Did you know the global construction accounting software market will hit $3.7 billion by 2026? It’s growing fast, at 8.3% each year. This shows how crucial it is for US builders to use good construction accounting software. It helps them manage their money better and stay ahead.
In this guide, we’ll look at the best construction accounting software for US builders. We’ll cover everything from small contractors to big companies. You’ll find out which software is right for you.
Key Takeaways
- Construction accounting software is key for US builders. It helps with job costing, invoicing, payroll, and staying in line with the law.
- Look for features like project management, mobile access, and working well with other construction tools.
- Pricing varies a lot. You can choose from subscription-based cloud options or on-premise systems with custom quotes.
- Top choices for US builders include QuickBooks Enterprise, Sage 100 Contractor, and Viewpoint Vista.
- When picking construction accounting software, think about your business size, what you need to integrate, and how you want it deployed.
Introduction to Construction Accounting Software
Construction accounting software is made for construction companies. It has special features for the industry, like job costing and project management. These tools help track expenses, manage projects, bill clients, and follow tax rules.
What is Construction Accounting Software?
This software helps construction companies manage their money better. It has modules for job costing, project management, and more. Builders can use it to make more money, cut down on mistakes, and understand their projects and finances better.
Why Construction Companies Need Specialized Software
The construction industry has its own financial needs. Companies work on many projects at once, each with different costs and rules. Regular accounting software can’t handle these tasks well. Specialized software gives construction firms the tools they need to work better and make more money.
| Construction Accounting Software Features | Benefits for Construction Companies |
|---|---|
| Job Costing and Project Management | Accurate tracking of expenses, revenue, and profitability for each project |
| Invoicing and Billing | Streamlined invoicing processes, improved cash flow, and better client relationships |
| Payroll and Tax Compliance | Automated payroll processing, compliance with labor regulations, and accurate tax reporting |
Using construction accounting software helps companies manage their money better. It makes projects clearer and helps with making smart business choices. These tools are key for companies wanting to work more efficiently, make more money, and stay competitive.
Key Features to Look for in Construction Accounting Software
When looking at construction accounting software, focus on features that meet the financial needs of the construction industry. Key features include job costing, project management, invoicing, and payroll and tax compliance.
Job Costing and Project Management
Construction accounting software with detailed cost code allocation lets project managers track costs by activity or project phase. This improves financial control. Real-time tracking helps monitor costs as they happen, showing how projects are doing.
Work-in-progress (WIP) reporting gives insights into project profitability. This makes it easier to manage projects effectively.
Invoicing and Billing
Automating accounts payable and receivable in construction accounting software helps with cash flow and timely collections. Customizable financial reports and dashboards give valuable insights into business performance and KPIs.
Payroll and Tax Compliance
Construction accounting software simplifies payroll with automated processing and compliance with labor laws. It reduces errors and penalties. Integration with tax reporting tools automates compliance tracking, ensuring construction businesses follow the law and avoid penalties.
The right construction accounting software supports the unique needs of construction firms. It covers job costing, project management, invoicing, billing, and payroll compliance.
| Feature | Benefit |
|---|---|
| Job Cost Accounting | Tracks and manages costs associated with individual construction projects, including labor, materials, equipment, subcontractors, and overhead, providing insights into project finances and cost-to-complete analyses. |
| Revenue Recognition | Ensures accurate recording of revenue earned during a period, offering flexibility between cash or accrual basis recognition to meet different reporting needs and project lifecycles. |
| Construction Billing | Caters to various billing methods in the construction industry, such as time and materials billing, AIA progress billing, and retainage billing, fostering transparency and accurate invoicing practices. |
| Construction Payroll | Automates payroll processes by managing employee payments, ensuring compliance with union policies, tax withholdings, and wage reporting requirements, which is especially crucial for small businesses with limited HR resources. |
| Estimating | Vital for estimating project costs accurately, covering all project-related expenses, such as equipment, labor, materials, profits, and miscellaneous costs, aiding in project feasibility assessments and budget planning. |
Pricing Considerations for Construction Accounting Software
Construction accounting software pricing can change a lot based on the provider, features, and your business size. Many offer clear, per-user monthly prices. Others need custom quotes for your specific needs. The number of projects, users, and integrations can affect the cost.
