If you’re in the construction industry, you know that accounting and project management can be two of the most challenging aspects of your business. From tracking expenses and income to managing budgets and forecasting, construction accounting software can streamline your financial processes and make your life easier. In this article, we will be discussing the best accounting software for construction and project management, including their features, benefits, and pricing.
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Understanding Construction Accounting
Before we delve into the Best Project Management Software, it’s essential to understand the unique aspects of construction accounting. Unlike other industries, construction accounting is project-based, meaning that it tracks the revenue and expenses of each project separately. Moreover, construction companies need to comply with specific accounting standards and regulations. They need to manage a complex system of budgets, contracts, and progress billing.
Top Accounting Software for Construction
- QuickBooks for Contractors
- Sage 300 Construction and Real Estate
Procore is a comprehensive construction management solution that includes accounting and project management features. Its accounting tools enable users to track costs, automate invoicing, and manage job costs. Procore offers robust financial reporting capabilities, including profit and loss statements, balance sheets, and cash flow reports. This software is cloud-based, making it accessible from anywhere and offers a mobile app for on-the-go management. Procore offers a range of pricing plans, starting at $375 per month.
QuickBooks for Contractors
QuickBooks is a popular accounting software solution for small businesses, including construction firms. Its contractor version includes project management and job costing features that are tailored to the construction industry. QuickBooks for Contractors provides a real-time view of your company’s financial health and helps you manage job profitability. This software offers an affordable pricing plan, starting at $45 per month.
Sage 300 Construction and Real Estate
Sage 300 Construction and Real Estate is a comprehensive construction accounting software solution designed to streamline financial management and project workflows. Its accounting features enable users to track costs, manage cash flow, and automate billing. Sage 300 Construction and Real Estate also offers project management tools such as job costing, change order management, and purchase order tracking. Pricing is available upon request.
Foundation is a construction-specific accounting software solution that offers a range of features, including accounts payable, accounts receivable, and job costing. Foundation also includes project management tools such as document management, scheduling, and project forecasting. This software is cloud-based and offers a mobile app for remote access. Foundation offers various pricing plans, starting at $295 per month.
Viewpoint is a construction ERP software solution that includes accounting, project management, and field management features. Its accounting tools enable users to track costs, manage cash flow, and automate billing. Viewpoint also includes project management tools such as job costing, scheduling, and contract management. This software is available as a cloud-based or on-premises solution. Pricing is available upon request.
Choosing the right accounting software for construction and project management can make a significant difference in the success of your business. Each software solution mentioned in this article offers unique features and benefits that can help streamline your financial and project management processes. When choosing the best accounting software for your business, consider your specific needs, budget, and long-term goals.
What is the best accounting method for construction?
The best accounting method for construction is the percentage of completion method. It enables companies to recognize revenue and expenses based on the percentage of work completed on each project.
What is a construction accounting software?
Construction accounting software is a software solution designed to help construction companies manage their financial processes, including job costing, project management, and
accounting. These software solutions offer features that are tailored to the construction industry, such as progress billing, contract management, and change order tracking.
What type of accounting is used in construction?
Construction companies typically use accrual accounting, which recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made. This accounting method is necessary for construction companies as projects can span several years and involve multiple stages.