Best Construction Accounting Software for 2024

Construction
accounting
involves
specialized
financial
management
techniques
tailored
for
the
construction
industry.
These
techniques
focus
on
tracking
project
costs,
revenues,
and
overall
financial
performance.

One
of
the
main
challenges
faced
by
construction
companies
is
effectively
managing
both
their
finances
and
their
projects.
This
difficulty
arises
from
the
complexity
of
coordinating
among
multiple
stakeholders
while
complying
with
regulations.

A
key
benefit
of
a
construction
accounting
software
is
its
integration
with
project
management
tools,
which
helps
ensure
compliance
with
industry
regulations.
These
solutions
enhance
efficiency
and
accuracy
and
provide
real-time
financial
insights.

We
have
researched
and
listed
the
best
construction
accounting
software
to
help
businesses
find
the
right
solution.
Our
focus
was
on
features
such
as
industry
focus,
integration
capabilities
and
user-friendliness.

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  Premier
  –
  All-in-One
  to
  Gain
  Financial
  Visibility

• 
  Procore
  –
  To
  Manage
  Invoices
  and
  Payments

• 
  Foundation
  –
  Integrated
  Payroll

• 
  Buildertrend
  –
  Best
  to
  Manage
  Cash
  Flow
  and
  Budgets

• 
  CMiC
  –
  For
  Small
  Builders
  and
  Contractors

• 
  Intuit
  Quickbooks
  –
  Best
  for
  Value

• 
  FreshBooks
  –
  For
  Small
  Businesses

• 
  Deltek
  –
  Inbuilt
  Job
  Costing,
  Payroll
  and
  Project
  Management

• 
  Sage
  Construction
  –
  Market
  Leader

• 
  Acumatica
  –
  AI-powered
  Cloud
  ERP

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  Show
  moreShow
  less

• Industry
  Focus

  Construction-specific

• Integration
  Capabilities

  Extensive,
  ERP
  systems

• User-Friendliness

  Moderate
  learning
  curve

Founded
with
a
commitment
to
revolutionizing
construction
management,
Premier
is
trusted
by
thousands
of
companies
worldwide,
ensuring
they
stay
ahead
in
the
competitive
construction
industry.

Premier
offers
an
all-in-one
platform
that
guarantees
financial
control,
operational
excellence,
and
seamless
collaboration,
connecting
every
process
and
stakeholder
within
a
project.

Their
cloud-based
solution
combines
sophistication
with
simplicity,
offering
predictive
intelligence,
customizable
dashboards,
AI-driven
automation,
and
support
for
unlimited
entities.

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Founded
in
2002,
Procore
has
over
20
years
experience
in
innovation
to
improve
the
lives
of
everyone
in
the
construction
industry.
By
providing
a
global
platform
that
links
the
entire
industry,
it
aims
to
revolutionize
how
construction
projects
are
managed
and
executed.

Designed
by
experts
who
are
passionate
about
construction,
the
platform
caters
to
the
specific
needs
of
owners,
general
contractors,
specialty
contractors,
and
public
agencies.
It
helps
manage
risk,
secure
data,
and
drive
productivity
across
all
project
phases.

Trusted
by
users
in
over
150
countries,
it
connects
every
stakeholder
in
the
construction
process,
ensuring
projects
are
completed
efficiently
and
safely.

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• Industry
  Focus

  Construction-specific

• Integration
  Capabilities

  Project
  Management,
  Payroll

• User-Friendliness

  Complex
  Features,
  Moderate
  Learning
  Curve

Foundation
has
been
a
cornerstone
of
the
construction
accounting
industry
since
1985.
Fred
Ode
developed
the
original
version
of
his
construction
accounting
software,
which
has
evolved
significantly
over
the
decades.

Their
software
is
known
for
its
user-centered
approach,
responsive
support,
and
service,
helping
over
43,000
construction
professionals
manage
and
enhance
their
business
operations
effectively.

