Accounting software for construction companies is an essential tool designed to aid construction businesses in managing their financial affairs and the multiple projects they handle. In the following article, let’s find out with Viindoo Enterprise Management Software the top construction accounting software currently available which can assist you in finding the perfect fit for your business.
Why do construction companies need accounting software?
The number of accounting software system currently available on the global market are quite big. However, unlike general accounting software, accounting software for construction is tailored to cater to the specific requirements of the construction industry.
The specialized accounting software for construction enables contractors and other professionals in the industry to precisely monitor their business's financial inflow and outflow.
Why do you need accounting software for construction companies
To be more specific, a well-chosen construction software system can assist your business with:
- Finance management: Construction companies handle large amounts of money and need to manage their finances effectively to ensure the success of their projects. Accounting software can help them keep track of income, expenses, and cash flow, which are critical to a business’ finance.
- Real-time data: Construction companies need access to real-time financial data to make informed decisions about their projects. Accounting software can provide this data quickly and accurately, allowing them to make decisions based on up-to-date information.
- Job costing: Construction projects involve many expenses, and it can be challenging to keep track of all of them manually. Accounting software can help construction companies track expenses related to specific projects, providing detailed job costing information to help them make more accurate bids and estimates for future projects.
- Compliance: Construction companies are subject to various financial regulations, and accounting software can help them stay compliant with these regulations. It can help them generate accurate financial statements, track taxes, and manage payroll.
- Efficiency: Accounting software can automate many financial processes, reducing the time and effort required to manage finances manually. This can help construction companies save time and money, allowing them to focus on other aspects of their projects.
What features to include when choosing accounting software for construction
The construction industry has specific accounting requirements that differ from other industries. When choosing a just-right accounting software system for you construction business, keep in mind the following features:
Job costing
The ability to track expenses related to specific construction projects is a critical feature of construction accounting software. Job costing allows construction companies to analyze the costs associated with individual projects, helping them to create more accurate budgets and estimates.
CIP accounting management
Many construction accounting software solutions include project management features that allow construction companies to manage their projects from start to finish. These CIP accounting features can include tools for scheduling, resource allocation, and progress tracking.
CIP accounting management
Time and expense tracking
Construction companies need to track the time and expenses of their employees and contractors. Accounting software can provide tools for tracking this information, making it easier to manage payroll and generate accurate invoices.
Purchase order and invoice management
Construction companies rely on purchase orders and invoices to manage their finances. Accounting software can streamline these processes, automating the creation and management of purchase orders and invoices.
Inventory management
Construction companies often have to manage large inventories of materials and equipment. Accounting software can help them track inventory levels, reorder materials when necessary, and generate reports on inventory usage.
Financial reporting
Construction companies need to generate financial reports to track their income, expenses, and cash flow. Accounting software can provide customizable reports that allow construction companies to analyze their financial data and make informed decisions.
Integration with other systems
Many construction companies use other software systems, such as project management software or CRM software. Accounting software that integrates with these systems can help streamline processes and reduce the need for manual data entry.
Top 8 Best Accounting Software for Construction Business in 2023
Under the influence of the COVID-19 pandemic, the construction industry, alongside other industries, is struggling to adapt to the new normal and the demands for digital transformation that follows. With the following list of the top 8 best accounting software for construction industry, Viindoo hopes you can find a suitable solution to streamline your accounting and finance operations.
Viindoo Accounting software for construction companies
Viindoo offers an accounting software solution as part of its enterprise resource planning (ERP) product line. Viindoo Accounting is a cloud-based accounting software that helps businesses manage their financial operations efficiently.
The software provides a range of features including accounts payable and receivable, bank reconciliation, financial reporting, and budget management, all of which are essential for a construction companies to operate seamlessly.
Viindoo Accounting software for construction companies
The features that Viindoo offers are as follows:
- Financial workflows automation: An automation system that can help you reduce manual data entry.
- Real-time financial reports: The software also allows users to access financial reports in real-time, which can help business owners make informed decisions about their financials.
- Integration within Viindoo ecosystem: Viindoo accounting software can be integrated with other Viindoo products, such as the CRM and HRM software, to provide a comprehensive view of business operations.
- Separate project monitoring: Viindoo allows business to operate and monitor different construction projects from start to finish, including budgeting, scheduling, resource allocation, quality control, risk management, etc.
- Overall, Viindoo Accounting is designed to simplify accounting processes for businesses of all sizes and help them stay on top of their finances.
>>>>> Read more: Top 7 Software for Construction Project Management.
QuickBooks Desktop Enterprise
QuickBooks Desktop Enterprise is an accounting software designed for mid-sized businesses that need advanced accounting features and tools to manage their financial operations. The software is developed by Intuit, a leading provider of financial management solutions.
QuickBooks Accounting software for construction companies
QuickBooks Desktop Enterprise offers features specifically designed for construction companies, including:
- Job costing
- Project management
- Inventory management
- Payroll processing
- Advanced reporting
- Customizable user permissions to control access to sensitive financial information
- Multi-user access, which means multiple users can work on the same file simultaneously.
