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Best Construction Accounting Software (2024)
Reviewed
|Former Deputy EditorUpdated: Aug 4, 2024, 6:16pm
Specialized accounting software is available to help construction contractors manage their business finances and the various projects that they may be involved in. Most of these solutions include accounting features to support your business from the bidding process to invoicing. Forbes Advisor researched the best construction accounting software on the market today to help you find the right solution for your business.
Featured Partners
1
Xero
Special Offer: 75% off for 6 months
Yes
30 days
2
Sage Intacct
Yes
Yes
Yes
3
QuickBooks
$15 per month (for the first 3-months, then $30 per month)
30 days
Expert help, Invoicing, maximize tax deductions, track mileage
- The Best Construction Accounting Software of 2024
- Why You Can Trust Forbes Advisor Small Business
- Premier
- CoConstruct
- Foundation
- BuilderTREND
- CMiC
- Procore
- RedTeam
- QuickBooks for Construction
- Sage 300 Construction and Real Estate
- Construction Accounting by ComputerEase
- Forbes Advisor Ratings
- Methodology
- How To Choose Construction Accounting Software
- Benefits of Construction Accounting Software
- Frequently Asked Questions (FAQs)
- Next Up in Accounting
The Best Construction Accounting Software of 2024
- Premier: Best overall
- CoConstruct: Best overall (runner-up)
- Foundation: Best for mobile use
- BuilderTREND: Best for client portal
- CMiC: Best for project drawing integration
- Procore: Best for customization
- RedTeam: Best for bid management
- QuickBooks for Construction: Best for value
- Sage 300 Construction and Real Estate: Best for real estate management
- Construction Accounting by ComputerEase: Best for managing multiple jobs
Why You Can Trust Forbes Advisor Small Business
The Forbes Advisor Small Business team is committed to bringing you unbiased rankings and information with full editorial independence. We use product data, strategic methodologies and expert insights to inform all of our content and guide you in making the best decisions for your business journey.
We dug into 14 of the top construction accounting software platforms on the market and found these 10 to be the best. Our ratings consider starting price and the overall price range for all software tiers as well as the depth and number of available features, customer reviews and a deep dive by our experts. All ratings are determined solely by our editorial team.
Best Overall
Premier Construction
Starting price
$249
per month
Client tracking
Yes
$249
per month
Yes
Premier is the most comprehensive construction accounting software on our list, earning the best overall. It is a cloud-based solution that can help you scale your business by having the right data at your fingertips. Its feature-rich platform starts by allowing you to manage multiple companies where you differentiate projects. You can create reports instantly, helping you with planning and forecasting. The whole system has bank integration so that you don’t have to waste time with time-consuming reconciliations.
An essential aspect of any project is job costing. Premier makes this easy with real-time estimates and forecasting. You’ll be able to get into the weeds with budget management tools that allow you to go from budget to change order requests instantly.
Project management is critical to meeting budgets on your construction sites. Premier provides you with a customizable dashboard that gives you the insights you need to manage every aspect of the job. Get notifications for compliance and overdue items. Record electronic signatures for approvals and use the cloud-based document storage tool to keep everything you need one click away.
There are two pricing tiers. The first is $249 per month for an annual commitment. If you don’t want to make the annual commitment, the cost is $249 per month.
Who should use it:
This is best for any contractor looking for a comprehensive, ready-to-use solution for accounting and project management.
- Good customer support
- Simple workflows
- Time-saver
- Inventory setup can be challenging
- Inability to have different units of measure
Best Overall (Runner-Up)
CoConstruct
Starting price
$399 per month
Client tracking
No
$399 per month
No
CoConstruct is your partner in managing unlimited construction projects with its four-part software platform. The platform starts with preconstruction details that include a cost catalog, lead management and a section for proposals and contracts. It offers standard estimating tools to help you land the job. When you’re done with the preconstruction phase, you move into project management, operations and financials segments of the software that work concurrently.
Under the project management segment, you can employ the task manager and job log to track key activities. Scheduling is made easy, and you can manage the time clock for employees and subcontractors. The operations component allows you to manage emails directly from the platform with custom-branded solutions. Use this component for file and photo management.
When it comes to financials, the software offers bid management, change orders and purchase orders (POs). You can invoice clients and make payments directly from the app and monitor the budget to make sure you stay on track. For those who want it, there is QuickBooks integration.
Pricing starts at $399 per month. If you want to unlock advanced estimating and bill management, you will want the Advanced plan for $699 per month.
Who should use it:
This is best for contractors who have high scheduling demands and need a central place to organize it with the costs associated with workers.
