If you run your own construction company, you already know how much time and focus the job takes. Often, bookkeeping and accounting become an added stress, leaving you less time to run the business and raising the risk of mistakes with your accounts. Unfortunately, lots of construction-specific accounting products are quote-based. That means you should plan time, if possible, to chat with multiple companies to receive and compare quotes. Today’s leading construction accounting platforms offer standard security features including data encryption, secure credential tokenization and more.
Manage your money wherever you are
The online pricing comes at different subscription levels depending on what you need. Please note, the higher the subscription level, the more features you get. Top ERP products for construction include Viewpoint Vista, Jonas Enterprise, and Procore. While office professionals in B2B industries may have the time and patience to deal with expansive tech stacks, contractors and construction teams usually don’t. That’s why Buildertrend’s end-to-end functionality makes perfect sense. Time is money, after all, and time spent completing financial paperwork is time spent away from the job site.
How do you do construction accounting?
Through this approach to accounting, you’ll estimate a project’s end date and calculate your revenue based on how much work your team has done. Contractors should separate business and personal finances, ensure proper job costing and record all day-to-day cash inflows and outflows. Accounting software can streamline ― and, in many cases, fully automate ― these key tasks. It’s easiest to meet nearly every need on your list when you consider several potential accounting platforms instead of only one. Review pricing pages to determine what features you get at which prices and how this compares across vendors.
- You need a way to easily create and track them in your construction accounting system, so you don’t have to rely on risky handshake agreements.
- Some construction accounting solutions offer limited scalability, meaning you’ll be forced to make do or make the switch eventually.
- The live link between the construction cost control software and Excel reporting allows you to export data and budgets to spreadsheets and create custom Excel-based reports.
- You can also integrate it with other third-party applications giving you more flexibility and functionalities.
- This improves communication, opens up lease opportunities and can accommodate most real estate situations.
Benefits of Using Construction Time Tracking Software
These solutions start at around $7,000/one-time and will increase depending on the size of your operations and how many projects you expect to use within the program each year. As jobs progress, budgets often shift based on delays or unforeseen expenses for excavations or equipment breakdowns. You can create change orders and update budgets in real time, helping you stay on track throughout the entire life cycle. With construction-specific accounting tools like these, you can take control of your cash flow, make better plans, and build more confidently. But before you go, there’s one more feature you need that you construction bookkeeping services might not have even realized was possible. Award-winning support means talking to a real person for the help and info you need because we provide so much more than just online accounting software for construction professionals.
Our partners cannot pay us to guarantee favorable reviews of their products or services. We believe everyone should be able to make financial decisions with confidence. We looked at third-party ratings and reviews to see how actual users felt about the software. The average threshold rating needed to be 3.5 stars or better to get the highest rating in our research.
HCSS HeavyJob – Best for Construction Management
It can tell you what the real costs are versus the actual costs, the percentage of each job completed, cash flow and profitability. See if you’re on track with the report designer that allows you to customize construction reports and financial statements. Conduct an audit of a project that will build a report easy for your certified public accountant (CPA) to digest and work from. Knack is more than just a time-tracking tool—it’s a powerful no-code platform that allows you to build a completely customized solution tailored to your unique construction workflows. Time tracking software simplifies compliance by accurately tracking work hours, breaks, and overtime. This reduces the risk of legal complications, protects your company’s reputation, and ensures fair labor practices.
QuickBooks Enterprise
If retainage isn’t being applied to the correct retainage accounts on your balance sheet, you risk over or understating your books – and you risk losing track of what you’re owed. Construction contracts can take months or even years to complete, which means you need to have eyes on your financial performance as the progress is being built – not after the fact. To make sure you’re not missing anything or underbilling, you need the ability to bill progressively as work gets done. This is where WIP reporting comes in, and it’s essential that your accounting system supports it. Powerful, easy-to-use accounting software that has everything you need to confidently run your construction business.