billing using percentages, fixed rates, cost plus and more, and post them to job costs and general ledgers.
Reporting and Analytics

Construction accounting software comes equipped with reporting and analytics capabilities that create and customize reports.
Document Management

Document management capabilities let you store documents and assign multiple criteria. You can search records easily and retrieve them while scanning, importing or uploading documents from various applications.

Software Comparison Strategy

While selecting software, most people start by researching software vendors and the features they offer. This method creates multiple problems like losing control of the process to vendors, taking more time to shortlist and even making cost justification difficult.

The first step for a software comparison should always be identifying requirements across all stakeholders. The software selection process typically involves eight to ten stakeholders at various stages of the selection process.

Before that, you should ask yourself the following questions:

Do you need construction accounting software?

The first purchase of most construction businesses’ is a generic accounting solution such as Peachtree or QuickBooks. As companies grow, they add construction takeoff or bidding. After some time, you may end up with numerous solutions that work well together and manage tasks in silos.

Switching to construction accounting software that integrates seamlessly with other systems is vital, as general accounting tools can’t handle expansion.

Does your current construction management system have a robust accounting module?

This question is essential as most popular construction management software comes equipped with accounting modules. Does your team fully utilize them? However, if you don’t have construction management software, look at how you manage your tasks.

What features do you need now and as you grow?

Develop your list of requirements by getting input from your team and other stakeholders. Ask them what workflows they manage with spreadsheets. Construction accounting software may work in other processes like bidding and estimation. Also, consider the pace at which you are growing. The software you choose should grow with your business.

Cost & Pricing Considerations

Choosing the best-fit construction accounting software is a tedious process, and there are many things you must consider before you start your research. Talk to internal groups to identify your requirements.

New construction accounting software can cost anywhere between a hundred bucks to thousands of dollars, depending on the features you want and the number of users. If you are a general contractor or subcontractor, you may not want to spend big bucks on a single platform. Before looking at vendors and features, set a budget.

Then, ask vendors what plans they offer and compare them based on deployment, features, licensing and more.

Construction Accounting Trends

The growth projections are driven by the bullish construction industry and a rise in the adoption of ERP software by construction companies. The biggest challenge to this growth is that most companies still rely on traditional accounting modules and don’t proactively choose accounting software designed specifically for construction companies.

As companies adopt construction accounting software, maintaining data security and preventing data theft remains a concern.

COVID-19 disrupted construction significantly across Europe, US and Asia. The global economy is recovering from its steep dip from 2019 to 2020 and beyond.

Some other important trends deciding the course of construction accounting software are business intelligence, digital transformation and functionalities.

Digital footprints remain a challenge for construction companies. Software built on out-of-use programming languages doesn’t support reporting, data exports and integrations with other software.

The shift from recording transactions in accounting software to deducing key insights into operations and performance is ongoing. Companies choose software with analytics to support this evolution.

The Most Popular Construction Accounting Software

Check out these popular construction accounting systems:

CoConstruct

CoConstruct, designed for remodeling and home building teams, tracks and streamlines the construction process from start to finish. Its features include cost control, budgeting and forecasting, timesheet management, bidding, lead tracking, invoicing, document management and more.

It improves client relations, tracks job site activity and manages finances. It’s suitable for small and medium-sized businesses.

CoConstruct

Bid management and status.

Buildertrend

Buildertrend is a cloud-based construction management system designed for home remodelers, specialty contractors, home builders and commercial contractors. Its features include financial management, project management, change orders, estimates, client relationship management and more.

It manages communications, organizes photos and documents, changes invoices, tracks time, allocates surveys and collaborates with clients.

Buildertrend

Construction accounting dashboard.

Procore

Procore, designed for contractors, engineers, architects and construction firms, is used to manage projects such as office buildings, apartment complexes, retail centers and industrial plants.

Its key features include bidding, drawing, contract and project management, safety and quality measures, material and time tickets, contact directory, storage capabilities and more. It reduces risk, increases data visibility, encourages collaboration and improves project efficiency. It is flexible and customizable.

Procore

View status reports and project counts by status.

 

 

Questions To Ask

Construction Accounting Key Questions To Ask

Before starting the software selection process, use the following for conversations with internal stakeholders:

  • What features do you need?
  • What is your company size? What are your expansion plans for the next five years?
  • Which team will primarily use the software?
  • Which software are you using at present?
  • Do you need to deploy the software on-premise or as a cloud-based solution?

The following questions are a good starting point for external discussions about the vendor and their software:

  • What is the size of other companies the vendors work with?
  • How long does it take to implement the software?
  • Do you offer a free trial?
  • Is it an on-premise or on-cloud solution?
  • What is the learning curve?

In Conclusion

Construction accounting software revolutionized managing complex construction projects. Be sure to keep an eye out for upcoming trends while evaluating a system, as they can provide a glimpse into how the market is changing.

Technology modernization, business intelligence and integrations with leading systems that offer estimating, service management, project scheduling and bid management should also be kept in mind while buying construction accounting software.

Product Comparisons

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Divya
By Divya Dugar
Technical Content Writer
Divya Dugar is a Marketing Analyst at SelectHub. At SelectHub, she writes for three software categories: Marketing Automation, EHR and Construction. She also designs and executes email marketing nurtures and campaigns. An avid reader, she graduated as an English major from Presidency College, Calcutta. She enjoys painting, creative writing and boxing. She geeks out on Robert Greene, Tom Bilyeu and Joe Rogan.
See Full Bio
Hunter
Edited By Hunter Lowe
Content Editor
Hunter Lowe is a Content Editor, Writer and Market Analyst at SelectHub. His team covers categories that range from ERP and business intelligence to transportation and supply chain management. Hunter is an avid reader and Dungeons and Dragons addict who studied English and Creative Writing through college. In his free time, you'll likely find him devising new dungeons for his players to explore, checking out the latest video games, writing his next horror story or running around with his daughter.
See Full Bio