Accounting is a vital part of running any business, but it’s especially important in the construction accounting . Construction companies are accounting companies . Each construction project differs in size, scope, materials, and labor costs, owners and managers want accurate, job -specific financial data.
and handle various expenses and transactions under the projects specific circumstances. Global Constructions companies begun using digital solutions to streamline their corporate operations even before the pandemic hit.
Before giving our recommendations for the best construction accounting software, the guide will go through crucial features to look for, cost, and the criteria you should consider when evaluating your selections.
What is Construction Accounting Software?
Construction accounting software is for constructions enterprises to keep track of money moving in and out of the company. A construction accounting program enhances general accounting functionality by adding modules for tracking job-specific revenues and expenses, managing payroll, and handling billing.
5 Best Construction Accounting Software
Here is the list of best construction accounting software that is listed below:-
1. QuickBooks (Desktop Contractor Edition)
QuickBooks Cloud Desktop Contractor Edition is specialized accounting software for the construction sector. It has a lot of accounting tools and allows for comprehensive task costing. Users can produce and track invoices, perform payroll, import, and reconcile bank statements, and track bills and payments using its features. Its estimating module may also be used to create invoices, purchase orders, and accurate cost report estimations. Its class reporting function lets you produce financial statements based on specific classes like new construction and service departments.
You may use the software to export data to Excel to update your reports while keeping your existing calculations.
Pros:
- Reports that can be customized
- Simple and straightforward to use
- Functions of accounts receivable and payable
Cons:
- No Free Trail
2. JOBPOWER
Contractors across the country use JOBPOWER, a fully-integrated construction accounting, work management, and payroll software. Accounts receivable accounts payable, certified payrolls, union reports, budgeting, subcontracts, change orders, over/under billings, specialized project reports, and a variety of other construction-specific needs are all covered. JOBPOWER is simple to use, CPA-approved and comes with a complete audit trail. Locally installed or cloud-based options are both available. The use of a remote payroll entry system is a possibility.
Pros:
- On-premises or cloud-based software options
- Job costing and accounting are integrated
- Choice of on-premises or cloud-based software
- Remote time entry
Cons:
- Requires add-on software
- Scheduling
- Limited Mobile app
3. Sage 100 Contractor (Best Contactor accounting software)
Sage 100 Contractor is formerly Sage Master Builder and is popular with small and midsize construction firms. professionals who are graduating from a more general accounting software package like QuickBooks to their first construction-specific accounting solution since it strikes a mix between reasonable price and a strong feature set.
Users may use Sage 100 Contractor’s configurable dashboards and several built-in reports to into project status, expenses, and profitability. Sage 100 Contractor also provide modules for estimating and project management, which are critical functions in any constructions Company. The capacity to manage numerous parts of a construction company is quite useful and the ability to import and export budgets subcontracts, purchase orders, and other data saves time and decreases the risk of data entry errors.
Pros:
- Cost- Effective Constructions Specific features
- Estimating and project management are examples of non-accounting features.
- Strong training resources and customer service.
Cons:
- A new user may find it difficult to learn
4. Jonas
The Jonas construction software is intended for general and specialty contractors as well as electrical, mechanical, heating, and air conditioning companies. Project accounting, equipment management, purchase order and procurement, inventory control, and dispatch scheduling are all covered by the all-in-one construction software. Users can utilize the program to optimize their operations and grow their businesses. This cloud-based system allows you to manage several divisions and organizations while allocating expenses and revenue.
Its configurable dashboard makes it simple for contractors like HVAC technicians, plumbers, and electricians to use the platform. It has union reporting capabilities and payroll connections, making it a breeze for year-end reporting and federal remittances.
Pros:
- Continuous Enhancement
- Business intelligence tools
- User friendly
Cons:
- Only offers one pricing plan
- Lacks a Free trial
5. Sage 300 Construction and Real Estate
Sage 300 CRE is one of the most well-known devices on the market, addressing complex financial management needs for medium and big construction enterprises. It has thousands of customers and has been in the field for decades. Sage 300 CRE has a proven track record as an industry leader, making it one of the best construction accounting software options. Sage 300 CRE sets itself apart with a comprehensive set of accounting tools and reporting for task costing, payroll, and HR, as well as billing and invoicing. Estimating, document management, project management, business analytics, and service management are all included in the software, making it a solid all-around alternative for firms looking for a comprehensive software solution.
Pros:
- Extensive Reporting and business intelligence capabilities
- Customer service
- Track record
Cons:
- Available as an on-premise solution
How To Select the Best Construction Accounting Software?
Construction accounting software is a solution specific to the needs of construction firms. It allows customers to keep track of project finances in real time. It allows you to keep track of revenue, costs, payroll, and invoicing. The program can also help keep track of project progress, subcontractor partnerships, and equipment usage. There are so many options on the market that choosing the best construction accounting software for your business can be difficult.
We have made it easier for you by reviewing the five top construction accounting software of 2022 based on the characteristics. that matter most to contractors, such as accounting, connectors, and reporting capabilities.
You can also read: Financial formats for accounting software
To Sum up!
A good ERP software that integrates regular duties into your accounting system can be quite beneficial when managing a construction company. While good ERP software is pricey, it is usually worth it if you use even a percentage of its functions regularly. We recommend Sage 300, 100, and QuickBooks Desktop Contractor Edition if you are ready to commit to an ERP accounting system.
