We believe everyone should be able to make financial decisions with confidence. And the bulk of the people working on any crew or on any job site are, well, laborers. They expect a timely paycheck at the end of the pay period, preferably via the payment method of least resistance. For the construction industry, though, there are far too many quirks and details that most of the off-the-shelf tools can’t accommodate.

Smart Contractor

Other reporting options within construction accounting software include consolidated financial statements, budget vs actual price margins on jobs, cash and working capital status, and profitability by customer. Alternatively, construction businesses that use the wrong construction accounting software may struggle with integration issues https://www.inkl.com/news/the-significance-of-construction-bookkeeping-for-streamlining-projects or waste time on repetitive data entry tasks. Foundation Software is our top pick because it syncs financial functions, like accounts payable (A/P) and receivable (A/R), with construction-specific features. This includes job costing with a flexible report designer, change order processing, and cost tracking against estimates. For many contractors, office work can seem like a distraction from their real job, in part because coordinating, managing and directing work on the job site is a full-time responsibility (and then some).

Reducing Administration Time

Accurate estimates and bids, effective expense tracking and successful reporting and analysis of profitability are just the start, and those alone can be a nightmare to navigate. While office professionals in B2B industries may have the time and patience to deal with expansive tech stacks, contractors and construction teams usually don’t. You’ll need to engage with their team to get a price for their services, but you should expect it to be quite expensive compared to other options because they charge a percentage of your business’ revenue. Deltek ComputerEase, formerly Construction Accounting by Computer Ease, is a software solution that tells you where each job stands in various ways. It can tell you what the real costs are versus the actual costs, the percentage of each job completed, cash flow and profitability.

Deltek + Computer Ease – Best reporting software for construction accounting

Consider which apps you use already, and keep an eye on software with integrations. You’ll need to get a quote from them to get a sense of the cost of your job. As we mentioned, Sage’s simple, easy-to-interpret interface is a strong point.

Viewpoint Vista – Best for Large Contractors

It aligns with the project completion ratio and most lenders or guarantors require this. Users particularly like the customization of reports and how robust the GL is, offering details on every aspect of a transaction. You’ll be able to streamline payroll administration making sure everyone is paid timely and correctly. QuickBooks for Construction comes in at the best value of all the options on our list.

• Working best as a whole package, Builder Trend financial software stands just as well on its own, allowing easier access to cost data and better communication with your clients.
• Plus its financial reporting features help with managing costs and cash flow.
• Construction accounting is more complex than general accounting regarding sales, cost of goods sold, expenses, and breakeven.
• Finally, you want to find a solution that you can customize if you have special reporting or processing needs.
• Construction employment has risen in 65% of major metro areas over the last year, all in an effort to keep up with growing demand.

QuickBooks for Construction

Construction accounting software helps maximize margins by providing real-time insights into project costs and profitability. Features such as cost-value reconciliation (CVR) reporting allow companies to monitor expenses closely, identify cost-saving opportunities, and adjust budgets accordingly. By analyzing data trends and performance metrics, businesses can make informed decisions to enhance project profitability and competitiveness.

For example, suppose your company uses progress billing on large jobs (where each invoice is charged against the total cost of the job over time until the balance is paid). In that case, your construction accounting software needs to be able to produce a schedule of values to help you track the running total. Another key feature to look for is the ability to create Job Cost Reports. Construction accounting software can save you time and help keep you organized when managing your building projects. By integrating preconstruction parameters, such as bidding and cost building, contractors can quickly move a project from the prework phase into the project management and building phases. Construction software becomes a one-stop platform for everything from prices to contracts and compliance.

Factors to Consider When Evaluating Time Card Management Software

• His work has been featured in outlets such as Keypoint Intelligence, FitSmallBusiness and PCMag.
• The additional project tracking features also make it a good fit for smaller companies trying to consolidate their tech stack and reduce the number of applications they use day-to-day.
• With great customer support and integrations with 3rd party software, Foundation is a leading choice for construction-specific accounting software.
• As we mentioned, Sage’s simple, easy-to-interpret interface is a strong point.
• Trimble Construction One uses Trimble Viewpoint ERP to combine project management, estimating, accounting, finance and HR software into one complete ERP system.
• Success in the construction industry depends on a lot of things—accurate projections, quality work, timely delivery, and a strong professional reputation, to name a few.

To stay up-to-date on what’s happening in the construction industry, sign up for our newsletter to get the latest news and business insights construction bookkeeping from industry experts. Support for Zapier integrations is also a definite plus, as that makes it easy to hook in any apps that aren’t natively supported. There are two specific price ranges I considered when evaluating these tools, depending on what they offer. Everyone from administrative employees working in the office to construction workers on the jobsite need to be able to understand and use the software. Software is designed to help people work more efficiently–it shouldn’t make jobs more difficult or time-consuming to complete. The Data Genie Construction Reports Creator gives you the tools to create your own custom reports and statements.

LiveCosts quickly and automatically captures essential data from your construction invoices, replacing the need for manual data entry. Key benefits include the ability to auto-extract construction invoice data into LiveCosts, perform Line Item Price Checks, and the ability to support 3-Way Matching in accounts payable. Work smarter, not harder, with the LiveCosts Request for Quotation feature. Issue requests for quotes to multiple suppliers and once, compare prices line by line all with fewer clicks and manual data entry. LiveCosts creates a simple construction purchase order system that is tailored to the unique requirements of a construction company or contractor.