A good bookkeeping practice is essential to managing your construction projects' finances.
Bookkeeping is an accounting practice that involves the meticulous recording of financing transactions. It is the systematic arrangement or organization of business transactions during a business operation.
As such, various software has been created for the purpose of accounting and bookkeeping. These platforms provide an easier and faster means of bookkeeping. There are numerous accounting software out there, so this article has come up with a list of the best bookkeeping software for contractors.
What to Look for in a Bookkeeping Platform for the Construction Industry?
Finding the best bookkeeping platform for your construction company depends on recognizing your company's needs.
When choosing a bookkeeping software for your construction company, consider the following factors:
- Features: While some accounting platforms provide basic bookkeeping operations, others have additional features. If all you need is a platform to record transactions and calculate your profit and loss, then you're looking for a basic bookkeeping platform. However, if your company's needs include job costing, payroll management, and project accounting, you'll need more advanced accounting software.
- Price: Most bookkeeping platforms require a monthly or yearly subscription. The cost is usually based on the features needed by a firm and the number of users. Bookkeeping software for contractors often costs about $40 per month and less than $1000 per year. You can either call the software company's customer support or check their website for pricing details.
- Usability: One of the significant benefits of accounting software is the convenience it brings. Therefore, you do not want to end up with a platform that is difficult and stressful to operate. The application must run smoothly, and the mobile or desktop interface must be user-friendly.
8 Best Bookkeeping Platforms for Contractors and the Construction Industry
As a construction company, you should be worrying more about projects and less about managing the day-to-day financial transactions. So here's a list of the best bookkeeping platforms you should consider for your construction company.
1. Sage 100 Contractor
About: Sage 100 contractor is a construction-centered accounting software best suited for small and medium-sized construction enterprises. It is previously known as Sage Master Builder and has an impressive range of features.
Sage 100 contractor is a solid choice for construction firms looking for an upgrade from general accounting software at an affordable price.
Features: Enhanced estimate, payroll management, job costing, equipment management, and project management are some features offered by Sage 100 contractor. It also provides reports that give you a clearer perspective on a project's progress.
Although a little challenging to learn, several learning resources, including live training sessions, articles, and customer support, have been provided to help.
Pricing: According to some reviews, it costs around $100 per user. Ensure to reach out to its representatives for more pricing information for your contracting business.
About: Quickbooks is one of the most popular accounting software. Besides the primary accounting software capabilities, it is an excellent bookkeeping platform for small construction companies.
Features: Quickbooks offers additional features such as invoicing, job costing, and contract management. It also provides customized reports and dashboards necessary for project management.
Quickbooks simplify accounting in so many ways. Not only does it have a user-friendly interface and is easy to use, but it is also easy to learn. In addition, it can also be connected to your bank account and allows Integration with other accounting software. This makes it easy to transfer data between Quickbooks and other bookkeeping platforms.
Pricing: Noteworthy is the affordable pricing of Quickbooks. It has two pricing levels. The first is the Plus which costs $80 per month ($40 for the first three months), and Advanced, which costs $180 per month ($90 for the first three months). It is therefore considered the best bookkeeping software for small construction enterprises.
About: Knowify supports contractors by providing accounting and management tools needed in the daily execution of projects. It is a cloud-based software that lets you see and manage records in real-time.
Features: It helps with invoicing, budgets, payments, scheduling, billing, contracts, and job costing. Knowify has project management tools with timekeeping and purchasing features that help to make a comparison between job costs and budgets. It also assists the contractor by quickly pointing out problems within the project using charts and dependencies.
All its features can be accessed through laptops, tablets, and mobile phones. In addition, Integration with other accounting software such as Zapier and PaySimple is also allowed.
Pricing: Knowofy caters to construction projects like remodeling, plumbing, roofing, painting, and electrical. More so, the pricing is reasonable and affordable. After a 14-day free trial, the software costs at least $54 per month. Without any doubt, Knowify is a good option for medium-sized and small businesses with no infrastructure and employees.
4. Jonas Construction Software
About: Jonas Construction Software is accounting software specifically designed for construction companies. It is ideal for commercial construction companies handling multiple projects all at once. Installation can be done on-premise or on the cloud, depending on your preference.
Features: The software combines accounting and management features, including project management, equipment management, and inventory. A significant feature of Jonas Construction Software is the Payroll feature which can oversee payroll across different countries. It also helps with job costing and provides helpful reports and dashboards.
It is a fully integrated solution, easy to use, and accessible on various devices. For example, while laptops require a web browser, you can access the software on your mobile phone through the Jonas mobile app. The software also supports Integration with other apps like Microsoft Project and Contigo.