To get the best deal, it’s key to look closely at the pricing of different construction accounting software. Some important things to think about include:
- Feature Set: Find software with the key features your construction business needs, like job costing, project management, invoicing, and payroll.
- Scalability: Make sure the pricing can grow with your business. This means adding more users, projects, or integrating with other construction software.
- Customer Reviews: Look for software with good reviews from construction industry peers. This can show it’s a good value.
Research shows pricing makes up 10% of the score when picking construction accounting software. The features, like quotes, estimates, and job costing, make up 55% of the score.
Let’s dive into the pricing of some top construction accounting software solutions:
| Software | Pricing Model | Estimated Cost |
|---|---|---|
| QuickBooks Enterprise | Annual subscription | $1,481 – $4,668 per year |
| Sage 100 Contractor | Quote-based | Starts at approximately $115 per user per month |
| Viewpoint Vista | Quote-based | Customized based on business needs |
By looking at the pricing and features of construction accounting software, you can find a good fit for your budget and business needs.
Top Construction Accounting Software Options
Construction companies in the United States have many top accounting software options. Each has unique features and benefits. The top choices are QuickBooks Enterprise, Sage 100 Contractor, and Viewpoint Vista.
QuickBooks Enterprise
QuickBooks Enterprise is a special version for construction businesses. It has features like job costing and tracking changes. Plus, there’s a free 30-day trial for new users, with discounts for the first three months.
Sage 100 Contractor
Sage 100 Contractor is a full ERP system for construction. It handles accounting, project management, and more. It’s great for companies that need more than QuickBooks offers, with tools for remote access and project management.
Viewpoint Vista
Viewpoint Vista is an all-in-one platform for construction. It offers solutions for accounting, project management, and more. It’s perfect for large contractors, with detailed tracking of costs and labor.
Each software has its own strengths. It’s important to pick the one that fits your business needs best.
| Software | Average User Rating | Ideal Business Size | Key Features |
|---|---|---|---|
| QuickBooks Enterprise | 4.3 out of 5 | Small to Medium | Job costing, change order tracking, field service management |
| Sage 100 Contractor | 4.1 out of 5 | Medium to Large | Comprehensive ERP, remote access, project management tools |
| Viewpoint Vista | 4.6 out of 5 | Large | Integrated construction management and accounting, detailed cost and labor tracking |
Best Construction Accounting Software for US Builders
Finding the best construction accounting software for US builders depends on your business’s needs and size. You should look at job costing, project management, invoicing, payroll, and how well it works with other construction tools. This helps you pick the right solution.
After looking at key features, prices, and what they can do, here are some top choices for US builders:
- Sage 300 CRE – This is the best overall construction accounting software. It has everything you need for accounting, managing projects, and has custom pricing for big companies.
- Jonas Premier – This software is made just for construction and is cloud-based. It has tools for managing projects, accounting, and job costing. Prices range from $199-$299 per user each month.
- QuickBooks Enterprise – Great for big construction companies, it has features like job costing and order management. Prices are between $1,830 – $4,400 a year.
- Sage 100 Contractor – Perfect for small businesses, it has a custom pricing plan. It’s hosted on your own computer and has tools for payroll and accounting.
- Buildertrend – Offers full solutions for construction, priced from $199 – $799 a month. It has tools for managing projects and working with subcontractors, and it integrates well with other tools.
- Sage Intacct Construction – This software has everything you need for accounting, custom pricing, and is cloud-hosted. It includes tools for managing projects, handling accounts receivable and payable, and works well with other tools.
When picking software, think about what your construction company needs, your budget, and what tech you like. This way, you can find the best construction accounting software for US builders that makes your finances easier to manage and helps you make more money.
Integration with Other Construction Software
For US builders, it’s key to have construction accounting software that works well with other business tools. This means accounting systems, CRM software, and estimating/bidding programs should work together smoothly. This kind of integration helps get rid of data silos, makes workflows better, and gives a clear view of the construction business.
CRM Integration
Linking construction accounting software with a CRM system helps companies manage their customer relationships better. It tracks leads and makes communication smoother during the project. This way, all customer info, invoices, and project details are in one place, making things more efficient and cutting down on mistakes.
