When it comes to construction accounting, choosing the right software is essential for staying organized and profitable. Accounting software is a type of computer program that helps businesses manage their accounting activities. It allows users to easily track financial information, create invoices, record payments, and generate financial reports.
With so many different options on the market, however, it can be hard to know which one will work best for your business. To make sure you get the most out of your money, here’s a look at some of the best accounting software solutions available for construction companies.
In this post we discuss the following cloud based accounting software solutions for construction:
QuickBooks – QuickBooks is one of the most popular accounting solutions available, and it’s specifically designed for small businesses. It has all the features you need to manage your accounting activities with ease, including invoicing, customer statements, purchase orders, payroll management, and even project accounting.
Sage 50cloud Construction Accounting – Sage 50cloud Construction Accounting is an accounting software specifically designed for construction companies. It offers tools to help manage accounting, payroll, and job costing accurately, as well as the ability to generate detailed financial reports.
Viewpoint Construction Software – Viewpoint Construction Software is a cloud-based accounting solution designed for small to medium-sized businesses. It’s easy to use and offers accounting tools that are tailored specifically for the construction industry, including job cost accounting, accounts payable, project management, and more.
ConstructionSuite – ConstructionSuite is an accounting software designed for small to midsize construction businesses. It offers accounting and job cost tracking, as well as the ability to generate customized reports.
Corecon – Corecon is a cloud-based accounting and project management software specifically designed for construction businesses. It helps you manage accounting activities, track job costs, generate invoices and reports, and more.
Benefits of using accounting software for construction
One of the major benefits of accounting software for construction is that it can help streamline accounting processes. By automating certain tasks, accounting software can save time and money. This makes it easier to manage finances, track project expenses, and make accurate payments on time.
The accounting software also allows users to create detailed reports with insights into their business’s financial health. It can also be used to identify potential accounting issues, spot new opportunities for growth, and keep track of cash flow.
Contractors also have very unique requirements. They perform unit billing, and need a system designed to bill this way. They also have substantial requirements around equipment management, fixed asset accounting, materials management and dispatching and tracking work crews.
Overview of the Different Types of Construction Accounting Software
On-premise vs. cloud-based software :
On-premise accounting software is installed on the user’s computer and requires regular updates. Cloud-based accounting software stores data in a secure, remote server and can be accessed anywhere with an internet connection.
Specialized accounting software:
This type of accounting software is tailored to meet the specific accounting needs of a construction company. It includes features like job costing, project accounting, and construction estimating.
Enterprise accounting software:
This type of accounting software is designed for large businesses with a high volume of accounting activities. It includes advanced features such as multi-user access, scalability, and real-time reporting.
Industry-specific software:
This type of accounting software is specifically designed for construction companies. It includes features like job scheduling, cost tracking, and project management tools.
Mobile accounting software:
This type of accounting software allows users to access their accounting data from mobile devices. It helps to streamline accounting activities, making it easier to manage finances on the go.
Single-entry vs. double-entry software :
Single-entry accounting software allows users to record transactions in a single accounting ledger. Double-entry accounting software requires two separate accounting ledgers and is more comprehensive and accurate.
Choosing The Best Accounting Software for Construction Companies
When choosing accounting software for your business, it’s important to consider your specific needs. Look for software that offers features like customizable accounting and reporting, invoicing capabilities, and easy integration with accounting systems. Be sure to also consider the cost of the software and how often it will need to be updated.
It’s also a good idea to look for accounting software that is specifically designed for construction businesses. These types of accounting software are tailored to meet the unique accounting needs of construction companies, making them more efficient and easier to use.
By taking the time to research your options and find the best accounting software for your business, you can ensure that you are able to stay on top of your accounting activities and manage your finances in an organized way. With the right accounting software, you’ll be able to maximize profits and keep your business running smoothly.
QuickBooks
One of the world’s leading small business accounting solutions, QuickBooks offers an easy-to-use platform that makes tracking expenses and invoicing customers a breeze. The program also has specialized tools designed specifically for contractors and other businesses in the building industry that help manage job costs and streamline payroll processes. Additionally, users benefit from integrated bank reconciliation capabilities as well as customized reports tailored to their specific needs.
Features of QuickBooks for construction:
Job costing and project accounting capabilities: QuickBooks accounting software for construction offers advanced job costing and project accounting features that help businesses accurately track income and expenses associated with each job. It also provides users with the ability to manage multiple projects at once, helping them stay on top of their finances.
Construction estimating tools: The software includes construction estimating tools that help businesses accurately estimate project costs and quickly generate detailed job estimates.
