The construction industry is growing fast, making contractors look for efficient accounting software. They need software that makes financial reporting, project tracking, and cost management easier. This article looks at the top 5 accounting software for construction businesses in 2024. These solutions help contractors manage complex projects better, work more efficiently, and manage their work on the go.
Key Takeaways
- The construction industry’s growth has driven the need for specialized accounting software for contractors.
- Contractors require accounting software that can handle project accounting, job costing, and mobile management.
- The top 5 accounting software solutions for contractors in 2024 offer a range of features and pricing options.
- These software solutions can help contractors improve efficiency, accuracy, and project management capabilities.
- Choosing the right construction accounting software depends on factors like pricing, features, and third-party reviews.
Why Contractors Need Accounting Software
Construction projects today are complex, with many stakeholders, tight deadlines, and changing needs. Accounting software can change the game for contractors. It helps manage the financial side of projects, like tracking expenses and budgets, and making accurate financial reports.
Manage Complex Construction Projects
Construction accounting software is all about job cost accounting, revenue recognition, and more. It helps track and manage costs for each project. This ensures accurate revenue tracking and makes payroll easier, especially for small companies.
Improve Efficiency and Accuracy
Accounting software automates processes and cuts down on errors. This means contractors can work more efficiently and accurately. Tools for job costing, project management, and reporting let you monitor expenses in real-time. This helps spot mistakes and streamline finances.
Mobile Solutions for On-the-Go Management
With mobile technology, contractors need accounting software that works on the go. Cloud-based software lets you access financial data from anywhere. This improves team communication and decision-making, even when you’re on-site.
“Accounting software can help contractors manage the financial aspects of construction projects, such as tracking expenses, managing budgets, and creating accurate financial reports.”
Using accounting software for contractors saves time and reduces manual work. It gives a clear financial overview, helping projects succeed.
QuickBooks Online: Best Overall
QuickBooks Online is a top pick for construction accounting software. It’s a cloud-based service with features perfect for construction needs.
Features and Pricing
QuickBooks Online has key accounting tools, job costing, inventory tracking, customizable reports, and a mobile app for easy management. Prices start at $30 a month for the Simple Start plan and go up to $200 for the Advanced plan. This covers different business sizes and needs.
Pros and Cons
QuickBooks Online is reliable and packed with features. But, it might not have everything big construction companies need. Still, its ease of use, mobile access, and smooth integration with other software make it a favorite among contractors.
“88% of customers say QuickBooks helps their business be more successful.”
QuickBooks Online also offers more benefits:
- Invoices paid online four times faster
- 5.00% APY banking
- Over 70 times the U.S. average interest earned on savings
- Automated integration with up to 3 online sales channels
- Comprehensive reports for inventory, sales, and profitability
- Supports up to 5 users with the Plus plan
The QuickBooks Contractor Edition has special features for contractors. These include viewing all open purchase orders by vendors, tracking job estimate changes, and creating custom fields for sales forms.
QuickBooks Online is a strong, easy-to-use accounting solution. It helps construction businesses manage finances better, work more efficiently, and get insights to succeed.
Sage 100 Contractor: Best for Contractor Accounting Software
Sage 100 Contractor is a top choice for construction accounting and project management. It has been trusted by contractors for over 30 years. This software from Sage Business Cloud has many features for construction businesses.
This system is quote-based, so you’ll need to talk to Sage about pricing and what’s included. Prices start around $115 per user per month, which is competitive.
Sage 100 Contractor is great for its reporting on construction jobs and profits. It also focuses on keeping data safe with strong encryption and controls.
Some users find setting it up takes time, but it’s scalable for any business size. It works well for small and large construction firms alike.
The support for Sage 100 Contractor is excellent, available 24/7 by phone, chat, and email. There are also videos and guides to help users learn quickly.
In summary, Sage 100 Contractor is a powerful contractor accounting software. It helps with financial management and tracking projects. With a focus on construction and strong data security, it’s a great choice for contractors looking for a full accounting software solution.
Striven: Best for All-in-One Construction Management Software
Striven is a top choice for construction businesses. It simplifies tasks like accounting, managing projects, and working together. This tool has many features to boost efficiency, accuracy, and project control.