Foundation
has
continually
embraced
innovation,
ensuring
that
its
offerings
keep
pace
with
technological
advancements
while
maintaining
a
strong
focus
on
quality
service
and
support.

Foundation
includes
a
payroll
and
subcontracting
module
built-in
to
help
construction
companies
manage
their
permanent
and
contractual
staff.

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With
nearly
two
decades
in
the
industry,
Buildertrend’s
mission
is
to
bring
order
and
efficiency
to
the
construction
process.

With
over
one
million
construction
professionals
served,
over
two
million
projects
completed,
and
1.5
million
mobile
app
downloads
across
100+
countries,
Buildertrend
is
helping
contractors
maintain
control
and
run
their
companies
more
effectively.

Founded
in
2006
by
Dan
Houghton,
Steve
Dugger,
and
Jeff
Dugger,
the
company
began
with
a
small
team
in
Omaha,
Nebraska.
Despite
the
challenges
of
the
Great
Recession,
the
company
expanded
rapidly,
growing
by
80%
in
2008
and
venturing
into
the
remodeling
industry.
By
2011,
the
company
had
begun
building
a
strong
global
customer
base,
particularly
in
New
Zealand
and
Australia.

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• Industry
  Focus

  Construction
  Financials
  Focused

• Integration
  Capabilities

  Payroll,
  HCM,
  Project
  Management

• User-Friendliness

  Moderate,
  Steep
  Learning
  Curve

Serving
one-quarter
of
the
construction
firms
on
ENR’s
Top
400
Contractors
list,
CMiC
handles
over
$100
billion
in
construction
revenue
annually,
making
it
the
preferred
choice
for
a
wide
range
of
construction
firms.
This
includes
general
and
specialty
contractors,
heavy/highway
contractors,
and
project
owners.

In
North
America,
CMiC
enjoys
a
25%
market
share
among
the
top
400
contractors,
solidifying
its
position
as
a
leading
provider
of
construction
software
solutions.

The
platform’s
scalability
and
adaptability
make
it
a
long-term
partner
for
contractors
and
small
builders,
offering
flexible
deployment
options,
including
on-premise,
private
cloud,
or
multi-tenant
cloud
environments.

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• Industry
  Focus

  General
  Business,
  Small
  Construction

• Integration
  Capabilities

  750+
  Popular
  Business
  Apps

• User-Friendliness

  Beginner-Friendly

Launched
by
Intuit,
a
leader
in
personal
finance
software,
QuickBooks
was
created
to
meet
the
needs
of
small
businesses
that
required
an
affordable
and
easy-to-use
accounting
tool.

QuickBooks
serves
over
15
million
users
worldwide,
providing
both
desktop
and
cloud-based
solutions
that
cater
to
the
diverse
needs
of
businesses.
With
continuous
updates
and
the
integration
of
mobile
apps
and
cloud
compatibility,
the
software
offers
the
best
value
for
small
business
accounting,
offering
tools
to
manage
their
finances
with
ease
and
confidence.

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FreshBooks
began
with
a
simple
yet
frustrating
mistake:
in
2003,
Mike
McDerment,
a
small
business
owner
running
a
design
agency,
accidentally
saved
over
an
invoice
and
lost
hours
of
work.
This
frustrating
experience
inspired
him
to
create
a
more
efficient
solution
for
managing
invoices
and
finances,
which
eventually
grew
into
a
financial
management
tool
used
by
millions
today.

Founded
in
Toronto,
Canada,
this
software
was
designed
to
meet
the
needs
of
freelancers,
self-employed
professionals,
and
small
business
owners
who
needed
an
easy-to-use
tool
to
manage
their
finances
without
the
complexity
of
traditional
accounting
software.

The
platform
has
processed
over
$60
billion
in
invoices
and
saved
its
users
an
average
of
192
hours
annually.
In
addition
to
its
intuitive
design,
FreshBooks
is
renowned
for
its
award-winning
customer
support,
having
earned
11
Stevie
Awards.