Online payment processing: QuickBooks accounting software for construction also provides users with the ability to easily accept online payments from customers, streamlining their accounting activities and helping them get paid faster.
Multi-user access and scalability: With QuickBooks accounting software for construction, businesses can easily grant access to multiple users and securely share their accounting data. Additionally, the program is designed to scale with the needs of growing businesses, providing them with the tools they need to efficiently manage their finances.
Real-time reporting: QuickBooks accounting software for construction offers real-time financial reporting, allowing users to quickly review their accounting information and make more informed decisions about how to manage their finances.
Inventory and equipment tracking: The software also includes tools that help businesses track inventory levels in order to ensure they are stocked with the supplies needed for each job.
One of the biggest advantages of using QuickBooks for construction accounting is its ease of use. It’s a comprehensive accounting solution that makes it easy to track expenses, invoice customers, manage payroll processes, and more. Additionally, its custom tools make it simple to quickly generate reports tailored to your specific accounting needs.
Another great thing about using QuickBooks for construction accounting is its mobile app. With the app, you can access your accounting data from anywhere and even create invoices on the go.
One potential downside of using QuickBooks is that it doesn’t have specialized tools for construction accounting. While it does offer some features specifically tailored to contractors, there are more comprehensive accounting solutions specifically designed for the building industry. Additionally, if you’re looking for a double-entry accounting system, QuickBooks is only available as a single-entry accounting solution.
Sage 50cloud Construction Accounting
This comprehensive solution is designed with contractors in mind and provides advanced features such as automated scheduling and cost management tools along with job costing capabilities that allow users to keep track of project progress easily. It also integrates seamlessly with other Sage programs like Peachtree Complete Accounting to provide an end-to-end financial management system perfect for larger firms or those with multiple projects.
Features of Sage 50cloud Construction Accounting for construction:
Automated scheduling and cost management tools: Sage 50cloud accounting software for construction helps businesses manage their projects more efficiently by providing them with automated scheduling and cost management tools. It also makes it easy to track the progress of each job, ensuring that budgets are kept on track.
Job costing capabilities: Sage accounting software for construction offers advanced job costing features that help businesses accurately track income and expenses associated with different jobs. This helps keep accounting tasks organized and efficient, resulting in more accurate financial reports.
Easy invoicing: Sage accounting software for construction includes tools that help businesses create and send invoices quickly and easily. It also makes it easy to accept payments online, streamlining accounting activities even further.
Flexible payment options: Sage accounting software for construction also offers flexible payment options, including ACH payments and credit card processing. This helps businesses get paid faster and more conveniently.
Multi-user access and scalability: With Sage accounting software for construction, businesses can easily grant access to multiple users and securely share accounting data with accounting professionals. Plus, the software can be scaled to meet the needs of growing businesses.
One of the biggest advantages of using Sage 50cloud Construction Accounting is its comprehensive accounting solution with specialized features specifically designed for contractors and other businesses in the building industry. It allows users to efficiently manage job costs, reduce manual data entry, quickly generate reports tailored to their accounting needs, and much more. Additionally, it has an integrated bank reconciliation feature that helps streamline accounting processes.
The system also integrates with other Sage programs to provide an end-to-end accounting solution perfect for larger firms or those with multiple projects.
One potential downside of using Sage 50cloud Construction Accounting is that it’s not as user friendly as some competitors, so if you’re new to accounting software, you may find it a bit overwhelming. Additionally, while the system is designed with contractors in mind, some features may not be applicable to your specific business.
Viewpoint Construction Software
This platform is designed to be the ultimate construction management solution and includes features such as business intelligence dashboards, project tracking, accounts payable/receivable automation and more. It even offers an extensive library of customizable reports so users can quickly see where their business stands in terms of finances, safety and productivity.
Features of Viewpoint Construction Software for construction:
Project Management: Viewpoint Construction Software provides a comprehensive project management system to help you manage your construction projects from start to finish.
Accounting: Viewpoint’s accounting software for construction helps you track project costs, revenues, and other financial information related to each job or project.
Document Management: Manage all of your documents in one place with the document management feature of Viewpoint Construction Software.
Scheduling & Tracking: Track progress on jobs and tasks with the scheduling and tracking feature from Viewpoint Construction Software.
Reporting & Analytics: Generate reports quickly and easily with the reporting & analytics feature from Viewpoint Construction Software so you can make better decisions faster than ever before!
