The Best Construction Financial Management Software and Tools in 2023

Are you looking for digital tools to support your financial management?

Many companies use technology to support their construction management. No wonder. Digital tools can support you in organising construction data, shorten project delivery and save you from repeatable tasks.

To choose right, we've prepared today the review of the best construction financial management software and tools. Discover how they can help your business.

What is construction financial management software?

Construction financial management software is a system that offers solutions to manage a construction company's income, costs and financial assets.

The main aim of the software is to gather, organise and manage financial data. Thanks to that, a user can always make decisions based on a full view of the company's financial health.

The Importance of Construction Financial Management Software

Financial management in construction is much different from those in other industries. To name a few reasons:

• Standard accounting systems can’t handle construction financial processes

• Each construction project requires a separate estimation

• Construction payable is much more complex

Also, construction managers must consider many more aspects than just those related strictly to financial processes. For example, productivity, time management, or automation are just as important.

That’s why a good construction financial management software shouldn’t focus only on financial matters. Instead, it should treat your company as a whole, providing solutions on both: the project and business level.

See the 15 best software and tools for construction management in 2023

Archdesk: The Best Construction Financial Management Software

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

Our platform can help you deliver projects on time and within the budget while, at the same time, giving you a complete overview of the company’s assets and its financial health.

You can control your project execution and manage your financial assets thanks to complete and trustworthy data. They are visible in easy-to-read dashboards and show your financial situation in real-time.

Also, you don’t have to fear data loss or manual errors as Archdesk integrates with the most popular accounting systems (like Xero or Sage50).

See the 9 best construction RFI software and tools in 2023

Archdesk has every feature you need for construction financial management

While many systems offer standardised solutions that often can't address construction-specific challenges, Archdesk is highly customisable. The platform can adapt to your company's structure and provide solutions designed for your current needs:

• Construction Invoicing
  Probably, few people enjoy dealing with invoices. If you’re not one of them, our software can save you from spending your whole day on it.
  
  Use the Archdesk Invoicing module to spend less time on data entry, thanks to the automation of the process. Data flows seamlessly in the software (and to the integrated accounting system), so you don’t have to worry about data loss or mistakes.
  
  All existing invoices are visible in a dashboard so that you can quickly check and plan your cash flow management. Gain better financial stability by working smarter, not harder.
  Read more about Construction Invoicing
  

• Construction Valuations
  Financial reporting might be a challenge. But you don’t have to worry about losing money if you manage your data correctly.
  
  Archdesk stores all financial data, with existing quotes, payables, paid and due payments. Thanks to that, you can plan cash flows without risking your company’s financial stability.
  
  Also, if you need to send a report to an external client, you can export it from Archdesk within a few clicks. Saved time with less effort - it's possible.
  Read more about Construction Valuations
  

• Construction Project Finance
  Financial data accumulated in many hard-to-understand spreadsheets? It’s a real burden in construction project management.
  
  You can solve that problem by monitoring your project’s health on Archdesk Financial Dashboard. You can check project costs, budget execution and the invoice level with a few clicks.
  
  Archdesk gives you tools to manage construction project finance from start to finish. All in one platform. See project costs in real-time and react fast to any change in the project. Sounds easy? With a proper tool, it is.
  Read more about Construction Project Finance
  

• Construction Budgeting
  There’s a thin line between your project being a financial success or a complete fiasco. This line is proper planning. Poorly planned project budget results in unexpected costs, exceeded budget and smaller income.
  
  That’s why you should take care of your project budget right from the start. Use Archdesk to forecast project costs, approve contracts and create a detailed budget.
  
  But that’s not the end. Use a real-time view of your budget execution to ensure project profitability.
  Read more about Construction Budgeting
  

• Construction Procurement
  If you're managing a construction company, you must feel the consequences of the material cost crisis. Prices went up even 19,2% year-to-year.
  
  In such a reality, responsible and organised procurement became an indispensable aspect of construction financial management.
  
  Use Archdesk to gain complete visibility over your company's purchase orders. See all the vendors' data with estimated and actual delivery dates. Also, contact suppliers directly from the software, which shortens and clarifies the whole process.
  Read more about Construction Procurement
  

• Construction Estimating & Quotation
  What’s unique about construction is that the same project from a portfolio can cost each time differently. So as not to lose on too low margins, consider estimation with Archdesk.
  
  Our software can customise to your company’s structure and current needs. It means more accurate estimation, resulting in higher profits for your business.
  
