These solutions track financial data in real time while monitoring expenses (like the cost of materials https://www.inkl.com/news/the-significance-of-construction-bookkeeping-for-streamlining-projects and labor). Use software to streamline your revenue reports, invoicing, and payroll processes to stay on top of your company’s finances. Standout features include mobile tools that allow you to proactively manage jobs, inventory, finances, and people from any location.

Spend less time managing your projects and your people

As your business grows, you’ll likely need to upgrade to your vendor’s highest-end plans, which may cost hundreds of dollars per month. However, you may also be able to make do with midrange accounting software packages that add some, but not all, possible tools. In that case, you’re typically looking at slightly less than $100 per month. The best accounting software for contractors includes project management and inventory tools to gauge the profitability of a job. Accounting software for construction companies and contractors does more than help you pay bills on time and send batch invoices. Ideally, its features help you keep employees and subcontractors happy, track builds from start construction bookkeeping to finish, and proactively collaborate with your clients to produce an end result you’re all thrilled with.

Top 10 Construction Time Card Management Software

You want a platform that fits your overall budget and provides as much value without needing to upgrade with other subscriptions or customized solutions. Occasionally, you may encounter accounting software vendors that offer a short period of discounted monthly subscription prices if you skip the free trial. After you’ve narrowed your search down to a few options, we always recommend free trials to determine which platforms truly serve your needs. As a contractor, you need a robust mobile app for your accounting software. These apps are how you track mileage properly, and you can create invoices during site visits from these apps too.

Projects

INTERAC Construction Accounting offers strong job costing and management capabilities. It provides subcontractor control and service billing modules tailored explicitly for general and specialty contractors. For heavy contractors, it includes equipment cost and equipment manager tools, along with an inventory control system. Buildertrend offers unlimited document, photo, and video storage in all plans. You can import progress photos or document issues, access files from the mobile app, and share documents with clients and team members. Unlike other similar software, Buildertrend has a document version control, so you can track all changes made and who made those changes.

• Consider customer reviews too, especially those on Trustpilot (usually positive) and the Better Business Bureau website (sometimes negative).
• It offers an option to create a schedule of values for progress billing, but it can be clunky compared to purpose-built construction accounting software.
• Our Construction Technology Trends report found that job costing was the second most desired feature in construction software, with 72% of buyers saying it must be included in their ideal solution.
• Finding the best accounting software is a critical component of your business.
• It’s important to note that, while Procore does offer financial management tools and reporting, it’s more of a project management solution than a true accounting software.
• Look for a solution that has a simple dashboard that allows you to access everything from the GL to reports with a few clicks of the mouse.

Do Your Professional Services Have ComplexNeeds and a Growing Team?

It also has a lead management functionality that you can utilize to convert hot leads into projects. Both plans offer the basics needed to run your construction business, including scheduling, daily logs and a to-do list. BuilderTREND makes communicating with clients easy with messaging in the app and a client portal that allows clients to see where they are at in the process and be able to sign contract and scope changes.

Its user-friendly design enables teams to submit, assign, and complete work orders with minimal training, while customizable workflows ensure the platform adapts to your organization’s unique processes. FMX is an all-in-one facilities management platform that simplifies work order management by providing a clear, calendar-driven interface for task scheduling and tracking. Its powerful analytics and integrations enable teams to align their workflows with business goals while improving operational efficiency.

A construction accounting solution will focus more on reporting, financial statements, and job costing. This can sometimes be defined as any accounting solution designed to be used by a construction company. This will include the AP, AR, and GL features, along with job costing and progress billing capabilities. A construction management software will have more of a focus on non-accounting features such as estimating, scheduling, and project management. A construction management software may sometimes lack a traditional accounting setup of accounts payable, accounts receivable, and a general ledger. This will require you to integrate with a secondary solution for accounting.

• For your winning bids, you can document and share project information and job site activity and progress updates with owners, subcontractors, and your team.
• FMX handles facilities management with a calendar-based approach to enable users to keep organized.
• Although one negative review shouldn’t sink the ship for any vendor you’re considering, all feedback is worth keeping in mind.
• These programs can generate real-time financial reports that help you compare and analyze jobs for cost overruns, cash flow, and overall profitability.
• With built-in budgeting and estimating software, Builder Trend allows companies to build precise estimates whilst managing their finances and improving cash flow.
• If simple client collaboration is one of your top priorities, consider making Buildertrend your top pick.

How Construction Accounting Software Helps Overcome Challenges

While customers like its clear dashboard and straightforward financial statements, COINS struggled to get users up to speed during its last update. For six weeks, you’ll get thorough one-on-one software instruction, which continues with unlimited customer support and group training. Few software companies offer that level of product training or customer care. If you’re already using Sage 100, you’re likely managing pay apps and lien waivers in your tried-and-true spreadsheets, which can be a lot to keep up with when billing for numerous projects each month.