02 January 2023 6 min read

The 12 Best Construction Accounting Software Tools in 2023

 

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  • 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 a proper accounting solution can help you with.

We've prepared a list of the 12 top accounting software tools. Check them out and pick the best for your company.

Best Construction Accounting Software and Tools in 2023

Scroll down halfway for a deep dive into each software with Capterra and G2 ratings and pricing information.

1. Archdesk

Archdesk's website hero section

Archdesk Overview

Archdesk is a business management platform that provides all necessary solutions for construction-specific challenges.

With Archdesk, you can create precise budget plans and estimations with a safe profit margin from the start.

You can check your projects' real-time progress and financial health with current cost levels as all data is gathered in one platform available anytime and from any device.

Also, the system supports and automates invoicing and procurement processes, which allows you to work faster with maximum efficiency.

However, Archdesk doesn’t focus only on the project perspective. You can also use it to manage your company’s situation and ensure long-term financial stability.

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

Finally, Archdesk has all kind of tools to operate in the UK construction maket. The system has the Cost Codes (GL Codes) adapted to the UK market, calculates Retention, CIS decution and includes Domestic VAT Reverse Charges on invoices. 

Capterra Rating: 4.8/5

G2 Rating: 4.3/5

Archdesk Pricing

Archdesk Packages Pricing

"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

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2.Sage 50

sage50 value proposition

Sage50 Overview

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. The system also supports cash flow management and invoicing.

The software helps mainly in financial activities but can integrate with tools dedicated to project management and operations.

Sage50 is suitable for UK construction companies, as Sage Group Plc. is UK-based.

Capterra Rating: 3.8/5

G2 Rating: 3.8/5

Sage50 Pricing

sage50 pricing

“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

 

3. QuickBooks Desktop Enterprises

quickbooks enterprise value proposition

QuickBooks Desktop Enterprise Overview

QuickBooks Desktop Enterprises is tremendous cloud-based accounting software for construction companies.

The software offers customised tools for streamlining critical processes such as job costing, invoicing, tax filing, and reporting.

The system also helps in quick and accurate job cost management. The user can monitor labour costs with a detailed breakdown of the total hourly cost rate, which includes hourly wage, employee tax, and overhead cost per employee.

QuickBooks Desktop Enterprises is US-based (California) but also provides solutions for the UK.

Capterra Rating: 4.5/5

G2 Rating: 4.2/5

QuickBooks Desktop Enterprise Pricing

quickbooks enerprise pricing

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

 

4.FreshBooks

freshbooks value proposition

FreshBooks Overview

Another option to manage your accounting is Freshbooks. It’s a time-saving and professional-looking online accounting and invoicing service.

The system offers a robust set of core functionalities for the construction industry, including accounting, time tracking, invoicing, and reporting.

Freshbooks work for the UK construction industry, but some users have complained about it not working with certain banks, so that may need to be assessed.

Capterra Rating: 4.5/5

G2 Rating: 4.5/5

FreshBooks Pricing

freshbooks pricing

“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

 

5. Xero

Xero Value Proposition

Xero Overview

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.

Xero is adapted to the UK construction industry. The company recently launched Xero Go, a new mobile app developed for sole traders in the UK.

Capterra Rating: 4.4/5

G2 Rating: 4.4/5

Xero Pricing

Xero pricing

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

Capterra Review

 

6. COINS Construction Cloud

COINS Construction Cloud value proposition

COINS Construction Cloud Overview

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.

The company claims to reduce risks, save time and increase visibility thanks to tools adapted to the construction reality.

The company is UK-based, so its solutions are adapted to the UK construction industry requirements.

Capterra Rating: 4.4/5

G2 Rating: 3.6/5

COINS Construction Cloud Pricing

Pricing Unavailable

“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

 

7. Viewpoint Spectrum

Viewpoint Value Proposition

Viewpoint Spectrum Overview

Viewpoint Spectrum is a web-based construction ERP integrated with Trimble Construction One.

Spectrum provides features for accounting, project, equipment, and materials management. Also, it supports order management, inventory, and reporting.