- Useful estimating tool
- Centralized job tracking feature
- Good customer support
- Overcomplicates simple tasks, such as invoicing
- No centralized dashboard
Best for Mobile Use
Foundation
Starting price
Not disclosed
Client tracking
No
Not disclosed
No
Foundation breaks its software down into modules that you can put into a custom solution. Set up projects with the right budget set using the job costing module. Develop POs and subcontractor costs to use in projects, so there are no unexpected costs that come up. Once you’ve planned a project, manage it with the general ledger (GL) and payroll features. The payroll module uses Davis Bacon wage rates and includes union fringe and state tax rates.
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.
Use the mobile app to capture data when out in the field. Features, such as timecards, can be synced automatically while working remotely so that nothing slips through the cracks.
Who should use it:
This is best for contractors who are constantly at job sites who want a simple mobile app to use to manage and capture data that integrates immediately with the platform.
- Good training support
- Positive customer support experience
- Job costing integrates with GL
- Existing reports are limited
- Layers of the platform can feel cumbersome
Best for Client Portal
Buildertrend
Starting price
$199 (for the first month)
(Increases to $499 per month after that)
Client tracking
No
$199 (for the first month)
(Increases to $499 per month after that)
No
Buildertrend has three subscription plans from which to choose. The first is the Essential plan starting at $199 for the first month, which then moves up to $499 per month. The Advanced plan starts at $499 for the first months, then increases to $799 per month. The Complete plan starts off at $799 for the first month, then goes up to $1,099 per month after that.
Each plan offers the basics needed to run your construction business, including scheduling, daily logs and a to-do list. Buildertrend makes communicating with clients easy with messaging in the app and a client portal that allows clients to see where they are at in the process and be able to sign contract and scope changes.
Manage employees with a built-in time clock and store photos, videos and documents in the system for easy access.
The Advanced plan adds the ability to create accurate estimates and provide full financial transparency. The Complete plan builds on the first two plans by centralizing complex processes and allowing businesses to have complete control of projects from beginning to end. For an additional $100 per month (or free with an annual plan), you also receive Buildertrend Boost, which includes a dedicated coach, strategic account manager, customized success plans and check-ins for business growth.
Who should use it:
This is best for contractors who want clients to have access to cost data and project management oversight.
Read more:
Check out our full BuilderTrend review.
- Cloud-based project management software
- Good customer relationship management (CRM) tool
- Employee tracking is useful
- Proposal building is counter-intuitive
- Can be glitchy and go down
Best for Project Drawing Integration
CMiC
Starting price
Not disclosed
Client tracking
No
Not disclosed
No
CMiC makes job costing flow seamlessly into the GL so that data is always where it needs to be easy for you to access. This accounting software breaks a project down into four components: revenue management, cost management, financial reporting and financial management.
The revenue management component manages owner contracts, invoicing, cash receipts and projections. The cost management component factors in labor and equipment costs along with needed materials and subcontractor bids.
The financial reporting segment takes the same data from revenue management and compiles reports instantly for quick review. Under the financial management segment, you can make intercompany entries and manage workflows and content management. It allows adjustments to be made easily and can provide month-end and year-end reporting quickly.
You’ll need to contact the company to get a quote.
Who should use it:
This is best for contractors who want to integrate an accounting and project management platform with construction drawing and output.
- Robust enterprise resource planning (ERP) system
- Easy to set up
- Quick data export
- Training docs were not helpful
- Annual support fees increase annually
Best for Customization
Procore
Starting price
Custom quotes
Client tracking
No
Custom quotes
No
Procore is not a one-size-fits-all product. As it touts on its website, “you wouldn’t place a bid without first understanding the full scope of work.” This is the same approach Procore takes to build the construction accounting software that meets your needs.
This cloud-based solution has a base of user interface (UI) customizations, custom workflows, search tools and collaboration features. The next function layer is the Procore analytics feature that works with the specialized app marketplace filled with third-party solutions that integrate with Procore. This might include using drone technology or a custom CRM solution.
While in the preconstruction phase of a project, you can perform prequalification of clients, do bid management and create comprehensive estimating. When in the project management segment, you can incorporate quality and safety standards, have design coordination and oversee the entire project. Resource management solutions include a labor chart and field productivity data.
Procore will conduct an interview to understand your business before quoting a price.
Who should use it:
This is best for contractors who need a fully customizable solution that meets their specific needs.
- Connects business partners
- Dynamic analytics feature
- Prequalify clients
- Difficult to invite team members
- Prequalifications doesn’t support all information needed
Best for Bid Management
RedTeam
Starting price
Not disclosed
Client tracking
No
Not disclosed
No
RedTeam is a company built out of a commercial construction firm, so it understands the needs of a construction company intimately. This is one reason it has received several industry awards, including Software Advice’s 2021 Front Runner award and making Capterra’s Shortlist.
Manage bids by requesting quotes from your database of vendors. Set the parameters and qualifications based on insurance requirements, location and experience. The platform manages the request through the documentation provided by vendors. You’re able to then compare vendors side-by-side to make the most educated decision.
Make project management easy with RedTeam. Get requests for information (RFIs) and track them within the platform. This helps make sure that information is current and that nothing is forgotten. Change orders are made easy where you can manage all the moving parts of the change order to keep everyone in the loop on new requests. It even allows you to invite owners to collaborate on change orders to fully understand what is required by them before you put resources to work.
You’ll need to contact RedTeam for a quote for pricing.
Who should use it:
This software platform is best for contractors seeking detailed bids from subcontractors and vendors to have the most comprehensive preproject data.
- Great for organizing paperwork
- Sophisticated financial tools
- Good customer service
- Can be glitchy
- Estimating and bidding tools can be better
Best for Value
QuickBooks for Construction
Starting price
$49.50 per month
($99 for the first three months during the current promotion)
Client tracking
No
$49.50 per month
($99 for the first three months during the current promotion)
No
QuickBooks for Construction comes in at the best value of all the options on our list. You can get the Plus plan for $49.50 per month for the first three months when it bumps up to $99 per month. The Advanced plan is available for $117.50 per month for the first three months before increasing to $235 per month.
Both plans allow you to track income and expenses, send invoices and accept payments and maximize your tax deductions with tagging features for expenses. The system also allows you to scan and organize receipts so that all project expenses are kept in one place. The reporting will enable you to track the profitability of each project so that you can stay ahead of costly mistakes.
The Advanced plan adds business analytics with Excel, the ability to manage employee expenses and the ability to batch invoices and expenses. The Advanced plan also has task automation, reducing the amount of time you spend on data entry. Get a dedicated account team to help you with problems and provide on-demand online training.
Learn more: Read our full QuickBooks for Construction review.
Who should use it:
This software is best for contractors looking for a robust solution at an affordable cost.
- Easy to track cash flow
- Straightforward implementation
- Reporting good for decision-making
- Limited support
- Fixing mistakes is complicated
Best for Real Estate Management
Sage 300 Construction and Real Estate
Not disclosed
No
Sage 300 Construction and Real Estate is designed for contractors and owners to be able to manage properties and projects effectively. When it comes to real estate management, the platform takes static information, such as lease contracts, and transforms them into dynamic information resources. This improves communication, opens up lease opportunities and can accommodate most real estate situations.
Regarding accounting, Safe 300 breaks tasks down into assignments and work orders. You can provide quotes from the operations portal. It also retains information about POs, time worked and equipment usage for specific sites.
Sage 300 is as comprehensive as it gets with prebuild reports; there are more than 1,400 to choose from. This means you can get any detailed report that you can think of with just a couple of clicks, helping you manage all the project costs.
You’ll need to contact Sage 300 to get a quote regarding its pricing.
Learn more: Read our full Sage 300 Construction and Real Estate review.
Who should use it:
This software is best for those who manage construction projects on real estate that they own or lease.
- Easy to use
- Quick item entry is convenient
- Monitors projects at all levels of completion
- Lacks robust reporting
- Not enough tools for large-scale business
Best for Managing Multiple Jobs
Deltek ComputerEase
Starting price
Not disclosed
Client tracking
No
Not disclosed
No
Deltek ComputerEase, formerly Construction Accounting by Computer Ease, is a software solution that tells you where each job stands in various ways. It can tell you what the real costs are versus the actual costs, the percentage of each job completed, cash flow and profitability.
Deltek ComputerEase understands that not every project works the same way. This is why it has flexible billion options, such as American Institute of Architects, time and materials and freeform billing. The software makes invoice routing easy and conveniently reconciles things with the GL when paid.
Users particularly like the customization of reports and how robust the GL is, offering details on every aspect of a transaction. You’ll be able to streamline payroll administration making sure everyone is paid timely and correctly.
You’ll need to contact this vendor to get a quote for pricing.
Who should use it:
This software is best for contractors who have multiple projects happening simultaneously.
- Abundance of built-in reports
- Provides good cost accounting
- Easy-to-use interface
- Poor customer support
Forbes Advisor Ratings
Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Best For | Starting price | Client tracking | Learn More CTA text | Learn more CTA below text | LEARN MORE |
---|---|---|---|---|---|---|---|---|---|
Jonas Premier | 4.9 | Best Overall | $249 per month | Yes | View More | ||||
CoConstruct | 4.6 | Best Overall (Runner-Up) | $399 per month | No | View More | ||||
Foundation | 4.3 | Best for Mobile Use | Not disclosed | No | View More | ||||
BuilderTREND | 4.3 | Best for Client Portal | $199 (for the first month) (Increases to $499 per month after that) | No | View More | ||||
CMiC | 4.2 | Best for Project Drawing Integration | Not disclosed | No | View More | ||||
Procore | 4.2 | Best for Customization | Custom quotes | No | View More | ||||
RedTeam | 4.2 | Best for Bid Management | Not disclosed | No | View More | ||||
QuickBooks for Construction | 4.1 | Best for Value | $49.50 per month ($99 for the first three months during the current promotion) | No | Learn More | On QuickBooks' Website | |||
Sage 300 Construction and Real Estate | 4.1 | Best for Real Estate | Not disclosed | No | Learn More | On Sage's Website | |||
Deltek ComputerEase | 3.9 | Best for Managing Multiple Jobs | Not disclosed | No | View More |
Methodology
To compare various construction accounting software platforms, we collected a proprietary set of data points to compare and contrast. This included looking at cost, the types and quality of features the software offered, third-party ratings and reviews and a combination of metrics put together by our staff of experts. We looked at a total of 22 different metrics across five separate categories to reach our conclusion. Here are some of the categories we used to rank the providers that made the top of the list.
Pricing
For pricing, we looked at the starting price for the software and whether the company was transparent with its pricing. Those offering transparent pricing fared better than those forcing you to provide data to get a custom quote. We also looked at the range of costs between the various pricing tiers that a provider offered and the value that those plans offered to users. Pricing accounted for 10% of our weighted scoring.
Features
After pricing, we looked at data in a general features category. This category looked at the most common features sought by construction contractors and defined which companies provided them. Those that had all features provided for contractors without additional fees fared better than those that required you to choose a higher subscription service to unlock them. This included features, such as offering quotes and estimates, job costing, PO management, budgeting, billing and invoicing and accounts payable (A/P).
From there, we took into consideration additional or unique features. Companies that had client tracking, software integrations and mobile apps performed better than those that didn’t. Features amounted to 55% of our total score.
Third-party Reviews
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. We turned to popular sites, including Trustpilot, G2 and Capterra, for these customer responses. We also weighted the number of responses, giving higher scores to providers that had at least 300 positive reviews to help reduce bias. These accounted for 5% of the total score.
Expert Analysis
Using a weighted scoring system that also took ease of use, stand-out features, popularity and value for the money based on actual user responses, our experts came up with their own analysis of each construction accounting software’s score. Altogether, these criteria make up 30% of the total score.
Learn how we rate and review accounting software.
Featured Partners
1
Xero
Special Offer: 75% off for 6 months
Yes
30 days
2
Sage Intacct
Yes
Yes
Yes
3
QuickBooks
$15 per month (for the first 3-months, then $30 per month)
30 days
Expert help, Invoicing, maximize tax deductions, track mileage
How To Choose Construction Accounting Software
When choosing a construction accounting software platform, there are three areas of consideration that you should consider. The first area is cost. You want a platform that fits your overall budget and provides as much value without needing to upgrade with other subscriptions or customized solutions.
Ease of use is the second thing to consider. Not only do you and your employees need to feel comfortable using the system but so do clients and subcontractors if you integrate them into the bidding and project management process. Look for a solution that has a simple dashboard that allows you to access everything from the general ledger to reports with a few clicks of the mouse.
Finally, you want to find a solution that you can customize if you have special reporting or processing needs. This may be relevant for larger companies that have multiple projects that they manage simultaneously and need to create comprehensive reports and cash flow data for stakeholders.
Benefits of Construction Accounting Software
Construction accounting software can save you time and help keep you organized when managing your building projects. By integrating preconstruction parameters, such as bidding and cost building, contractors can quickly move a project from the prework phase into the project management and building phases. Construction software becomes a one-stop platform for everything from prices to contracts and compliance. This helps ensure that nothing slips through the cracks in the construction process.
Frequently Asked Questions (FAQs)
Which method of accounting is best for a construction company?
Construction companies should use a percentage-of-completion method that recognizes both revenue and expenses as they are accumulated over time. It aligns with the project completion ratio and most lenders or guarantors require this.
How do you do construction accounting?
Construction accounting places a lot of focus on accurate job estimating and costing. It uses a cash basis accounting and construction contractors should consult with a tax advisor to get the best tax strategy for their business.
How do you record construction expenses?
You record expenses in the general ledger. To record a construction cost, debit the construction in the process column and credit the cash column.
How does accounting software improve productivity?
Accounting software can improve productivity by automating time-consuming tasks, such as invoicing and tracking payments. This frees up time so that you can focus on running your business. Plus, the software can help keep your books in compliance, which can save you time and money in the end.
Is construction accounting software secure?
Today’s leading construction accounting platforms offer standard security features including data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe.
Next Up in Accounting
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Kimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.
With over a decade of editorial experience, Rob Watts breaks down complex topics for small businesses that want to grow and succeed. His work has been featured in outlets such as Keypoint Intelligence, FitSmallBusiness and PCMag.