Key Features
Striven’s key features are:
- Integrated construction accounting with standard features like reporting, invoicing, audit trails, and accountant access
- Comprehensive project management tools for tracking, scheduling, and cost control
- Inventory management for keeping an eye on materials and equipment
- Job costing and budget tracking to keep an eye on profits
- Customer and vendor portals for easy collaboration and communication
- Custom checklists and reporting to make construction tasks smoother
- Surety bonding integration for managing project bonding needs
Pricing and Plans
Striven has flexible pricing for different business needs. The Standard plan starts at $35 per month per user, offering a full set of management and accounting tools. For bigger companies, the Enterprise plan costs $70 per month per user, with more customization and advanced features.
Striven combines strong accounting with top-notch project management. It’s a top all-in-one construction management software. It helps contractors and firms streamline operations, see their finances better, and boost project success.
“Striven has been a game-changer for our construction business. The seamless integration of accounting, project management, and collaboration features has significantly improved our efficiency and profitability.”
QuickBooks Enterprise: Best for Large, Well-Established Businesses
QuickBooks Enterprise is a top choice for big construction businesses that have grown beyond the basics. It’s made for large companies with complex financial needs. This version of QuickBooks has special tools for construction, like advanced reports and complex financial handling.
Industry-Specific Edition
The QuickBooks Enterprise Contractor edition is made just for construction firms. It has everything needed for accounting and managing projects. You get tools for tracking costs, managing inventory, and detailed reports to improve your business.
Prices for QuickBooks Enterprise start at $1,481 a year for the Silver plan. The top plan, Diamond, costs $4,668 a year. Extra costs apply for more users or cloud access. Higher plans have more features like custom permissions and special reports.
| QuickBooks Enterprise Plan | Annual Subscription | Key Features |
|---|---|---|
| Silver | $1,481 | – Up to 5 users – Basic accounting and financial management |
| Gold | $2,999 | – Up to 10 users – Advanced reporting and inventory management – Automated workflows |
| Platinum | $4,149 | – Up to 15 users – Custom user permissions – Integrated payroll services |
| Diamond | $4,668 | – Up to 40 users – Industry-specific reporting – Advanced data security and backup |
QuickBooks Enterprise is great for big construction companies. It has special features, detailed reports, and can grow with your business. It helps streamline finances and gives deep insights into your operations.
Buildertrend: Best for Mobile App
As a top construction management software, Buildertrend has a highly-rated mobile app. It lets contractors stay connected and work well, even where internet or cell service is poor. The app works on both iOS and Android devices, making it a key feature.
Mobile App Capabilities
The Buildertrend mobile app gives contractors powerful tools. They can manage projects, talk to their teams, and check financial info anywhere. The app’s main features are:
- Real-time project updates and task management
- Seamless communication and collaboration with project stakeholders
- Access to financial data, including job costing and invoicing
- Ability to capture and share photos, documents, and other project-related files
Pricing and Plans
Buildertrend has different pricing plans for various construction businesses. The Essential plan starts at $499 a month. More advanced plans are $799 and $1,099 a month. These plans give access to the mobile app and a full suite of construction management tools.
Buildertrend’s focus on mobile and its strong features make it great for contractors. They need to manage projects and finances on the move. With its easy-to-use app and flexible pricing, Buildertrend is ready for the construction industry’s needs.
best accounting software for contractors: Key Features to Look For
When picking the best accounting software for contractors, there are key features to look at. These features help construction businesses manage complex projects better. They also improve efficiency and ensure accurate financial tracking.
Job Costing
Understanding the profitability of projects is vital for contractors. The best software should have strong job costing features. These include a flexible report designer, change order processing, and tracking costs against estimates.
This detailed cost management gives contractors valuable insights. It helps them make informed business decisions.
Project Management
Integrated project management tools are essential for construction accounting software. Look for solutions with features like resource allocation, forecasting, and tracking progress. These tools help contractors manage resources better and plan for future projects.
Change Order Tracking
Construction projects often have change orders, so tracking these changes is key. The best software should make tracking and managing change orders easy. It should also provide detailed reports. This helps contractors stay on top of project changes and their financial effects.
| Software | Job Costing | Project Management | Change Order Tracking |
|---|---|---|---|
| Foundation Software | Flexible report designer, change order processing, cost tracking against estimates | Not specified | Change order processing |
| Viewpoint Spectrum | Cost tracking | Resource allocation, forecasting, progress tracking | Not specified |
| Sage 100 Contractor | Invoicing, progress billing, payable management | Not specified | Not specified |
| Deltek ComputerEase | Bid day management, estimating | Not specified | Not specified |
By focusing on these key features, contractors can find the best accounting software. This software streamlines operations, improves project visibility, and enhances financial management.