All solutions are adapted to the construction industry, which allows users to benefit from tools suited to their processes.

Viewpoint Spectrum is available in the UK, the US, Canada, Australia, Malaysia, and Singapore markets.

Capterra Rating: 4.0/5

G2 Rating: 4.1/5

Viewpoint Spectrum Pricing

Viewpoint Spectrum asks you for some information and promises a call back with a quote

Pricing Unavailable

“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

 

8. CoConstruct

CoConstruct Value Proposition

CoConstruct Overview

CoConstruct is a popular custom home building and remodeling software. The system provides scheduling, employee management, and time and expense tracking solutions.

Regarding financial tools, CoConstrust offers budgeting tools, customer interaction, and activity planning. The system integrates as well with other accounting systems.

The user has to enter the measurements and formulas only once, and the information will flow through the estimate, specs, selections, bids, proposals, change orders, and budgets.

The company is US-based, so financial management tools might be more adapted to that market.

Capterra Rating: 4.7/5

G2 Rating: 4.0/5

CoConstruct Pricing

CoConstruct Pricing

“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

 

9. Procore

Procore Value Proposition

Procore Overview

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.

The system gathers data and provides an up-to-date view of the project situation, which connects departments with a streamlined information flow.

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

Here is a list of the best 13 alternatives to Procore in 2023.

Capterra Rating: 4.3/5

G2 Rating: 4.2/5

Procore Pricing

Procore asks you for some information and promises a call back with a quote

Pricing Unavailable

“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

 

10. Jonas Premier

Jonas Premier value proposition

Jonas Premier Overview

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

The software is designed primarily for general contractors, construction management, land developers, home builders, specialty contractors, and project managers.

It supports cost-to-completion tracking and job costing, which helps in sound, data-based financial decisions.

Jonas Premier is a Canada-based construction software, so the financial solutions might suit the Canadian market more.

Capterra Rating: 4.6/5

G2 Rating: 4.7/5

Jonas Premier Pricing

jonas premier pricing

“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

 

11. Foundation Software

Foundation Value Proposition

Foundation Overview

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.

Other Foundation solutions include auditing, cash flow management, reporting, billing, budgeting, and project management.

Software’s accounting tools might be less adapted to the UK construction industry requirements, as the company is US-based.

Capterra Rating: 4.2/5

G2 Rating: 3.6/5

Foundation Pricing

Pricing Unavailable

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

g2 Review

 

12. BuilderTrend

Buildertrend Value Proposition

Buildertrend Overview

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

Buildertrend supports sales, communication, project delivery, and financial management. Also, it provides data management features to minimise errors, elevate processes, and streamline projects.

The software is dedicated to home builders, remodelers, and specialty contractors.

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

Here is a list of the best 11 alternatives to Buildertrend in 2023.

Capterra Rating: 4.5/5

G2 Rating: 4.3/5

Buildertrend Pricing

Buildertrend pricing

"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

 

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 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 businesses 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 2023.

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.

Non-negotiable features of a construction accounting software

There are some features that your future system should have. However, consider your company's size and existing technology stack before choosing.

Construction Budgeting

There's a thin line between your project being a success or a financial fiasco. Your future accounting system should help you 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? A proper software solution will solve the burden, enabling you to check your project's health anytime and from anywhere you need. No more financial decisions made blindly.

Construction Estimating & Quotation

Make sure your future accounting system can customise to your needs. Thanks to that, you'll be able to get the most out of the estimating & quotation process, as it will be fully adapted to your company's operations.

Construction Invoicing

The right system will help you automate and make the invoicing much faster. Also, it will give you tools to control the whole process (with detailed dashboards, status changes, and integration with other accounting systems).

Construction Valuations

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

Construction Procurement

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

 

Get the best construction accounting software on the market

"Proper cost management was essential to the success of our construction projects.

To manage costs effectively, we were required to set a budget at the outset of each project and stick to it as closely as possible.

This meant keeping track of all costs associated with the project, from labour and materials to equipment and subcontractors."

Troy Watson, Founder of Rock Dell Digital

 

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?

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2024-05-18 09:15:28