  There are many construction financial management tools on the market. But, the key is to invest in one that can understand and support your processes.
  Read more about Construction Estimating & Quotation
  

Discover more: Financial Management with Archdesk: Gain Control on The Project And Company Level!

Xero: The Best Tool to Support Your Construction Financial Management Software

Xero is accounting software that offers tools for tracking and paying bills on time, financial reporting, and seamless connections with bank accounts.

Xero will be a good choice for accountants, bookkeepers and small businesses. Also, its solutions benefit those who deal with invoices, payments or financial documentation.

It's important to know that Xero operates according to standard accounting principles. It's not adjusted to solve the financial issues unique to the construction industry. If you're considering Xero, check out its possible integration with construction management software.

Xero Pricing Plan

Want to see how simple construction financial management can be? Book a quick demo to find out.

I want to simplify my processes

The 7 Best Tools to Support Your Construction Financial Management

For construction financial management to work swiftly and effectively, you might need more than just financial software.

Below we gathered the best tools to help you perform your job better and save you from manual, repetitive tasks - giving you time for financial activities that matter.

• Zapier to automate your way to extra time
  Dealing with budget estimation or invoicing is time-consuming. That's why you should automate tasks that don't require your focus, like sending emails, creating documents or notifying your team.
  
  Zapier is an application that can build workflows and automation between the tools you use, saving your time and energy.
  
  Quarry Hill Advisors created three simple automations in Zapier, and they already feel the difference. They can use some extra hours and money saved every single week for developing their financial progress.
  
  
  

  Zapier Pricing Plan

• Copy.ai to streamline your writing process Construction Financial Management is not only about numbers. After all, everybody needs to write emails or reports, right?
  
  Copy.ai is a tool that can generate any piece of content, from a quick email to an intriguing blog post, within a few minutes. You introduce the basic info and the unique content generates itself.
  
  In today’s construction reality, you need eye-catching pages and engaging content to win a client. Copy.ai might be good support for that.
  
  

  Copy.ai Pricing Plan

• Slack to manage communication
  Did you know that over 50% of project budget risk results from ineffective and improper communication?
  
  If you struggle to deliver projects within the budget, consider investing in a communication tool like Slack.
  
  BMarko, the modular construction company, used Slack to manage the whole logistic process of container delivery. Fast and effective communication was crucial as the company operated at the beginning of the pandemic. Also, they onboarded 80 workers in three days, which, as they say, wouldn't be possible without Slack.
  
  

  Slack pricing plan

• Clockwise to optimise your calendars
  Imagine your typical day at work. You finally found time to prepare a financial report and get down to the old pile of invoices. Suddenly, an unplanned meeting pops up in your calendar. It’s obligatory, so you end up frustrated, as the pile of invoices is only getting bigger.
  
  If your day looks like this, you should consider a calendar solution, like Clockwise. The system turns your work preferences into the schedule, creating slots for meetings and blocks of focus time.
  
  Even 84% of managers admit that Clockwise helps them better manage their time, so why not give it a try?
  
  
  

  Clockwise pricing plan

Related content: See the top 15 tools for construction scheduling here.

• Toggl track to manage your time
  Do you sometimes feel that time is running extremely fast? You go to work, and after 8 hours, you feel you haven’t done anything yet?
  
  With Toggl Track, you can overcome this feeling. This online app tracks how much time you spend on your tasks under specific projects. You can then compare data and finally, understand where your time goes.
  
  You can use Toggl for billing as well. Introduce the tool for your employees' time management. Use data-driven insights and finally, feel safe about your financial reporting.
  
  Read more: Construction Project Management: A Guide to Financial Reporting
  
  
  

  Toggl Track Pricing Plan

• Lastpass to stay secure
  One short password to log in everywhere puts you at risk of data breaches. At the same time, long and complicated passwords to each account aren't a good solution either.
  
  LastPass comes as a saver. The tool improves your data security with no loss of fast and hassle-free log-in.
  
  Lackpass can increase the security inside your team as well. If you’re not the only person responsible for financial management in your company, you can share passwords and manage access from the app.
  
  

  LastPass Pricing Plan

Conclusion

As you can see, there’s a great variety of tools that you can use for construction financial management. Before you make a final decision, consider:

• If the software can cover financial challenges specific to the industry

• If the software can customise solutions to your company’s current needs

• Possible integrations with other tools you’re using

• Other systems not strictly related to financial management that could save you from manual and time-consuming work

And if you want to learn more about Archdesk’s solutions, not only for financial management, schedule a quick call with us.

I want to discover solutions