Best Construction Accounting Software 2024

Let’s take a look at some of the functions the best construction accounting software should have:  

• Accounting and Bookkeeping: Efficiently manage accounts, track expenses, and generate accurate financial reports. 
• Invoicing and Billing: Streamline the billing process, ensuring timely and accurate invoicing for services rendered. 
• Payroll Management: Handle payroll tasks seamlessly, including wage calculations (enterprise bargaining agreements and award rates), tax deductions, and compliance with national labour regulations. 
• Budgeting and Forecasting: Create accurate financial projections and budgets to guide decision-making.  

While these features can be deemed the ‘bread and butter’ of financial management software, construction businesses will benefit by selecting a construction-specific solution designed to meet their dynamic needs. 

Construction accounting software suites are tailored to help construction businesses navigate the most common challenges in the industry. These have been designed around the project-based nature of construction work, and facilitate billing and working with multiple third parties and subcontractors.

Construction-specific accounting software offers tailored features designed to streamline processes, enhance efficiency and ensure compliance. By leveraging these specialised tools, construction companies can optimise their financial management workflows and improve project profitability, while maintaining a competitive edge in a crowded market. 

Here are a few of the key features construction accounting software can offer: 

Cost-Value Reconciliation (CVR) Reporting:  

CVR reporting is pivotal for some construction companies as it provides a comprehensive view of project performance. It allows businesses to compare the cost of work to the value earned, enabling accurate forecasting and timely decision-making.   

This feature ensures projects stay on-track and within budget, allowing management to make decisions based on a full view of the company's financial health.  

Automated Subcontractor Invoicing:  

Construction companies not only have to manage their own teams but also ensure they have clear oversight on any subcontracted work.  

Financial management software can help you streamline this process, by automating subcontractor invoices, certificates and orders.  

Faster Bank Reconciliation:  

Bank reconciliations are renowned for being time consuming and causing endless frustrations, especially when carried out manually.  

Thankfully, accounting software simplifies this process, allowing you to automate the entire task, reducing the chance of human errors and speeding up the process.  

Project-Based Budgeting and Reporting:  

Financial software designed for construction can offer project-based budgeting and reporting functionalities tailored to the unique needs of construction projects.  

It allows contractors to create detailed project budgets, track expenses, and generate comprehensive reports that provide insights into project performance, profitability, and resource allocation. 

Compliance Management:  

The construction sector is no stranger to strict regulations. In such a fast-paced sector, the rules around compliance are often changing, making it hard to keep up.  

Bespoke construction software includes features that facilitate compliance management by automating regulatory reporting, tracking certifications, and monitoring compliance deadlines.  

By centralising compliance-related tasks and documentation within the accounting software, construction companies can streamline audit preparations, reduce compliance risks, and maintain regulatory compliance with ease. 

Here is a detailed comparison of some of the best construction accounting software on the market today.  

**Please be aware that the pricing may vary based on region, users and custom packages. Finally, user ratings including those taken from Trustpilot are accurate as of September 2024.  

General accounting software encompasses popular, non-construction-specific solutions like Xero and QuickBooks. This software offers a range of features to manage basic accounting tasks efficiently.  

These platforms typically include functionalities such as invoicing, expense tracking, payroll management, and financial reporting.  

For start-ups and smaller businesses, general accounting software can be a great choice due to its affordability, ease of use and scalability. 

Platforms like Xero and QuickBooks have gained popularity among small businesses for their user-friendly interfaces and robust feature sets. However, as construction companies scale and operations become more complex, they often outgrow the capabilities of general accounting software. 

These platforms often do not adequately address the unique challenges of the construction industry, such as project-based budgeting, cost-value reconciliation (CVR), and subcontractor management.  

As a result, construction companies may find themselves struggling to efficiently manage their finances and projects using solely this type of accounting software. 

QuickBooks 

QuickBooks Overview 

QuickBooks is one of the most recognisable names in accounting software and is widely used for its innovative interface and ease-of-use. Marketed to smaller businesses, this software is a great starting point for start-ups and smaller construction teams who lack the funds for some of the more construction-specific options. 

With invoicing, payments, tax management, reporting and expenses tools, QuickBooks is great for those looking for a simple and cost-effective solution for their financial management needs. 

QuickBooks Useful Features:  

Invoices & Payments: Generate branded invoices efficiently, allowing them to be sent from any device. Tools also allow you to track payments, send reminders and automatically match payments-to-invoices. 

Tax Management Tools: Often a headache for construction start-ups, QuickBooks helps you track and categorise expenses and income into tax categories.  

Reporting: A wide range of reports available. 

QuickBooks is Best For: 

QuickBooks is best for smaller construction teams of 1-10 people or start-ups looking for a cost-effective method to managing their finances. Although full of useful features, there is a noticeable lack of construction-specific tools and project-based reporting.  

Xero 

Xero Overview 

Another big name in accounting and financial management software, Xero is marketed towards smaller companies with its array of standard financial features and record-keeping tools. 

With a range of pricing options available, Xero makes it easy for smaller companies to pick the package that’s right for them, helping to avoid overspend on unnecessary tools.  

