Last Updated on April 25, 2024
Contractors and construction companies entrenched in the daily grind of managing multiple service contracts and construction projects are also faced with the daunting financial task of tracking job costs, staying within budgets and maintaining healthy cash flow.
Whether you’re a construction business owner, accounting professional or project manager, managing and maintaining accurate construction accounting records can be difficult due to a number of reasons.
In an industry that expects nine out of 10 construction projects to experience cost overruns and steady cash flow is maintained through high paced volumes of service contracts and work orders, having reliable construction accounting software to support your business concerns and needs is essential.
In this blog, we’ve researched some of the best solutions in construction accounting software for contractors in today’s marketplace. While all these solutions offer construction accounting software as part of a comprehensive construction solution, each system is unique in their offering and specializations.
We’ve categorized the best construction accounting software for contractors by their unique offering to help you identify which software would best address your primary business concerns.
The Best Construction Accounting Software for Contractors By Unique Offering
Best for Small Construction Businesses: QuickBooks
QuickBooks excels in facilitating efficient job costing and provides estimating tools, which meet the needs of contractors demanding effective cash flow reporting and management solutions.
Ideal for: Contractors and construction businesses that are smaller in scale, who are in need of a comprehensive yet budget-friendly accounting solution.
Top Features:
- Advanced Job Costing and Estimating Tools: Quickbooks provides easy-to-use tools to help users track project expenses and create cost estimates.
- Potent Cash Flow Reporting: This feature enables contractors to closely monitor the financial health of their construction company.
- Accessibility and Compatibility: As a cloud-based accounting software, Quickbooks provides exceptional flexibility and convenience. This feature permits users to manage their accounts through web browsers or mobile apps, ensuring access is always within reach. Moreover, its compatibility with Mac and iOS devices expands its usability.
Pricing Plans: QuickBooks presents various pricing options to accommodate diverse business requirements.
- The QuickBooks Online Plus starts at $90 per month, with additional payroll modules available for extra charges.
- The QuickBooks Online Advanced is available at $200 per month. This option is better suited for construction businesses who need more advanced features like business analytics and automated workflows.
Best for Cost & WIP Reporting: Jonas Construction Software
Jonas Construction Software integrated construction accounting and management software stands out for its exceptional accuracy on financial, cost and WIP reporting solutions for both the back office and service operations.
Ideal for: Mechanical and specialty contractors
Top Features:
- Integrated Accounting & Payroll: The software excels in integrating accounting (including multi-company accounting) and payroll functions with the field in real time. The built-in automated accounting and allocations functionality provides better data integrity and less time spent on ensuring data accuracy.
- Job Costing & Project Management: Jonas’ project management tools combined with automated allocations helps ensure more accurate and timely job cost data, while also helping project teams maintain operational efficiency with fixed price contracts.
- Service Management & Mobile App: Jonas offers comprehensive service management solutions, including dispatch boards, field service management and mobile solutions to streamline field operations and back-office workflow.
- Exceptional Reporting: What makes Jonas’ reporting special is its ability to provide reporting with unprocessed and unposted data. This means that business owners, project managers, and stakeholders can identify potential issues and profit fade before they become a bigger problem for the business.
Pricing Plans: Jonas Construction Software offers customized pricing, ensuring that each contractor gets a tailored solution fitting their budget and needs. Interested users can request a free demo to explore the software’s capabilities and ask questions before committing.
Best for Bid Management: Premier Construction Software
Premier Construction Software is a modern, systematic, and effective construction management software that streamlines operations, enhances financial transparency, and saves valuable hours of manual work.
Ideal for: Contractors who require advanced bid management capabilities, streamlined accounting processes, and integrated project management tools.
Top Features:
- Comprehensive Bid Management: Simplifies the creation, tracking, and management of bids.
- Project Tracking: Allows for detailed monitoring of project progress, budgets, and schedules, ensuring thorough cash flow management.
- Inclusion of a Mobile App and a Client Portal: This fortifies contractor-client communication, enhancing project transparency and collaboration.