Estimating and Bidding Software Integration
For US builders, it’s important to have construction accounting software that works well with estimating and bidding programs. This connection lets companies move cost data automatically, make quoting easier, and keep financial info up to date. It cuts down on manual work, makes estimates more accurate, and shows project profits in real time.
The perks of using construction accounting software together are clear. A recent study found that the Procore integration saved the McPherson team at least $75,000 in the first year. These integrations cut down on manual work, keep important info flowing, and give quick access to data. This leads to big cost savings and efficiency boosts for US construction companies.
Top construction accounting software like Sage Intacct, Sage 100 Contractor, and Viewpoint Vista work well with project management and other key construction tools. They make sure financial data, job costing, and project info share smoothly across the company. This helps with making informed decisions and running operations smoothly.
Mobile Apps and Cloud-based Solutions
In the fast-changing construction world, top construction accounting software companies now offer mobile apps and cloud-based solutions. These tools help modern, spread-out construction teams manage their finances and work better.
Mobile apps let project managers and field staff check financial data in real-time. They can log expenses, look at invoices, and keep an eye on job costs from their phones or tablets. This means they can make quick, smart decisions and handle new needs fast.
Cloud-based construction accounting software is also becoming popular. These cloud platforms don’t need on-premise servers. They let construction teams get to financial data, make reports, and manage projects from anywhere with internet. This makes working together easier and more efficient.
Adding mobile apps and cloud tech to construction accounting software has greatly improved productivity and efficiency. It gives field staff the financial info they need in real-time. And it makes working together across different locations easier. This is changing how the industry handles accounting and managing projects.
User Reviews and Customer Satisfaction
Choosing the best construction accounting software for your US building company is key. It’s important to look at user reviews and customer satisfaction ratings. Sites like G2, Capterra, and Trustpilot offer insights from real users. These reviews help you understand how different software works in real situations.
Things like how easy the software is to use, the support you get, and its value matter a lot. These factors affect how happy users are with construction accounting software. Reading what others think can help you pick the right software for your needs.
| Software | G2 Rating | Capterra Rating | Trustpilot Rating |
|---|---|---|---|
| QuickBooks Enterprise | 4.4/5 | 4.5/5 | 4.2/5 |
| Sage 100 Contractor | 4.3/5 | 4.4/5 | 4.1/5 |
| Viewpoint Vista | 4.2/5 | 4.3/5 | 4.0/5 |
The top construction accounting software options get good reviews and high satisfaction ratings. This shows they can meet the needs of US construction companies well. By looking at these reviews, you can pick the construction accounting software that suits your business best.
“The software has streamlined our accounting processes and provided valuable insights into our construction projects. Highly recommended for any US builder looking to optimize their financial management.”
Implementation and Training Considerations
Starting with construction accounting software is a big step. It needs careful planning and getting ready. Companies should look at the vendor’s help with setting up, moving data, and training.
For a smooth start, a good onboarding process is key. Choose vendors that offer detailed help, tutorials, and specialists for your team. They should make setting up and customizing the system easy. Also, moving your old data over quickly is important to avoid delays and keep financial records correct.
It’s vital to train your team well to get the most out of construction accounting software. Ask about the training they offer, including:
- In-person or virtual training sessions
- Detailed user manuals and documentation
- Ongoing support and troubleshooting assistance
- Access to an online knowledge base or tutorial videos
With a strong plan for setting up and training, construction companies can make sure their teams know the software well. This leads to better productivity and efficiency across the company.
“Collectively, administrative processes done manually take up around 6,000 hours every year,” said Olivia Bushe, CEO of FlowForma, a company that provides process automation tools to the construction industry. “Over a period of 10 years, that’s 60,000 hours – the equivalent of nearly 7 years!”
Using new construction accounting software can cut down on manual work. This frees up time for more important tasks and makes construction operations more efficient.
Construction Accounting Software for Small vs. Large Businesses
Construction accounting software has different needs for small and large firms. Small businesses look for affordable and easy-to-use software. They need basic financial management tools. Large businesses, however, need more powerful systems with features like multi-company consolidation and custom reports.
For small construction firms, QuickBooks Online and Sage 100 Contractor are great options. They start at $30 per month for QuickBooks Online and about $115 per user for Sage 100 Contractor. These platforms offer key features like job costing, invoicing, and payroll management.