Xero Useful Features: 

Project Tracking: Track time spent on projects with desktop timers and location-based job trackers. This allows for easy and simple billing for your clients and subcontractors. 

Invoicing: Generate, send and receive invoices all from within the Xero software, including built-in reminders, status tracking and invoice branding. 

Mobile Access: Xero’s bookkeeping and accounting apps are available on all devices, allowing you and your team to make changes without being in the office. 

Xero is Best For: 

Xero is best for smaller companies looking for a comprehensive set of financial management features, alongside solid payroll capabilities. The additional project tracking features also make it a good fit for smaller companies trying to consolidate their tech stack and reduce the number of applications they use day-to-day. 

Access Attaché 

Access Attaché Overview 

Access Attaché is a complete accounting software system, including advanced accounting and payroll features, purpose-built for businesses in Australia and New Zealand.  

Attaché helps improve financial controls and operational efficiency with Attaché’s integrated accounting features. 

With a choice of cloud or server deployment, Attaché has the features, flexibility and performance to support business growth. 

Access Attaché Useful Features: 

Bank Feeds: Customers can streamline communication with banks, reduce data handling and avoid human error when reconciling. 

Expense Management: Makes expenses easier by removing the manual process and enforcing the company’s expense policy. 

MyPay: A secure personal inbox for employees to receive and store their pay slips online. 

Access Attaché is Best For: 

Access Attaché is best suited to small and medium-sized businesses of up to 100 employees, with many features aimed at improving the employee's experience such as online pay slip access and digital expense capture and expense policy control. 

Construction-specific accounting software caters directly to the unique needs of construction companies, offering specialised features that address the industry's challenges and complexities.  

These features provide construction firms with tools to streamline processes, enhance project management, and ensure compliance with industry regulations. 

Key advantages of construction-specific accounting software include project-based accounting, cost-value reconciliation (CVR) reporting, project-based budgeting and job costing, allowing construction companies to accurately track project expenses, monitor profitability, and make informed decisions in real-time.  

Construction-specific solutions typically come with a higher price tag due to their advanced functionalities and industry-specific features. This usually makes them a great fit for small to mid-tier companies in the construction sector. 

Pronto 

Pronto Overview 

Pronto Xi is an integrated Business Intelligence and ERP software solution aimed at a range of industries including construction, manufacturing, hospitality and medical. 

Pronto software is modular and scalable, with on-premise and cloud hosted deployment options. 

Pronto Useful Features: 

• Business Intelligence: Allows for self-service report creation across all aspects of the business. 
• Single Platform: A single, centralised software solution across all areas of business. 
• Modular Software: Allowing software to be scaled as a business grows. 

Pronto is Best For: 

Pronto Xi is best for organisations with a need for complex project management and financial controls. 

Pronto is used by a wider range of industries, such as manufacturing, hospitality and is not solely focused on supporting businesses in the construction industry. 

Sage Intacct 

Sage Intactt Overview 

Sage Intacct is financial management software for mid-size companies, providing automation and reporting for financials, planning, human resources, and payroll.  

Sage Intactt Useful Features: 

• One platform: Simplify and streamline multi-national, multi-entity business from a single shared environment. 
• Order Management: Faster quote-to-cash cycles saving time, ensuring accuracy and improving profitability. 
• Cash Management: A complete picture of an organisation’s cash footprint and working capital. 

Sage Intactt is Best For: 

Sage Intacct is best for organisations of 20+ employees. While used by construction companies, it is not industry-specific, it is also used by organisations across the healthcare, financial, professional services, and wholesale industries. 

Construction ERP financial management software offers a comprehensive solution tailored to the needs of mid-tier and top tier construction businesses. These companies can benefit from the holistic offering provided by construction ERP systems often with the capital and infrastructure to support a large-scale addition to their operations. 

One of the key advantages of construction ERP is its ability to integrate various business functions into a single platform. Beyond financial management, ERP solutions encompass modules for project management, procurement, human resources, supply chain management and more.  

This integration enables seamless data sharing and communication across departments, fostering collaboration and streamlining workflows. 

By serving as a larger business management system, construction ERP provides complete oversight and visibility into all areas of the business. This comprehensive approach allows companies to make data-driven decisions, optimise resource allocation and improve overall efficiency.  

Whilst ERPs are the most comprehensive type of software in the market today, it is important to note that smaller construction companies might find the extensive toolset provided by an ERP system to be more than necessary for their operations.  

This could lead to companies spending considerable amounts of revenue on software they aren’t fully leveraging or benefiting from.  

Access Coins 

Access Coins Overview 

Access Coins is a cloud-hosted financial management software tailored to meet the specific needs of the construction industry. As part of a wider ERP solution, the financial management modules of Access Coins help companies regain control of their cash flow, manage assets and improve relationships between suppliers, customers and contractors.  

With in-depth reporting, custom dashboards, audit trails and asset management, construction companies can improve every aspect of a business’s finances, improving the health of the company. 

Supported by The Access Group’s award-winning customer service, mid-to-top tier construction companies looking for a complete solution that includes financial management software will be hard-pressed to find a better fit than Access Coins. 

