Keeping a tight grip on finances is critical for success, but it's tough in construction.
Here is your list of the 12 top accounting software tools for your company:
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.
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.
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.
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.
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).
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.
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.
"Better internal and external communication, budgeting, accounting, and finance control. User-friendly software which Increased our productivity." Kat P.
"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.
Yes, Archdesk has all kind of tools to operate in the UK construction maket. Our software:
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.
Payments & Banking
Job Cost Estimations
Cashflow management & Invoicing
“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:
Cons:
Yes, The Sage Group Plc. is UK-based.
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.
Invoice customization
Custom reporting
User, role, and access management
“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.
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
Yes, it does. While the company is US-based (California), it also provides solutions for the UK.
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.
Pulls your tracked time onto your invoice
Proposal generation
Activity dashboard
“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.
Pros:
Customisable branding
Good option for small companies
Cons:
The electronic payment option only works with certain banks
Not suitable for large companies
Yes, it does. However, users have complained about it not working with certain banks so that may need to be assessed.
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.
Expense management
Wage garnishment
Compliance management
“Easy enough to implement, good product - main complaint is the bank reconciliation process.” Dawid D.
Pros:
Easily integrates with Archdesk
Minimum learning curve
Cons:
Limited tracking categories
Limited report functionality
Yes, it does. The company recently launched Xero Go, a new mobile app developed for sole traders in the UK.
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.
Bid, change order and purchase order management
Incident reporting
RFI and submittals
“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.
Pros:
Easy data management
Project managers can keep track of job progress
Cons:
Requires extensive training
Data migration can be challenging
Yes, the company is UK-based.
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.
Budget tracking/job costing
Subcontractor management
Change order management
“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.
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
Yes, this construction accounting software works in the UK, the US, Canada, Australia, Malaysia, and Singapore.
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.
Employee management
Time and expense tracking
Scheduling feature
“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.
Pros:
Good CRM and client communication features
Cloud-based solution
Cons:
Lack of specific third-party integrations
Outdated user interface
Yes, but the company is US-based, so management tools might be more adapted to that market.
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.
Historical database
Sales pipeline management
Budgeting/forecasting
“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.
Pros:
Great onboarding
Good customer support
Cons:
Steep learning curve- the amount of features might be overwhelming
Limited customization
Yes, but Procore is a US-based construction software, so the solutions might be more suitable for the US market.
Here is a list of the best 13 alternatives to Procore in 2023.
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.
Cost-to-completion tracking
Purchase order management
Reporting/project tracking
“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.
Pros:
Easy-to-use interface
Good customer support
Cons:
Errors and calculation inconsistencies
Some features still aren’t entirely developed
Yes, but Jonas Premier is a Canada-based construction software, so the solutions might be more suitable for the Canadian market.
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.
Timesheet management
Equipment tracking
Subcontractor management
“There is not necessarily anything spectacular or that makes this program better than similar programs.”Erica W.
Pros:
Good for document management
Offer a practice database
Cons:
Limited reporting
Steep learning curve
Foundation is US based, so some accounting processes might be more adapted to the US market.
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.
Contractor management
Change order management
RFI and submittals
"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.
Pros:
Customization options
Good document management and data storage features
Cons:
Accounting features are very basic
Steep learning curve
Buildertrend is US based, so some accounting processes might be more adapted to the US market.
Here is a list of the best 11 alternatives to Buildertrend in 2023.
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 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.
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.
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.
There are some golden rules that SMEs can follow to keep their accounting books successful.
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 2023.
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.
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.
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