Top Accounting Software Solutions for the Construction Industry in 2024

One of the most crucial elements of a successful firm in the construction sector is accounting. Every new contract adds to the list of costs and revenues, adding new accounts to keep track of, inventories to track and manage, and bills to send and receive.

If you are a construction company owner, you are well aware of the amount of time and attention required for the job. Accounting and bookkeeping frequently cause additional stress, which reduces your time for running the company and increases the possibility of accounting errors.

For this reason, a large number of people in the sector are currently searching for the top construction accounting software. When appropriately applied, it can simplify your regular finance procedures and assist you in controlling project expenses.

Top Construction Accounting Software

It is important to examine the needs of your organisation when deciding which construction accounting software to utilise. All these solutions are excellent, but depending on your situation, some may be more suitable than others. A brief summary of the best choices currently offered is provided below:

Fresh books

FreshBooks is a user-friendly, cloud-based accounting tool best suited for small construction service providers or subcontractors rather than large-scale contractors. This flexible platform helps simplify accounting tasks with features for invoicing, expense tracking, and time logging.

With FreshBooks, managing financial insights and reports, capturing data from receipts, and tracking spending are straightforward. Its cloud-based access and integrations make document management easier whether you’re in the office or on the job site.

FreshBooks offers strong customer support, allowing users to speak with live representatives rather than relying solely on chatbots or help articles.

Unique Features:

• Adaptable chart of accounts for growing businesses
• Clear financial insights to support decision-making
• Cloud-based collaboration with accountants and staff
• Simple, compliant financial reporting

Quick Books

QuickBooks is one of the most widely used accounting software packages in the U.S. and remains a go-to choice for many small to medium-sized construction firms. QuickBooks Online and QuickBooks Desktop Premier (especially the Contractor Edition) both offer features applicable to the construction industry, such as job costing and progress invoicing.

QuickBooks allows users to track revenue and expenses, scan and save receipts, and generate reports. While not built specifically for construction, it can meet many needs—especially when combined with third-party integrations.

Customer support reviews are mixed, particularly for QuickBooks Online, so construction companies should ensure they have the right support plan in place.

Unique Features:

• Real-time financial tracking
• Inventory management tools
• Integrated payroll services
• Automated tax preparation

Sage

Sage offers multiple accounting solutions, including Sage 50 (for small businesses) and Sage 100 Contractor / Sage 300 CRE (for construction companies). Depending on the version, Sage can provide robust features tailored for general contractors and subcontractors, including job costing, scheduling, and payroll.

While Sage 50 is simpler and more budget-friendly, Sage 100 and Sage 300 CRE offer deeper construction-specific tools. However, these more advanced versions may have a steeper learning curve.

Unique Features:

• Full audit trails
• Unlimited bank feeds
• Multi-user access
• Detailed project tracking and reporting (in construction-specific versions)

Procore

Procore is a leading construction project management platform that includes financial management tools but is not a standalone accounting solution. It is designed specifically for the construction industry and integrates seamlessly with accounting software such as Sage, QuickBooks, and others.

For companies needing advanced project coordination and financial oversight, Procore offers modules to manage budgets, contracts, change orders, and more.

Unique Features:

• Financial tracking for multiple funding sources
• Capital planning integration
• Real-time risk and portfolio insights
• Project budget management

Foundation

Foundation is a robust construction accounting software built specifically for contractors and construction firms. It is well-known in the U.S. for its strong job costing and payroll capabilities. Foundation supports companies of various sizes and includes modules for project management, payroll, and reporting.

Unique Features:

• Payroll tools for union reporting, multi-state, and multi-rate compliance
• Subcontractor accounting support
• General ledger and job cost tracking
• CPA-ready audit and review tools

Standards for Choosing the Best Software for Construction Accounting

There are a few important things to consider while selecting the finest construction accounting software for your company. Since not every program will be ideal for every type of business, setting clear goals in front will help ensure a seamless transition. Some things to think about are as follows:

Key Functionality: Make sure the software supports construction-specific needs like job costing, progress billing, and creating job cost reports.

Scalability: Choose a platform that can grow with your business. Some solutions are more adaptable than others as your needs evolve.

Project Management Capabilities: One of the most important aspects of managing a construction company is project management. Thus, it only makes sense to take this work into account while selecting a software solution.

Integrate with other software: Integrations with other apps and software might make your daily life easier, depending on your needs. Think about the apps you now use and keep a look out for integration-rich software.

Reporting and Analytics: Accounting wouldn’t exist without reporting and analytics. These assist you in keeping tabs on, overseeing, and strategizing your company’s finances. Seek out the top accounting software that provides you with workable, real-time, big-picture insights.

User-friendliness: Different accounting software has varying learning curves. In your search, attempt to find a balance between usability and functionality. We suggest FreshBooks accounting software for construction if you’re searching for the ideal compromise.

Customer Support: You occasionally require some assistance. While looking through the construction accounting software, pay attention to the customer assistance options. When necessary, how soon can one make contact with a real person? A little preparation will help you prevent expensive on-site delays.

Cost: Not to be overlooked, think about your budget. The majority of these accounting choices have relatively minimal monthly costs, but over time, they can add up.

Conclusion

A solid professional reputation, high-quality work, prompt delivery, and precise forecasting are just a few of the many factors that determine success in the construction sector. On the job site, nevertheless, these crucial characteristics of a prosperous construction company don’t stop. You’ll start to directly witness the fruits of your growth if you can apply the same perfection to your bookkeeping. So, what is the fix? Construction software for accounting purposes.

Accounting software may revolutionise your daily routines when utilised correctly (and carefully selected), saving you time, money, and frustration while eventually allowing you to concentrate on your strengths. We usually advise taking your company’s unique needs into account while looking through accounting software and contrasting them with the feature lists of each program. Otherwise, you can take assistance of our construction accountants for managing financial complexities of the project. When it comes to something as significant as the financial stability of your business, making an educated choice pays well.