How to Choose the Right Construction Accounting Software
When picking the right construction accounting software for your business, look at several key factors. First, check if the software’s features match your needs, like job costing, project management, and financial reporting.
Pricing
The pricing of the software is crucial to consider. Make sure it fits your budget, including any extra costs for add-ons or user licenses. The cost can vary widely, from a few thousand to tens of thousands a year, so think about what you’re getting for your money.
Features
Look closely at the software’s features to see if they suit your construction business. Key things to check include:
- Comprehensive job costing
- Integrated project management tools
- Efficient change order tracking
- Robust financial reporting and analytics
- Mobile accessibility for on-the-go management
Don’t spend money on features you won’t use. Make sure it’s the right fit for your needs.
Third-Party Reviews
Lastly, read third-party ratings and reviews to see how real users like the software and its support. This can give you a good idea of its performance, ease of use, and satisfaction among construction businesses like yours.
By looking at pricing, features, and third-party reviews, construction businesses can pick the accounting software that meets their needs. This will help streamline their financial management and project accounting.
Choosing the right construction accounting software is a big decision. Take your time to evaluate and choose the software that will support your construction operations and financial management best.
Top Construction Accounting Software Providers
Managing the finances and operations of construction projects is complex. Contractors need reliable and specialized accounting software. Top names like QuickBooks, Sage, and Buildertrend are leaders in this field. They also include Procore and Foundation Software, which focus on the construction industry.
QuickBooks is a favorite, with prices starting at $24 a month for the EasyStart plan. It has a 4.3 out of 5 stars on GetApp and over 6000 reviews. Users praise its easy-to-use interface and features designed for construction.
Sage is also a top choice, with plans starting at $17 a month for Start Accounting. Sage has a 4.1 out of 5 stars on GetApp from nearly 300 users. It offers detailed solutions for the construction industry.
| Software | Pricing | Rating | Specialization |
|---|---|---|---|
| QuickBooks | $24/month | 4.3/5 (6000+ reviews) | General construction accounting |
| Sage | $17/month | 4.1/5 (300+ reviews) | Construction-specific accounting |
| Procore | Custom quote | 4.5/5 (2500+ reviews) | All-in-one construction management |
| Foundation Software | Custom quote | N/A | Construction-focused accounting |
Procore and Foundation Software are also key players in the top construction accounting software field. Procore provides a full construction management solution. Foundation Software has been a leader for nearly 40 years, known as America’s #1 Construction Accounting Software.
When picking the best construction accounting software, contractors should look at pricing, features, reviews, and specialization. This ensures they find a solution that fits their specific needs.
Conclusion
The construction industry is growing fast and getting more complex. It’s vital for contractors to use the best accounting software for contractors. Solutions like QuickBooks Online, Sage 100 Contractor, Striven, QuickBooks Enterprise, and Buildertrend are designed for construction businesses.
When picking accounting software, look at the price, features, and what other users say. This way, contractors can find software that meets their needs and makes managing finances and projects easier. The right best accounting software for contractors helps improve efficiency, accuracy, and how well projects run. This leads to better project success and business growth.
The construction industry is always changing. So, having strong and easy-to-use construction accounting software is key. By choosing the right accounting tool, contractors can better manage their finances, improve project management, and set their businesses up for success in the competitive construction market.
FAQ
What are the top accounting software solutions for construction contractors?
Top picks for construction contractors include QuickBooks Online, Sage 100 Contractor, Striven, QuickBooks Enterprise, and Buildertrend.
Why do contractors need specialized accounting software?
Contractors need special software to handle complex financial tasks like job costing and project management. It also helps with financial reporting and boosts efficiency. Plus, it offers mobile solutions for managing on the go.
What features should contractors look for in accounting software?
Contractors should look for features like job costing, project management, and tracking changes. These help manage finances and projects better.
How do I choose the right construction accounting software for my business?
Pick the right software by looking at features, pricing, and reviews. Make sure it fits your needs for job costing and project management. And, it should be within your budget.
What are the top construction accounting software providers?
Top providers include QuickBooks, Sage, and Buildertrend. There are also industry-specific options like Procore and Viewpoint Vista.