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• Industry
  Focus

  Project-Based
  Industries,
  Government
  Contracting

• Integration
  Capabilities

  Via
  API

• User-Friendliness

  Complex
  Interface,
  Steep
  Learning
  Curve

Deltek
has
evolved
from
a
visionary
startup
into
a
leading
name
in
project-based
business
solutions,
serving
over
30,000
organizations
worldwide.

Continuing
to
innovate,
the
company
provides
integrated
solutions
that
include
project
intelligence,
management,
and
collaboration
tools
designed
to
maximize
productivity
and
profitability.

Their
ongoing
development
of
cutting-edge
technologies
addresses
the
evolving
needs
of
its
diverse
clientele,
ensuring
that
Deltek
remains
at
the
forefront
of
the
industry,
dedicated
to
powering
project
success
and
helping
customers
achieve
their
business
goals.

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• Industry
  Focus

  Construction
  and
  Real
  Estate
  Focused

• Integration
  Capabilities

  Directly
  with
  other
  Sage
  Products,
  3rd
  party
  tools
  via
  API

• User-Friendliness

  Moderate,
  Steep
  Learning
  Curve

Sage
started
as
a
small
start-up
in
1981
when
founder
David
Goldman
sought
to
automate
the
print
estimating
and
basic
accounting
processes
in
his
own
business.
Working
with
a
team
of
Newcastle
University
students,
they
developed
software
that
had
potential
benefits
for
other
companies
as
well.
Recognizing
this
opportunity,
Goldman
established
Sage
to
market
the
software,
setting
the
stage
for
what
would
become
a
global
success
story.

With
millions
of
users
in
the
UK,
Ireland,
mainland
Europe,
North
America,
South
Africa,
Australia,
and
Asia,
Sage
offers
a
wide
range
of
solutions
that
manage
diverse
business
functions.

Sage
300’s
technology
ensures
that
business
builders
can
operate
effectively
whether
in
the
cloud,
on-premise,
or
a
hybrid
of
both,
providing
the
freedom
to
work
with
mobility
and
make
informed
decisions
from
anywhere
in
the
world.

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• Industry
  Focus

  Construction-Focused

• Integration
  Capabilities

  CRM,
  ERP
  Payment
  Tools

• User-Friendliness

  Moderate
  Learning
  Curve

Founded
in
2008,
Acumatica
has
grown
to
support
over
10,000
customers,
tailoring
its
business
management
solutions
to
small
and
mid-sized
companies.
Their
platform
is
designed
with
specific
industry
needs
in
mind,
featuring
intelligent
workflows
and
leading
usability
standards
that
enable
organizations
to
effectively
manage
risks
and
anticipate
disruptions.

Owned
by
EQT
Partners,
a
prominent
global
investment
firm,
Acumatica
enjoys
robust
backing
and
a
focus
on
sustainable
growth.
The
company’s
principles
promote
flexible
deployment
options,
giving
users
the
freedom
to
customize
their
experience
to
best
suit
their
business
needs.

Recognized
by
industry
analysts,
including
Nucleus
Research,
for
its
practical
capabilities,
Acumatica
is
committed
to
refining
technologies
that
help
modern
businesses
succeed
in
a
constantly
changing
market
landscape.

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Comparison
of
Construction
Accounting
Software

Below
is
a
comparison
of
the
features
of
the
various
construction
accounting
software.

What
is
construction
accounting
software?

A
construction
accounting
software
is
a
specialized
tool
for
managing
the
financial
needs
of
the
construction
industry.
It
helps
track
project
costs,
manage
budgets,
process
payroll,
handle
invoices,
and
ensure
compliance
with
industry
regulations.

Learn
these

basic
accounting
terms
to
have
a
better
understanding
of
construction
accounting
software,
to
know
how
it
can
help,
and
adapt
to
the
needs
of
your
company.

Features
of
construction
accounting
software

One
of
the
main
features
of
a
construction
accounting
software
is

project
management
integration,
which
coordinates
financial
data
with
project
timelines.

Budgeting
and
forecasting
features
also
enable
companies
to
plan
and
predict
future
financial
needs,
ensuring
projects
stay
on
schedule
and
within
budget.