Large construction companies need more advanced software. Options like Viewpoint Vista or Sage 300 Construction and Real Estate (CRE) are suitable. These systems are pricier, starting at $14,000 for Sage 300 CRE. But they offer features like multi-company consolidation and custom reporting.
“Selecting the right construction accounting software is crucial for construction businesses of all sizes, as it can significantly impact financial visibility, operational efficiency, and overall profitability.”
It’s vital to pick the right construction accounting software, no matter the size of your business. Consider your specific needs and budget. By understanding the differences, you can make a smart choice and get the financial tools you need.
Future Trends in Construction Accounting Software
The construction accounting software world is changing fast, with new tech and features coming out all the time. Construction companies want to make their financial management easier. This has led to some big changes in the industry.
Cloud-based and mobile solutions are becoming more popular. A study found that 76% of construction accounting teams use cloud tech for better access to financial documents. This move has gotten a big boost from the COVID-19 pandemic. It showed how important it is to have tools that let you work from anywhere and work together easily.
Automation and AI are also changing construction accounting. Automation has made teams 40% more efficient, cutting down on manual work. AI has helped financial pros in construction work 30% better, making forecasts more accurate and helping with smart decisions.
Business intelligence and data analytics are getting more attention too. 63% of construction companies use these tools to get important data and make smart financial choices. Companies that invest in these technologies see a 20% jump in profits and a 15% drop in project delays.
Sustainability and following the law are becoming big deals in construction accounting software’s future. It’s important for companies to use sustainable practices and keep up with changing laws and safety rules. This helps them stay competitive.
In short, the future of construction accounting software is all about using cloud and mobile tech, AI and automation for better work, and business intelligence for smart decisions. It’s also about focusing on being green and following the law. By going with these trends, construction companies can keep their financial management strong and stay ahead in a fast-changing field.
Conclusion
The right construction accounting software can change the game for US builders. It makes managing finances easier, boosts profits, and gives key insights for growth. By looking at the top options, construction companies can pick the best software for their needs.
This guide has helped both small contractors and large companies find their way in the world of construction financial management software. The global market is growing at 5% a year, and North America is expected to hit $396.88 million by 2028. This shows the need for specialized solutions is increasing.
With the advice from this article, construction companies can make smart choices. They can improve their financial operations and set themselves up for success in the changing construction industry.
FAQ
What is construction accounting software?
Construction accounting software is made for construction companies. It helps with financial management. It has features like job costing, project management, and invoicing.
Why do construction companies need specialized accounting software?
Construction companies need this software to track expenses and manage projects. It helps with billing and keeping up with tax laws. Using it can make companies more profitable and reduce mistakes.
What key features should I look for in construction accounting software?
Look for job costing, project management, and invoicing. Also, check for payroll and tax compliance. These features meet construction firms’ unique needs.
How much does construction accounting software cost?
Prices vary by provider, features, and business size. Some charge per user monthly. Others need a custom quote based on your needs.
What are some of the top construction accounting software options for US builders?
Top options include QuickBooks Enterprise, Sage 100 Contractor, and Viewpoint Vista. Each has strengths for different company sizes and needs.
How do I choose the best construction accounting software for my business?
Choose based on your company’s needs and size. Consider job costing, project management, and integration with other tools.
What are the benefits of integrating construction accounting software with other business tools?
Integrating with CRM and estimating programs helps eliminate data silos. It improves workflows and gives a full view of the business.
What are the advantages of mobile apps and cloud-based construction accounting software?
Mobile apps and cloud solutions boost productivity. They let staff access financial data and track expenses on the go.
How important are user reviews and customer satisfaction when choosing construction accounting software?
User reviews and satisfaction ratings offer insights into real-world experiences. They help builders make better choices.
What should I consider when implementing new construction accounting software?
Think about the onboarding process and training. A smooth transition and good training can make the most of the software.
How do the accounting software needs differ for small vs. large construction firms?
Needs differ a lot between small and large firms. Small businesses want affordable, easy-to-use solutions. Large firms need advanced systems.
What are the emerging trends in construction accounting software?
Trends include more cloud and mobile solutions, AI for data analysis, and BIM data in accounting.