If you are in the construction industry, you understand how important it is to keep your financial records organized. With so many expenses to keep track of, it can be overwhelming to manage your finances manually. That’s where accounting software comes in handy. The right accounting software can help you keep track of your expenses, invoices, and taxes, all in one place. But with so many options available, what is the best accounting software for construction? Let’s take a look.
QuickBooks
Overview
QuickBooks is the most popular accounting software for small businesses, including those in the construction industry. It offers a wide range of features, including invoicing, expense tracking, and tax preparation. QuickBooks is also user-friendly and easy to navigate, even for those without accounting experience.
Benefits
QuickBooks allows you to create customized invoices and estimates for your clients, making it easier to get paid quickly. It also offers real-time tracking of your expenses, so you always know where your money is going. Additionally, QuickBooks can integrate with other software, such as project management tools, to streamline your workflow.
Drawbacks
While QuickBooks is a popular choice for small businesses, it may not be the best fit for larger construction companies with more complex accounting needs. The software can also be expensive, with pricing plans starting at $25 per month.
Sage 100 Contractor
Overview
Sage 100 Contractor is designed specifically for the construction industry. It offers features such as job costing, project management, and payroll processing. Sage 100 Contractor is a comprehensive solution for construction companies looking to manage their finances and projects in one place.
Benefits
Sage 100 Contractor offers in-depth job costing, so you can track expenses for each project and ensure profitability. It also integrates with popular project management tools, such as Procore and PlanGrid, to streamline your workflow. Sage 100 Contractor also offers a mobile app, so you can manage your finances on the go.
Drawbacks
While Sage 100 Contractor is a comprehensive solution for construction companies, it can be overwhelming for those without accounting experience. The software is also expensive, with pricing plans starting at $10,000.
Xero
Overview
Xero is a cloud-based accounting software that offers features such as invoicing, expense tracking, and bank reconciliation. It is designed for small businesses and offers a user-friendly interface for those without accounting experience.
Benefits
Xero offers real-time tracking of your expenses and integrates with popular payment processors such as PayPal and Stripe. It also offers a mobile app, so you can manage your finances on the go. Xero is also affordable, with pricing plans starting at $9 per month.
Drawbacks
While Xero is a great choice for small businesses, it may not be the best fit for larger construction companies with more complex accounting needs. It also does not offer as many features as other accounting software, such as job costing.
Job Cost
Overview
Job Cost is a cloud-based accounting software designed specifically for construction companies. It offers features such as job costing, change order management, and project management.
Benefits
Job Cost offers in-depth job costing, so you can track expenses for each project and ensure profitability. It also offers change order management, so you can track changes to the scope of work and adjust your budget accordingly. Job Cost also offers integration with popular project management tools, such as Procore and PlanGrid.
Drawbacks
Job Cost can be expensive, with pricing plans starting at $395 per month. It may also be overwhelming for those without accounting experience.
Foundation
Overview
Foundation is a construction accounting software that offers features such as job costing, project management, and payroll processing. It is designed specifically for the construction industry and offers a comprehensive solution for managing your finances and projects in one place.
Benefits
Foundation offers in-depth job costing, so you can track expenses for each project and ensure profitability. It also offers integration with popular project management tools, such as Procore and PlanGrid, to streamline your workflow. Foundation also offers a mobile app, so you can manage your finances on the go.
Drawbacks
Foundation can be expensive, with pricing plans starting at $10,000. It may also be overwhelming for those without accounting experience.
FAQ
What should I look for in accounting software for construction?
You should look for accounting software that offers job costing, project management, and expense tracking. The software should also be user-friendly and offer integration with other tools you use, such as project management software.
How much does accounting software for construction cost?
The cost of accounting software for construction varies depending on the software and the size of your company. Some software offers pricing plans starting at $9 per month, while others can cost $10,000 or more.
Do I need accounting experience to use accounting software for construction?
No, you do not need accounting experience to use accounting software for construction. However, some software may be more user-friendly than others, so it’s important to choose software that fits your skill level.
Can accounting software for construction integrate with other tools I use?
Yes, many accounting software options for construction offer integration with other tools such as project management software, payment processors, and more.
Can accounting software for construction help me prepare my taxes?
Yes, many accounting software options for construction offer tax preparation features to help you prepare your taxes accurately and efficiently.
Can accounting software for construction help me with payroll processing?
Yes, many accounting software options for construction offer payroll processing features to help you manage your payroll accurately and efficiently.
What if I have a question about my accounting software?
Many accounting software options for construction offer customer support to help you with any questions or issues you may have.
Do I need to choose a cloud-based accounting software?
No, you do not need to choose a cloud-based accounting software. However, cloud-based software offers the advantage of being accessible from anywhere with an internet connection.
Pros
Accounting software for construction can help you manage your finances and projects in one place.
Many software options offer in-depth job costing to ensure profitability.
Software options may offer integration with other tools you use, such as project management software and payment processors.
Tips
Choose software that fits your skill level and offers features that meet your needs.
Consider the cost of the software, as well as any additional fees for support or training.
Take advantage of any free trials or demos to test out the software before committing to a purchase.
Summary
Choosing the best accounting software for construction depends on your specific needs and budget. QuickBooks is a popular choice for small businesses, while Sage 100 Contractor and Foundation offer more comprehensive solutions for larger construction companies. Xero and Job Cost are also great options for those looking for cloud-based software with job costing features. Consider your needs, budget, and skill level when choosing the right software for your business.