Job
costing
is
crucial
for
tracking
expenses
related
to
specific
projects,
while

payroll
management
simplifies
paying
employees,
managing
benefits,
and
ensuring
compliance
with
labor
legislation.

Construction
accounting
software
also
include

accounts
payable
and
receivable
functions
to
ensure
timely
payments
and
accurate
invoicing.
Its

financial
reporting
tools
provide
detailed
insights,
giving
companies
a
clear
view
of
their
financial
situation.

In
today’s
fast-paced
industry,

mobile
access
is
increasingly
important,
allowing
users
to
manage
finances
on
the
go
and
stay
updated
in
real
time.

Customer
and
vendor
management
tools
help
maintain
strong
relationships
by
efficiently
organizing
contact
data
and
transaction
history.

Using
construction
accounting
software
supports
compliance
with
industry
regulations
through

compliance
and
tax
management
tools,
which
help
mitigate
the
risk
of
legal
issues.

Document
management
capabilities
enhance
organization
and
efficiency
by
simplifying
the
storage
and
retrieval
of
crucial
documents.

Real-time
data
and
analytics
offer
instant
access
to
essential
financial
information,
facilitating
swift
decision-making.

Bid
management
features
streamline
the
creation
and
management
of
bids,
thereby
increasing
the
likelihood
of
securing
projects.

What
are
the
benefits
of
construction
accounting
software?

Improved
financial
management:
With
accurate
job
costing
and
enhanced
budgeting
and
forecasting
capabilities,
the
software
enables
precise
tracking
of
project
expenses
and
future
financial
planning.
This,
in
turn,
ensures
that
projects
remain
within
budget
and
profitability
is
maximized.

Integration:
the
software’s
ability
to
integrate
with
project
management
tools
and
automate
repetitive
tasks
streamlines
operations,
reducing
manual
workload.
This
integration
facilitates
real-time
updates,
ensuring
that
all
team
members
stay
informed
and
coordinated.

Enhanced
collaboration
is
a
key
benefit,
as
the
software
allows
various
stakeholders—including
contractors,
builders,
and
subcontractors—to
access
and
update
project
information.

Regulatory
compliance
is
simplified
through
a
construction
software,
which
helps
businesses
adhere
to
industry
regulations
and
tax
laws,
thereby
mitigating
the
risk
of
legal
issues.

Cost
savings
are
achieved
through
process
automation
and
reduced
manual
errors,
enhancing
overall
operational
efficiency.

Better
decision-making:
The
software
supports
better
financial
forecasting
by
providing
detailed
financial
data
and
predictive
analytics.
This
capability
empowers
teams
in
the
construction
business
to
make
strategic
decisions
that
enhance
project
outcomes
and
profitability.
A
better
risk
management
is
realized
through
comprehensive
monitoring
and
analysis
of
financial
and
project
data.

In
essence,
construction
accounting
software
equips
contractors
and
builders
with
the
tools
necessary
to
manage
their
finances
more
effectively
and
achieve
greater
success
in
their
projects.

How
to
choose
the
best
construction
accounting
software?

Job
costing
is
a
foundational
element
of
construction
accounting
software,
since
it’s
important
to
ensure
that
every
dollar
spent
is
accounted
for.
It’s
essential
to
choose
a
solution
that
offers
accurate
job
costing
features,
enabling
you
to
track
expenses
down
to
specific
projects
or
phases.

Equally
important
is
project
management
integration.
The
software
should
easily
connect
with
your
project
management
tools,
allowing
for
real-time
data
synchronization.
This
integration
enhances
coordination
between
financial
and
operational
teams.

Consider
how
the
software
handles
budget
and
completion
analysis.
Effective
software
should
include
robust
budgeting
tools
for
precise
financial
planning
and
monitoring,
as
well
as
completion
analysis
features
to
assess
project
progress
against
the
budget.
This
helps
you
identify
and
address
any
financial
discrepancies
early
on.