Pricing Plans:
Premier offers flexible pricing plans to accommodate different business requirements:
Starter Plan:
- Price: $349 per user per month (billed annually)
- Implementation Fee: Starting at $15,000
- Mobile App: Additional $50 per user per month
Premium Plan:
- Price: $299 per user per month (billed annually)
- Implementation Fee: Starting at $25,000
- Mobile App: Additional $50 per user per month
Enterprise Plan:
- Price: $249 per user per month (billed annually)
- Implementation Fee: Starting at $50,000
- Mobile App: Additional $50 per user per month
Best for Drawing Management: Viewpoint
Viewpoint is a comprehensive construction ERP software that seamlessly integrates accounting, project management, and field operations.
Ideal for: Medium to large size businesses
Top Features:
- Drawing Management: At the forefront of Viewpoint’s capabilities is its advanced tools for managing drawings, fostering seamless collaboration and organization of project documents.
- Project Management: Comprehensive project management features are included, enhancing efficient planning, scheduling, and tracking of construction projects.
- Accounting Integration: Critical to its appeal as accounting software for contractors, Viewpoint integrates essential accounting functions, ensuring precise financial management alongside project operations.
- Mobile App: The user-friendly mobile app enables contractors to access vital information and manage tasks anywhere, significantly boosting productivity and efficiency.
Pricing Plans: Viewpoint’s pricing varies. Contractors interested in exploring how Viewpoint can fit their specific needs can try free demo to experience its accounting and project management capabilities firsthand.
Best for Project Management: CMiC
While most contractors consider Procore to be one of the best solutions in construction project management, we’ve chosen to highlight CMiC for its comprehensive construction management platform that unifies project teams and streamlines project tasks.
Ideal For: General contractors and specialty contractors
Top Features:
- Project Management: This software excels in streamlining project workflows, effectively tracking progress, managing resources efficiently, and ensuring the profitability of projects.
- Financial Management: Provides advanced accounting features specific to the construction sector, such as job costing, estimating, invoicing, and cash flow management.
- Mobile App Integration: Empowers users with the flexibility to access crucial financial and project data on the go, thereby boosting productivity and decision-making capabilities.
Pricing Plans: CMiC’s pricing structure is customized to the specific requirements of construction businesses. Though details may vary based on the level of customization and features required, CMiC typically offers scalable pricing plans, making it a versatile and cost-effective option for businesses.
Best HR Integration: Procore
Procore is an all-in-one construction management platform that integrates accounting, project management, and operations. It empowers contractors to efficiently manage their finances, streamline project processes, and make informed decisions.
Ideal For: A wide range of contractors from design-build contractors to residential and commercial contractors.
Top Features:
- Project Management: As mentioned above, Procore is recognized globally as a primary choice by general contractors due to its robust features in construction project management.
- Integrated Accounting: Procore features construction-specific payroll, general ledger management, and accounts payable and receivable.
- HR Integration: Unique in its ability to merge HR with accounting and project management, ensuring seamless interaction between teams.
- Mobile App: Procore’s mobile application guarantees management efficiency on the go, maintaining productivity even remotely.
Pricing Plans: Procore’s pricing varies based on organizational size, required features, and project scale. Potential users can leverage a free trial to assess its alignment with their construction accounting needs.
Best Mobile App: Buildertrend
Buildertrend is a robust cloud-based construction project management software that seamlessly integrates accounting and construction workflows. It provides a comprehensive suite of tools to streamline project management, enhance communication, and ensure financial transparency.
Ideal For: Specialty contractors, commercial contractor, home builders
Top Features:
- Mobile App: Buildertrend’s highly-rated app supports both iOS and Android, making project management accessible on the move.
- Project Management: Offers comprehensive tools for effective resource allocation and precise project forecasting.
- Job Costing: Facilitates tracking of individual or multiple jobs, ensuring meticulous cost management.
- Accounting Integration: Includes financial management software as part of its package, but it can also integrate with general accounting software like QuickBooks and Xero, and payroll systems such as Gusto.
