Best Construction Accounting Software 2024

What To Look For In Construction Accounting Software  

Let’s take a look at some of the functions the best construction accounting software should be able to cover:  

• 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, tax deductions, and compliance with national labor regulations.  
• Budgeting and Forecasting: Create accurate financial projections and budgets to guide decision-making.  

While the above 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 specifically 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 Features of Construction Accounting Software  

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

Here are just 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 your business to compare the cost of work to the value earned, enabling accurate forecasting and timely decision-making.   

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

Automating Subcontractor Invoicing:  

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

Financial management software can help you streamline this process, by automating subcontractors’ 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 thing, reducing the chance of human errors and speeding up the process considerably.  

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.  

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

Comparing The Best Construction Accounting Software  

Take a look at our 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 May 2024. 

General Accounting Software  

General accounting software encompasses popular, non-sector-specific solutions like Xero and QuickBooks. This software offers a range of features to manage 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 their 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, 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 is one of the most recognizable 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. 

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 categorize expenses and income into tax categories.  
• Reporting: A wide range of reports available. 

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 packed full of useful features, there is a noticeable lack of construction-specific tools and project-based reporting.  

Xero 

Another big name in accounting and financial management software, Xero is marketed towards smaller companies with its array of standard financial features, as well as 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 them to avoid overspending on unnecessary tools.  

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. With 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 on the fly without being in the office. 

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. 

FreshBooks 

Though not quite as recognizable as QuickBooks and Xero, FreshBooks is by no means the underdog. Renowned for its ease-of-use and accessibility, FreshBooks allows smaller businesses to generate invoices at the click of a button. 

With built-in step-by-step guidance, even teams with little accounting experience will find using this software easy. With a solid set of features and a fair pricing structure, this software is another great pick for start-ups and smaller teams. 

Useful Features: 

• Invoicing: Customisable invoices allow you to easily create documents that align with your branding. With automated scheduling, payment reminders, invoice storing and organization tools, teams can reduce manhours spent on tedious tasks. 
• Time Tracking: Track times spent on the job with a built-in timer and logs. Integrating with the reporting tools, easily calculate and bill clients on the fly. 
• