21 November 2022 6 min read

The 12 Best Construction Accounting Software Tools in 2022

 

Is your accounting difficult, complicated, and time-consuming?

It doesn't have to be.

See Financial Management in Archdesk

According to Gartner, 86% of respondents to a 2021 Board of Directors survey said rapid digital transformation is now a key priority.

Keeping a tight grip on finances is critical for the success of any construction business.

Here is your list of the 12 top accounting software tools for your company:

1. Archdesk

View on Archdesk construction management software displayed on laptop and mobile phone

  • Are you having problems with cost control in your business?
  • Does a new budget slip from your hands every time, and you have no idea how much money is spent?
  • Are rising inflation and growing materials' prices seriously threatening your company's stability?

These are challenges that Archdesk can help you with.

Archdesk is a business management platform that provides solutions for construction-specific challenges. It provides a project perspective to your financial management, giving you different tools to manage your costs/profits and ensure long-term financial stability. 

Moreover, all construction data are gathered in one place and updated in real time. Thanks to that, you can always make crucial decisions, safe for your finances.

Among different tools for financial management, Archdesk provides:

  • Construction Budgeting

There’s a thin line between your project being a success or a financial fiasco. Use Archdesk to plan your project right from the start. Forecast project costs, approve contracts, and create a detailed budget to maximise profits.

  • Construction Project Finance

Do you manage your finances in complex, hard-to-read spreadsheets? Solve the burden with Archdesk financial dashboard. Check your project's health anytime, and from anywhere you need. No more financial decisions made blindly.

  • Construction Estimating & Quotation

Make use of Archdesk customisation possibilities and create more accurate estimations faster. Ensure high profits from your business by taking care of your profit margin from the start.

  • Construction Invoicing

Archdesk can help you automate and make the invoicing much faster. Also, it gives you tools to control the whole process (with detailed dashboards, status changes, and integration with other accounting systems).

  • Construction Valuations

Control and manage your cash flows from one single source of truth. Store all financial data with quotes, payables, paid and due payments- take care of your company's financial health from start to finish.

  • Construction Procurement

Organised procurement is nowadays a key to proper and economic resource management. With Archdesk, you can obtain absolute control over your purchase orders. See all vendors' data with delivery dates and streamline communication with external suppliers.

What do people think about construction accounting with Archdesk? 

"Better internal and external communication, budgeting, accounting, and finance control. User-friendly software which Increased our productivity." Kat P.

Capterra Review

"We had a problem with managing our project and keeping track of financials. This system was literally the exact thing we needed. Love the customizable processes." Joseph N.

Capterra Review

Does Archdesk have the accounting tools to work in the UK construction industry?

Yes, Archdesk has all kind of tools to operate in the UK construction maket. Our software:

  • has the Cost Codes (GL Codes) adapted to the UK market
  • calculates Retention
  • can calculate CIS decution and include that on the invoice
  • can include Domestic VAT Reverse Charges on invoices 


I want to see Archdesk

 

2.Sage 50

Image of a financial balance sheet in Sage50 Accounting system

Sage50 is a cloud-based accounting solution for small and medium-sized companies. It assists in increasing revenue, decreasing costs, and boosting profitability. To obtain that, it helps in basic financial processes such as invoicing, payments & banking, job costing, or payroll.

What you get with Sage 50:

  • Payments & Banking

  • Job Cost Estimations

  • Cashflow management & Invoicing

What do people think about construction estimating with Sage 50?

“I found this accounting software to be very useful mainly to small and medium size companies and to a limited extent, to some large companies. It performs all the basic accounting functions …” Prof Cephas P.
Capterra Review

Pros:

  • Seamlessly integrates with Archdesk
  • Suitable software for basic accounting activities

Cons:

  • For larger companies, software solutions might not be sufficient 
  • Poor customer support, according to users

Does Sage50 have the accounting tools to work in the UK construction industry?

Yes, The Sage Group Plc. is UK-based.

 

3. QuickBooks Desktop Enterprises

QuickBooks-Desktop-Enterprises-accounting-software

QuickBooks Desktop Enterprises, an Intuit product, is tremendous cloud-based accounting software for construction companies. The software offers user-friendly tools for streamlining critical processes such as job costing, invoicing, tax filing, and reporting.

It allows for quick and accurate job cost management. You can easily monitor labour costs with a detailed breakdown of the total hourly cost rate, which includes hourly wage, employee tax, and overhead cost per employee.

What you get with QuickBooks Desktop Enterprises:

  • Invoice customization

  • Custom reporting

  • User, role, and access management

What do people think about construction estimating with QuickBooks Desktop Enterprises?

Quickbooks has helped me keep track of my account books in one place, therefore, reducing confusion. The price has been increasing throughout the years. Less automated as compared to the online version which takes more time.””Belasco S.

g2 Review

Pros:

  • Easily integrates with Archdesk

  • Offers more than just accounting; it also helps with estimating and project management

Cons:

  • Can be challenging to learn for new users

  • Can get expensive for a large organization

Does QuickBooks Desktop Enterprises have the accounting tools to work in the UK construction industry?

Yes, it does. While the company is US-based (California), it also provides solutions for the UK.

 

4.FreshBooks

freshbooks-online-accounting-invoicing-software

FreshBooks is a time-saving and professional-looking online accounting and invoicing service. It offers a robust set of core functionalities for the construction industry, including accounting, time tracking, invoicing, and reporting.

What you get with FreshBooks:

  • Pulls your tracked time onto your invoice

  • Proposal generation

  • Activity dashboard

What do people think about construction estimating with FreshBooks?

“The platform is quite complicated and also it is difficult to integrate with other CRM software like Salesforce. Also, it is a bit more expensive than other invoicing software.”Arno D.

g2 Review

Pros:

  • Customisable branding

  • Good option for small companies

Cons:

  • The electronic payment option only works with certain banks

  • Not suitable for large companies

Does FreshBooks have the accounting tools to work in the UK construction industry?

Yes, it does. However, users have complained about it not working with certain banks so that may need to be assessed.

 

5. Xero

Xero-construction-accounting-software-tools

Xero is cloud-based accounting software for small businesses that offers tools for managing invoicing, bank reconciliation, inventory, purchasing, expenses, bookkeeping, and more.

It's a good construction accounting software for managing employees' pay runs and timesheets. Employees can enter timesheets, request leave, and submit expense claims via a web browser reducing time spent on administration.

What do you get with Xero:

  • Expense management

  • Wage garnishment

  • Compliance management

What do people think about construction estimating with Xero?

“Easy enough to implement, good product - main complaint is the bank reconciliation process.” Dawid D.

Capterra Review

Pros:

  • Easily integrates with Archdesk

  • Minimum learning curve

Cons:

  • Limited tracking categories

  • Limited report functionality

Does Xero have the accounting tools to work in the UK construction industry?

Yes, it does. The company recently launched Xero Go, a new mobile app developed for sole traders in the UK.

 

6. COINS Construction Cloud

coins-construction-cloud-accounting-tool

COINS Construction Cloud is an ERP system that connects business processes, teams, and devices on a single platform. The software covers construction-specific features such as project delivery, finance and operations, time management, supply chain management, and service management.

What do you get with COINS Construction Cloud:

  • Bid, change order and purchase order management

  • Incident reporting

  • RFI and submittals

What do people think about construction estimating with COINS Construction Cloud?

“It's not very intuitive, and I think this is down to there being so much that you can do with it. Users will require extensive training to really get the best out of COINS.”Nick L.

g2 Review

Pros:

  • Easy data management

  • Project managers can keep track of job progress

Cons:

  • Requires extensive training

  • Data migration can be challenging

Does COINS Construction Cloud have the accounting tools to work in the UK construction industry?

Yes, the company is UK-based.

 

7. Viewpoint Spectrum

viewpoint-spectrum-for-construction-companies

Viewpoint Spectrum is a web-based construction ERP integrated with Trimble Construction One. Spectrum provides features for accounting, project management, equipment, and materials management, to mobile service work order management, inventory, and reporting, making it a good option for construction accounting software.

What you get with Viewpoint Spectrum:

  • Budget tracking/job costing

  • Subcontractor management

  • Change order management

What do people think about construction management with Viewpoint Spectrum?

“The import data feature utilising Excel is a really good system. It does what an ERP system should do, so it gets the job done; not the most efficient, but it works.”Les P.

Capterra Review

Pros:

  • Exclusive to the construction industry

  • Easy to find costing information

Cons:

  • The invoicing feature tends to glitch

  • The cost projection entry screen is a bit outdated

Does Viewpoint Spectrum have the tools to work in the UK construction industry?

Yes, this construction accounting software works in the UK, the US, Canada, Australia, Malaysia, and Singapore.

 

8. CoConstruct

coconstruct-construction-management-accounting-tools

CoConstruct is a popular custom home building and remodelling software. Enter your measurements and formulas once, and the information will flow through the estimate, specs, selections, bids, proposals, change orders, and budgets, including to and from QuickBooks.

What you get with CoConstruct:

  • Employee management

  • Time and expense tracking

  • Scheduling feature

What do people think about construction management with CoConstruct

“Overall I am happy with the software. It takes a long time to populate everything and it takes a lot of time to learn how to use all of the tools, and it is REALLY expensive . . . but, it can be a very good tool that saves a lot of money through more efficient RFP process and scheduling.” Rebecca S.

Capterra Review

Pros:

  • Good CRM and client communication features

  • Cloud-based solution

Cons:

  • Lack of specific third-party integrations

  • Outdated user interface

Does CoConstruct have the tools to work in the UK construction industry?

Yes, but the company is US-based, so management tools might be more adapted to that market.

 

9. Procore

procore-online-construction-estimating-accounting-software-tool

Procore is a construction management software that provides tools for different construction activities.It includes all of the standard construction software functions, such as project planning and task tracking, as well as web-based document management and digital photo storage.

What you get with Procore:

  • Historical database

  • Sales pipeline management

  • Budgeting/forecasting

What do people think about construction accounting with Procore?

“So far, my overall experience with Procore has been positive. I am the main Procore Company Administrator here, and I've been learning the program mostly on a live project, so that part has been stressful, but that is the nature of the beast at times.”Joseph C.

Capterra Review

Pros:

  • Great onboarding

  • Good customer support

Cons:

  • Steep learning curve- the amount of features might be overwhelming

  • Limited customization

Does Procore have the accounting tools to work in the UK construction industry?

Yes, but Procore is a US-based construction software, so the solutions might be more suitable for the US market.

 

10. Jonas Premier

jonas-premier-construction-accounting-software

Premier is an all-in-one accounting, job costing, project management, and document management system.

The software designed for general contractors, construction management, land developers, home builders, and speciality contractors has assisted project managers in obtaining accurate and reliable job costing to make good decisions.

What do you get with Jonas Premier:

  • Cost-to-completion tracking

  • Purchase order management

  • Reporting/project tracking

What do people think about construction accounting with Jonas Premier?

“We had a very difficult startup and implementation period. Our recommendation would be to someone looking into the software - Once you go through the group training, there should be one on one training to custom the software to the individual organization's needs.”Tricia R.

Capterra Review

Pros:

  • Easy-to-use interface

  • Good customer support

Cons:

  • Errors and calculation inconsistencies

  • Some features still aren’t entirely developed

Does Jonas Premier have the accounting tools to work in the UK construction industry?

Yes, but Jonas Premier is a Canada-based construction software, so the solutions might be more suitable for the Canadian market.

 

11. Foundation Software

foundation-construction-accounting-software

Foundation is a construction accounting software that allows businesses to track financial statements and manage job costing operations.