Change
order
tracking
is
another
critical
feature.
The
software
of
your
choosing
should
efficiently
manage
modifications
to
project
scopes.
This
capability
helps
maintain
financial
accuracy
as
project
requirements
evolve.

Additionally,
evaluate
the
software’s
integration
capabilities.
It
should
integrate
with
other
essential
systems,
such
as
CRM,
ERP,
and
payroll
systems,
to
create
an
efficient
financial
ecosystem.
This
integration
streamlines
processes
and
minimizes
the
need
for
manual
data
entry,
improving
overall
efficiency.

Another
vital
aspect
to
consider
is
the
quality
of
customer
support.
Reliable
and
responsive
support
is
crucial
for
resolving
issues
and
ensuring
smooth
software
operation.
Lastly,
assess
the
overall
costing
of
the
software.
Consider
both
the
initial
investment
and
ongoing
costs
to
ensure
that
the
solution
fits
within
your
budget.

Which
accounting
method
is
best
for
a
construction
company?

For
construction
companies,
the
percentage-of-completion
method
is
often
considered
the
most
effective
accounting
approach.

This
method
allows
the
recognition
of
revenues
and
expenses
in
accordance
with
the
progress
of
a
project.
This
provides
a
more
accurate
reflection
of
financial
performance
over
the
life
cycle
of
the
project,
specially
of
those
that
are
long-term.

It
is
important
to
know
these

cost
accounting
terms
so
that
you
can
use
them
to
your
advantage.
With
this,
you
can
more
effectively
track
revenues,
manage
budgets
and
forecast
future
profits.
As
a
result,
it
helps
to
maintain
a
clear
view
of
financial
health
as
projects
progress.

How
does
construction
accounting
software
improve
productivity?

The
use
of
construction
accounting
software
helps
improve
productivity
by
automating
financial
tasks
such
as
invoicing,
payroll
and
expense
tracking,
reducing
manual
data
entry
and
errors.

It
also
provides
access
to
real-time
data
for
quick
decision-making
and
integrates
project
management
functions
for
tracking
timelines
and
resources.

How
do
construction
companies
track
expenses?

Construction
companies
can
track
expenditures
through
the
budget
and
completion
analysis
method.
With
this
method,
they
can
compare
actual
costs
incurred
to
budgeted
amounts
throughout
the
project
life
cycle.

An
important
thing
to
know
is
that
by
continuously
monitoring
and
analyzing
these
financial
metrics,
it
is
possible
to
identify
variances,
manage
costs
more
effectively
and
ensure
that
projects
stay
within
budget.

Limitations
of
construction
accounting
software

A
major
limitation
of
construction
accounting
software
is
the
complexity
of
the
software
itself.
Advanced
features
and
functionality
can
create
a
steep
learning
curve,
requiring
a
lot
of
time
and
training
to
master.
In
addition,
the
cost
of
high-quality
construction
accounting
software
can
be
prohibitive,
especially
for
smaller
firms
with
limited
budgets.

Some
software
solutions
may
not
offer
the
flexibility
to
tailor
the
system
to
the
unique
requirements
of
the
company.
So,
customization
option
is
another
major
hurdle.

Integration
issues
are
also
a
common
concern.
Difficulty
integrating
software
with
existing
systems,
such
as
CRM
or
ERP
platforms,
can
lead
to
data
silos
and
inefficiencies.

Finally,
localization
can
pose
challenges,
especially
for
companies
operating
in
multiple
regions
with
different
regulatory
requirements.
A
accounting
software
for
construction
that
lacks
robust
localization
capabilities
may
struggle
to
adapt
to
different
tax
laws,
currency
formats
and
compliance
rules.

Which
construction
management
software
offers
communication
platforms
or
CRM?

Buildertrend,
JobNimbus
and
Procore
offer
inbuilt
communication
platforms.
Acumatica
includes
CRM
features
as
part
of
its
construction
management
software.
Sage
Construction
easily
integrates
with
Sage
CRM.

More
on
Accounting