- 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
Updated: 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.
- 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
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.
Forbes Advisor Ratings
Company | Forbes Advisor Rating | Best For | Starting price | Client tracking | 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.
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.