Project Managers can use the platform to track change orders and inventories, receive alerts for expired insurance certificates and share purchase orders (POs) that use multiple jobs and cost codes. It includes auditing, cash flow management, reporting, billing, budgeting, project management, and other features.

What do you get with Foundation:

  • Timesheet management

  • Equipment tracking

  • Subcontractor management

What do people think about construction accounting with Foundation?

“There is not necessarily anything spectacular or that makes this program better than similar programs.”Erica W.

g2 Review

Pros:

  • Good for document management

  • Offer a practice database

Cons:

  • Limited reporting

  • Steep learning curve

Does Foundation have the accounting tools to work in the UK construction industry?

Foundation is US based, so some accounting processes might be more adapted to the US market.

 

12. BuilderTrend

buildertrend-construction-accounting-software

Buildertrend is a construction project management software that offers accounting features. However, they aren't famous for their accounting capabilities.

Home builders, remodelers, and speciality contractors will benefit the most from the software solutions. Buildertrend can help you with your sales, communication, project delivery, and financial management.

What do you get with BuilderTrend:

  • Contractor management

  • Change order management

  • RFI and submittals

What do people think about construction accounting with BuilderTrend?

"For a single person that handles all day to day operations for a company and trying to learn a new software is a challenge."Cord F.

Capterra Review

Pros:

  • Customization options

  • Good document management and data storage features

Cons:

  • Accounting features are very basic

  • Steep learning curve

Does BuilderTrend have the accounting tools to work in the UK construction industry?

Buildertrend is US based, so some accounting processes might be more adapted to the US market.

 

Frequently Asked Questions

What is Construction Accounting Software?

Construction accounting software helps manage finances and ensure the long-term profitability of construction companies. It provides job costing, bidding, financial reporting, and invoicing features. Construction accounting software is designed to meet all of a construction company's general accounting needs.

The best construction accounting software makes it simple for businesses to track their accounts and expenses, prepare for tax season, and keep track of their financials. It is a more cost-effective alternative to hiring a large firm to manage taxes and payroll for many small businesses.

Is Microsoft Excel an accounting software?

No, Microsoft Excel supports accounting processes like budgeting, cost control, or financial reports preparation. It can integrate with accounting systems, allowing the export and import of financial data. Yet, it cannot replace accounting software that offers integrated, complex, and advanced financial tools.

Is Excel outdated?

Excel is not an obsolete technology. However, keeping all your accounting processes in Excel might not be a good strategy as business processes nowadays are much more complex and interlinked. Updating all files or analysing hard-to-read spreadsheets might cost you extra time, energy, and money.

How do small business maintain books of accounts?

There are some golden rules that SMEs can follow to keep their accounting books successful. 

  1. Create a separate bank account for your business
  2. Keep your financial documentation organisied 
  3. Make sure that financial documents sent to your clients look professional and consistent
  4. Keep track of expenses daily in order not to lose cash flow liquidity
  5. Set a straightforward internal process for invoice creation to cut waiting for a payment to a minimum
  6. Consider investing in an accounting system to take care of your business's financial health and cut unnecessary expenses 

Which software is best for finance?

There are many great software tools for managing finances. See all of them in our article about the best construction financial management software tools in 2022.

Can US tech do the same as UK accounting software for construction?

When it comes to software technology, we live in a globalised world without any barriers. But, it's not 100% true for accounting systems. In the USA, companies must follow a series of Generally Accepted Accounting Principles (GAAP), while in the UK, it's International Financial Reporting Standards (IFRS).

Companies in these markets must follow different regulations, tax levels, and processes. That's why, if you're considering investing in accounting software, choose the one adapted to your market.

The only exception is a highly configurable platform, like Archdesk, that can fully adapt to the way you work.

 

Get the best construction accounting software on the market

Before choosing construction accounting software, ensure you've identified your company's needs and the features you'd need to solve them. A clear picture will help you invest in the best solution for your construction company.

Want to see how much easier accounting can be?
Book your quick demo here.

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2022-12-05 14:25:05