Pricing Plans:
- Essential Plan: Begins at $199/month, rising to $499 after the first month.
- Advanced Plan: Starts at $499/month, increasing to $799 post the initial month.
- Complete Plan: Priced at $799/month, escalating to $1,099 after the first month.
Best CRM Tool: Zoho CRM
Zoho CRM is an award-winning customer relationship management (CRM) platform trusted by over 250,000 businesses globally. It brings together accounting, sales, marketing, and customer support activities in one unified platform.
Ideal for: Zoho CRM can be customized to suit businesses of all sizes and types, including startups and large enterprises.
Top Features:
- Integration Capabilities: Zoho CRM integrates seamlessly with various accounting and project management solutions, pivotal for managing client data and project specifics in the construction industry.
- Customization Options: Offering extensive customization, this software adapts to individual workflows, ensuring it aligns with varied management solutions in construction.
- Mobile App Accessibility: Its user-friendly mobile app provides access to crucial features like client management and lead tracking, vital for managing cash flow and client interactions effectively.
- CRM and Accounting Integration: This integration is essential for synchronizing financial data, simplifying invoicing, and enhancing payment tracking.
Pricing Plans: Zoho CRM’s pricing structure caters to diverse needs and budgets, offering tiered plans with a range of features. This flexibility accommodates the unique requirements of contractors in construction accounting, with options for both monthly and annual payments.
What Accounting Software Should Construction Companies Use?
When selecting the best construction accounting software for your business, it’s important to assess the goals and concerns of the business and how their back office team and accounting software can support these goals and concerns.
To start, businesses owners and construction accounting professionals can assess how well an accounting software performs by its ability to maintain data integrity, provide accurate reporting and integrate with the field operations. Learn more about our top three must-have requirements in construction accounting software below.
Top 3 Must-Have Requirements of Construction Accounting Software
1. Data Integrity and Accuracy
This feature upholds data integrity in the system, ensuring that all financial entries are dependable and without errors. It not only records transactions correctly, avoiding any potential for financial mismanagement, but also provides construction firms with the ability to make well-informed decisions. The resulting financial insights enable these companies to optimize operations and improve profitability.
2. Accurate Reporting
This feature enables businesses to produce comprehensive financial reports, shedding light on their financial status, project expenditures, and overall efficacy. Access to such accurate, up-to-date reports allows construction firms to identify profit fade, oversee expenses, and strategize using real-time data. Moreover, this precision in reporting aids in adhering to industry regulations and maintaining both transparency and accountability in financial dealings. Consequently, construction companies gain a clearer understanding of their financial position, can pinpoint improvement opportunities, and fine-tune their operations for enhanced success.
3. Integration with the Field
This feature fosters seamless communication and data sharing between the office and the field, ensuring that project managers, contractors, and other stakeholders have access to up-to-date financial information. It also allows for real-time updates on project costs, progress billing, and job status, facilitating better decision-making and project management. By connecting the office and the field, construction accounting software streamlines workflows, improves collaboration, and enhances operational efficiency for the entire enterprise.
If you’re interested in learning more about specific features your construction accounting software should have, check out our guide to construction accounting for construction companies which includes some of the features you should assess when selecting construction accounting software for your business. If your business is currently using an existing construction management platform, you may wish to check out our Guide to Choosing Construction Management Software With or Without Accounting.
Trust in Jonas Construction’s Data Integrity and Exceptional Reporting
As the foundation to financial success, construction companies must be able to trust in their accounting software to have data integrity and produce accurate, timely reporting from which they can make informed and profitable decisions from.
Businesses that wish to maintain their financial data accuracy and integrity should consider construction accounting software that can integrate their field and back office operations together in real-time. Only when cost and revenue data flow directly from the field to the back office can contractors truly stay apprised of their most recent cost and financial updates and produce accurate, timely reporting to make cost-effective decisions from.
Interested in learning more about how Jonas can help provide your business with better data integrity and exceptional reporting? Let’s chat!