All in all, QuickBooks Desktop Enterprise is a scalable solution, which means it can accommodate growing businesses with increased data storage and user capacity. The software can be installed on a local computer or accessed through the cloud, depending on the user's preference.
Sage 100 Contractor - Construction accounting software reviews
Sage 100 Contractor is an accounting and project management software designed specifically for small to mid-sized construction companies. The software is developed by Sage, a leading provider of business management solutions.
Sage 100 Contractor Accounting software for construction companies
Sage 100 Contractor includes a range of features to help construction companies manage their financial operations and project management tasks such as:
- Resource estimating
- Job costing
- Change order management
- Billing and invoicing
- Payroll processing
- Real-time visibility into project progress and financial status
- Customizable dashboards and reports.
One of the key benefits of Sage 100 Contractor is its ability to integrate with other Sage products, such as Sage 300 Construction and Real Estate, to provide a comprehensive construction management solution for larger businesses.
Viewpoint Vista
Viewpoint Vista is a construction-specific enterprise resource planning (ERP) software solution that helps construction companies manage their financial and operational processes. The software is developed by Viewpoint Construction Software, a leading provider of software solutions for the construction industry.
Viewpoint Vista Accounting for Construction industry
Viewpoint Vista includes a range of features to support accounting, project management, service management, equipment management, human resources, and payroll.
The software provides real-time data on project costs, resource utilization, and financial performance, enabling construction companies to make informed decisions and improve project profitability.
CMiC - Top Accounting software for construction company
CMiC is a cloud-based construction management software that helps construction companies manage their financial and operational processes. The software includes a range of features to support accounting, project management, document management, risk management, and analytics.
CMiC Accounting software for construction
Moreover, the software also provides:
- Real-time data on project costs
- Resource utilization
- Financial performance, enabling construction companies to make timely decisions and improve project profitability
- One of the key benefits of CMiC is its ability to handle complex construction projects and workflows. The software provides advanced functionality to manage complex billing and invoicing processes, change orders, and subcontractor management.
Procore - Accounting software for construction companies
Procore is a cloud-based construction company accounting software that includes accounting and financial management features, among others. It is designed to help construction companies manage all aspects of their projects from a single platform.
Procore accounting software for construction companies
The products that Procore offers are:
- Field Productivity
- Invoice Management
- Project Management
- Quality & Safety
- Tender Management
- Trust & Security
One of the key benefits of Procore is its ability to manage all aspects of construction projects from preconstruction to closeout. Procore also offers mobile access, which allows users to access project information and perform tasks from their mobile devices. This feature enables project managers and field personnel to stay connected and up-to-date on project details while on the go.
Foundation Software for construction
Foundation Software is an accounting software solution designed specifically for the construction industry. It includes features for job costing, payroll management, and project management, among others. The details are as follows:
- Job Costing: Effectively manage comprehensive budgets and generate job costing reports with valuable insights;
- Payroll: Eliminate the difficulties of managing complex payrolls with automation that can handle tasks such as calculating prevailing wage rates, union benefits, taxes across multiple states and jurisdictions;
- General Ledger: Manage the general ledger with confidence and clarity;
- POs & Subcontracts: Take control of your company’s spending, and account for committed project costs before they’re incurred;
- Accounts Payable Software: Manage your A/P simply with the automated tools;
- Accounts Receivable: Speed up workflows with multiple construction billing formats;
- CPA Audit/Review: Gather all the construction financial information and accounting reports required by your CPA in a single, easy-to-use platform;
- Construction Report Designer: Design and customize construction accounting reports as requested;
- Mobile: Capture job data, enter and approve timecards;
- Training & Support: Get professional personal support and training from experts.
Xero - Construction accounting software
Xero's web-based accounting software for construction enables small business owners to stay connected with their financial data, banking information, and advisors at all times.
Xero - Construction accounting software
With Xero, businesses are equipped with top-notch features for small businesses, accountants, and bookkeepers in the construction industry. These features are:
- Claim expenses: Xero's expense manager tools allow you to capture expenses for reimbursement and keep track of your spending, streamlining the process of submitting expense claims;
- Accept payments: By integrating with online payment platforms such as Stripe and GoCardless, you can receive payments online and accelerate your payment collection process, potentially getting paid in half the time;
- Bank reconciliation: Keep your financials up to date. Categorize and reconcile bank account transactions each day using suggested matches;
- Reporting: Track your finances with accurate and real-time accounting reports and financial dashboards;
- Inventory: Keep track of what’s in stock with Xero-integrated inventory software;
- Purchase orders: Create and send purchase orders online with purchase order software. Keep track of orders and deliveries at every step;
- Quotes: Use Xero software or the app to produce professional online quotes. From your phone or desktop, you can immediately transmit the quotes to the intended recipients.
Choosing a suitable accounting software for construction companies is no easy task. Prior to selecting an accounting software for your construction business, it is essential to understand your company's requirements and the features necessary to address them. Having a well-defined idea of your needs and understanding what the market is offering will allow you to invest in the most suitable solution for your construction firm. With the above article, Viindoo hopes that you can find the suitable accounting solution