One of the biggest advantages of using Viewpoint Construction Software is its comprehensive accounting and project management solution tailored specifically to the needs of contractors. It provides users with a range of features, including business intelligence dashboards that give you real-time visibility into your accounting data and project performance, accounts payable and receivable automation, job costing capabilities, and much more.
Additionally, the system includes a library of customizable reports that allow you to quickly see where your business stands in terms of finances, safety and productivity.
The biggest downside of using Viewpoint Construction Software is that it can take some time to learn how to use all of its features and customize reports for your accounting needs. Additionally, the system is not as user friendly as some other accounting software solutions.
ConstructionSuite
This all-in-one construction software provides users with a comprehensive accounting solution that includes job costing, payroll and document tracking capabilities as well as an integrated project management system for managing staff assignments and tracking progress. It’s also compatible with popular Microsoft Office programs so users can easily access their financial data from the comfort of their own PC.
Features of ConstructionSuite for construction:
Job costing capabilities : Easily track and manage project costs with the job costing feature from ConstructionSuite.
Payroll management : Manage payroll tasks quickly and easily with the payroll management feature of ConstructionSuite.
Document tracking : Keep track of project documents in one place with document tracking from ConstructionSuite.
Integrated project management system : Track project progress and manage staff assignments with an integrated project management system from ConstructionSuite.
Microsoft Office integration : Access accounting data directly from a PC with Microsoft Office integration from ConstructionSuite.
One of the biggest advantages of using ConstructionSuite for accounting is that it provides users with a comprehensive accounting solution tailored specifically to the construction industry. It includes features such as job costing module, payroll, document tracking and an integrated project management system for managing staff assignments and tracking progress. Additionally, it’s compatible with popular Microsoft Office programs so users can easily access their accounting data from the comfort of their own PC.
The potential downside to using ConstructionSuite is that it can take some time to get familiar with all of its features and customize reports for your accounting needs. Additionally, the system is not as user friendly as other accounting software solutions on the market.
Corecon
This cloud-based software solution is designed to help contractors take control of their project costs and expenses with an array of features such as real-time job costing, time tracking and document management. It also allows users to easily create invoices and purchase orders directly from within the program.
Features of Corecon for construction:
Accounting Software for Construction: Corecon is accounting software designed specifically for the construction industry. It has full accounting functionality and integrates with ERP, CRM, and project management systems for seamless accounting operations.
Cost Estimating & Bidding: Corecon provides comprehensive tools to help contractors easily estimate costs and submit bids efficiently. It supports various methods of bidding such as lump sum, time and materials, or unit pricing.
Project Management & Scheduling: Corecon helps streamline project management by providing the tools needed to plan and manage the entire construction process from start to finish. This includes budgeting, scheduling, document sharing, resource allocation, tracking progress, and more.
Document Management: Corecon enables users to store, organize and share project-related documents in the cloud. This includes proposals, contracts, drawings, change orders, invoices, photos and other vital documents that are critical for efficient accounting operations.
Reporting & Analytics: Corecon offers an easy-to-use reporting and analytics tool to help contractors gain a better understanding of their accounting operations. This helps identify areas for improvement and makes it easier to track financial performance. It also enables users to generate customized reports in minutes.
One of the main advantages of using Corecon for accounting is its comprehensive accounting solution tailored specifically to the needs of construction businesses. It provides users with real-time job costing, time tracking capabilities and document management, thus making it easier to keep track of expenses and project costs. Additionally, it allows users to easily generate invoices and purchase orders directly from within the program, thus reducing accounting paperwork.
The potential downside to using Corecon is that it can take some time to learn how to use all of its features and customize reports for your accounting needs. Additionally, the system is not as user friendly as some other accounting software solutions on the market.
Choosing The Best Construction Accounting Software
Using accounting software designed specifically for construction can help contractors take control of their project costs and expenses. It provides users with a range of features, such as real-time job costing, time tracking, document management, and invoicing capabilities that make it easier to keep track of expenses and project costs. Furthermore, accounting software for construction is often compatible with popular Microsoft Office programs, allowing users to easily access accounting data from the comfort of their own PC. Accounting software for construction can help streamline accounting processes and ensure accuracy, thus saving time and money.
No matter what type of construction accounting software program you need, there’s an option out there to fit your budget and business requirements. With the right tool in place, you can ensure that your financial processes are running smoothly and help make sure your projects remain on-time and on-budget.
Additionally, be sure to do your research and compare features, prices and customer service ratings before investing in any accounting software for construction companies. Doing so will ensure that you get the most out of your purchase and won’t be stuck with a program that doesn’t meet all your needs. With the right solution in place, you can rest assured knowing that your financial data is safe, secure and organized.
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