Access Coins Key Features: 

• All-In-One System: As an all-in-one ERP, Access Coins provides a centralised repository that consolidates all your companies’ data into one easy-to-use system. Control cashflow, ledgers, assets, billing and payments in a single system. 
• Powerful Financial Forecasting: Financial forecasting based on historical data creates the opportunity to plan ahead more effectively for months and even years to come.   
• Cloud Hosted: As a cloud hosted system supported by comprehensive mobile applications, Coins financial management software can be accessed from anywhere, bringing your back office and on-site teams together. 

Access Coins is Best For: 

Access Coins is best suited for mid and top-tier companies, with the infrastructure in place to accommodate a shift to a large-scale ERP. Providing complete visibility of existing assets and financials, this comprehensive software makes decision-making easier, allowing you to monitor your bottom line and margins efficiently. 

With intelligent data analysis running at the heart of the system, companies can bring all areas of their business into one system, ensuring teams and data are never siloed.  

With custom quotes provided by Access Coins depending on your business needs, the team can help customise a package that best fits your construction business’s needs. 

Jobpac Connect 

Jobpac Connect Overview 

Viewpoint’s Jobpac Connect is cloud-based construction ERP software designed to manage financials, track accounting, HR processes and control fixed assets. 

Jobpac Connect Useful Features: 

• Business Forecasting: Provides automatic reconciliation between project and financial ledgers. 
• Business Intelligence: Real-time cost control and financial management 
• Advanced Forecasting: Advanced work-in-hand and cash flow forecasting to determine liquidity at a glance. 

Jobpac Connect is Best For: 

Viewpoint Jobpac Connect caters to medium and large scale Australian and New Zealand commercial, industrial, and civil contractors.   

ViewPoint Vista ERP 

ViewPoint Vista Overview 

Viewpoint Vista ERP is a construction accounting suite for contractors to manage all areas of business, allowing scalable and integrated financial, operations and project management tools. 

With a common data environment, teams can bring all their financial information into one solution, granting them real-time, accurate information across the organisation. 

Full features include accounting, project management, business intelligence, project collaboration, mobile estimating, document management and service management.  

ViewPoint Vista ERP Key Features: 

Accounting and Payroll: Streamline accounting, HR and payroll with single-step processes and tools to process pay and award entitlements specific to the construction industry. 

Efficient Financial Solutions: Accelerate your payment processes with real-time job costings, as well as insights into project progress and accounting workflows. 

Strategic Planning: Insights into business operations, with holistic reporting and dashboards incorporating billings, gross profits, and project financial status.  

ViewPoint Vista ERP is Best For: 

Vista is well suited to commercial contractors, civil contractors, MEP and HVAC contractors.  

Procore 

Procore Overview 

ProCore is a leading provider of construction management software globally. 

The all-in-one platform provides financial management solutions including project financials, accounting integration and invoice management. 

From tracking budgets to eliminating financial siloes, ProCore can connect all areas of a business within one ERP system.  

Procore Key Features: 

Financial clarity: Link estimating and accounting solutions to unite project teams around a single platform for project financial data. 

Invoice management: Streamline billing, insight into budget positions and cost-to-complete. 

Forecasting: Identify and track critical areas for savings allowing for adaptation and course correction.  

Procore is Best For: 

Procore is best for larger businesses with a solid infrastructure in place and a clear idea of what they need from their software. 

Construction companies navigate a multitude of challenges daily, from intricate project timelines to cash flow constraints.  

Selecting the right construction accounting software is imperative for gaining a competitive edge. Traditional accounting methods often involve manual processes, leading to inefficiencies and errors.  

Specialised software addresses these issues by centralising financial management tasks, optimising margins, controlling cash flow, and reducing administrative burdens. 

Optimising Margins 

Construction accounting software helps maximise margins by providing real-time insights into project costs and profitability. Features such as cost-value reconciliation (CVR) reporting allow companies to monitor expenses closely, identify cost-saving opportunities, and adjust budgets accordingly. By analysing data trends and performance metrics, businesses can make informed decisions to enhance project profitability and competitiveness. 

Controlling Cashflow 

Effective cash flow management is crucial for construction companies to maintain financial stability and support ongoing operations. Construction accounting software offers tools for accurate invoicing, expense tracking, and payment management, ensuring timely cash flow and minimising liquidity risks. By forecasting cash flow projections and monitoring payment schedules, businesses can proactively address cash flow challenges and optimise financial performance. 

Reducing Administration Time 

Streamlining administrative tasks is essential for improving operational efficiency and productivity. Construction accounting software automates repetitive processes such as invoicing, payroll processing, and financial reporting, reducing manual errors and saving time. By digitising workflows and centralising data, businesses can eliminate paperwork, streamline communication, and focus on core activities, enhancing overall efficiency and profitability. 

Access Coins Financial Management Software is one of the leading solutions engineered specifically to address the unique needs of the construction sector.  

With Access Coins, financial managers gain access to robust tools tailored to streamline financial processes and optimise project profitability.  

Take control of your budgets, streamline your supply chain, and harness the power of data with our comprehensive construction financial management software.  

Explore the possibilities with Access Coins today and experience how it can empower your construction business to thrive.