Although it requires no bookkeeping experience, Jonas construction software offers several learning resources. Lectures, webinars, videos, and customer support are some of the resources provided to help you take full advantage of its features.
Pricing: Jonas Construction Software is quite expensive compared to most of the bookkeeping solutions out there. After an initial implementation fee of $20,000, a company is required to either pay $199 per month or $189 per month with a yearly commitment. Nevertheless, its wide range of features makes it very suitable for large construction enterprises.
About: AccuBuild is a fully integrated bookkeeping software fit for construction companies with both on-premise and cloud-based installation options. In addition, it handles construction accounting needs while carrying out project management operations. Also, its flexible database design and custom report features allow you to customize the software to cater to your company's specific needs.
Features: Job costing, inventory, payroll, scheduling, project management, document management, and equipment management are some of the features AccuBuild offers. All these help contractors to make better decisions concerning projects at a faster rate.
Learning resources, including online and in-person training, webinars, and documents, are provided to contractors to aid the proper use of the software.
Pricing: AccuBuild has a flexible pricing structure that only allows you to pay for the required features. The cost of use starts from $125 per month. However, the number of monthly users determines the total price of AccuBuild.
About: Another bookkeeping platform to consider for your business is ComputerEase. Considering its long success history spanning over 35 years, it will help take your construction firm to the next level and help you tackle construction-related challenges. The cloud-based software is available on laptops(web), mobile phones, and tablets.
Features: Like most of the software mentioned in this article, it fully integrates with accounting, service, and project management applications. And yes, it also supports the Integration of Quickbooks and offers wages reports, equipment, and material management features.
Other benefits include optimized job costing, streamlined payroll, simpler project management, and better bookkeeping. Furthermore, ComputerEase offers an HR management feature that helps to assign the most suitable employees to specific tasks.
Pricing: ComputerEase is slightly more expensive than other software. However, unlike other bookkeeping platforms, it has a free version. As a result, small, mid-size, and large businesses can all benefit from ComputerEase.
About: PENTA is considered the best bookkeeping platform for large contractors and construction companies. It is a comprehensive software system with a robust feature package and ERP software. It is designed to meet the needs of construction companies of all sizes and special construction projects like roofing, electrical, concrete, and utility.
PENTA is an excellent option for industrial construction and other large projects. It has a significant purpose of recognizing and solving business problems, as well as promoting the efficiency and effectiveness of contractors.
Features: PENTA's most outstanding features are its analytical reports, which are helpful during performance reviews. It also provides an alternative method to bookkeeping, payroll, project management, and equipment management. The project management feature integrates tools including progress billing, timesheet tracking, job costing, and more.
Pricing: PENTA offers a free trial period, after which you'll need to make a one-time payment of $50,000. Reach out to the PENTA team for more information on the costs for your unique case.
About: BuilderTrend is another excellent bookkeeping platform. It has gained popularity amongst construction businesses. It simplifies tasks such as estimating and writing proposals. In addition, files and data are stored online, saving time and resources.
Features: The reporting tools offered help with project management and organization. It lets you track and communicate with your employees while at work and saves time by allowing workers to clock in and out directly on their mobile devices.
BuilderTrend has no accounting features of its own, but it allows Integration with other accounting software like Microsoft Excel, Xero, Quickbooks, and even Facebook. It is easy to use and requires no accounting experience to use the software. Nevertheless, it provides online training and webinars to beginners, alongside customer support.
Pricing: There are two tiers of pricing; Core and Pro. The core costs $299 monthly but $99 for the first two months. Its features include budgeting, communication with clients and employees, financial tools, and project management. Pro, on the other hand, costs $499 but $299 for the first two months. It offers essential accounting tools with the addition of advanced features like Integration and advanced reporting.
Bookkeeping platforms are fast becoming a necessity in the construction industry. As your firm takes on more challenging projects with variable payment schedules, it becomes harder to manually manage your invoices and billing. This is precisely where bookkeeping software can help manage your business finance. The project management features and other benefits of bookkeeping platforms make them a must-have for every contractor.
In this article, we've shared details on some of the most common and widely-used platforms in the construction industry. Of course, the software or platform you use for your business will vary depending on your budget, the complexity of your projects, the features you need, etc. Most of the platforms discussed above provide you with a free trial or free demo – in this way, you can determine which is the best bookkeeping platform for your business.
We hope this article provides you with the basic information needed to review and compare the software that best suits your bookkeeping needs.