The software also handles multi-entity consolidation, making it a strong choice for construction companies with different locations. Viewpoint Spectrum made our list because it’s a full-featured construction ERP, integrating accounting, payroll, equipment tracking, service management, and dispatching. We found its accounting system advanced, supporting multi-currency processing. Spectrum also handles more basic functions like invoice entry, reporting, cash management, and job costing. Construction accounting software can save you time and help keep you organized when managing your building projects.
Next Up in Accounting
Integrations include QuickBooks, Sage, Viewpoint Vista, Yardi, Acumatica, PeopleSoft, Xero, and 400+ other apps. Another key feature of Procore is that all data is standardized and easily searchable, helping to reduce miscommunications and errors due to manual entry. Staff in the office and in the field are all on the same page with real-time updates. Learn how we stay transparent, read our review methodology, and tell us about any tools we missed. I used construction bookkeeping software ratings from several review websites—but note that these ratings may change quickly depending on user reviews. With over a decade of editorial experience, Rob Watts breaks down complex topics for small businesses that want to grow and succeed.
How RedHammer Can Help Your Construction Business
Get real-time insights into every pay app, waiver, and change order—all in one place. Maintaining a healthy business also means learning how to correctly recognize and report your revenue. There are four revenue recognition methods, but for the sake of this guide, we’re going to focus on the percentage of completion method (POC), which is what most contractors end up using.
- Project management is critical to meeting budgets on your construction sites.
- Take financial control with FOUNDATION’s integrated construction accounting software to make data-driven decisions with real-time information that allows you to scale your business.
- You can create invoices, take payments online, and set a basic budget, but that’s it.
- Standout features include a cost database to quickly and accurately create cost estimates and proposals.
- Perhaps this is something you’ve experienced first-hand, or maybe this is a looming fear holding you back from making the jump.
- Sage 100 Contractor isn’t the only accounting choice for small construction companies, though.
Sage 100 Contractor
- We looked at a total of 22 different metrics across five separate categories to reach our conclusion.
- Also, files, photos, and videos are stored in a job-specific folder, so you won’t have to go through a long list to find the files you need.
- This helps automate project commitments and change order processes, helping to control cost overruns.
- And the bulk of the people working on any crew or on any job site are, well, laborers.
- I have several years of experience with writing about accounting software, including QuickBooks Online and Desktop, Xero, and FreshBooks.
Choosing the right customers and the right projects is an important part of building a profitable contractor business. Other tasks include job costing, preparing estimates and quotes, forecasting, budgeting, and receivables. You get access to a broad network of experts for industry-specific tasks, including electrical work, and even plumbing. Construction projects involve significant upfront costs, which require careful management and tracking to ensure profitability. Here are some additional questions that you might have when considering construction accounting software.
Conduct an audit of a project that will build a report easy for your certified public accountant (CPA) to digest and work from. Some are file-based, others are pre-built, and some may require custom configurations. Getting as much information from your vendor on the software’s integration capabilities is clutch to ensuring it connects with your existing systems. According to a 2018 industry report by Codex—a global tech recruitment firm—30% of ERP integrations fail to deliver on at least half of their intended benefits.
Foundation
Those offering transparent pricing fared better than those forcing you to provide data to get a custom quote. We also looked at the range of costs between the various pricing tiers that a provider offered and the value that those plans offered to users. As it touts on its website, “you wouldn’t place a bid without first understanding the full scope of work.” This is the same approach Procore takes to build the construction accounting software that meets your needs. This is best for contractors who want to integrate an accounting and project management platform with construction drawing and output. When it comes to financials, the software offers bid management, change orders and purchase orders (POs). You can invoice clients and make payments directly from the app and monitor the budget to make sure you stay on track.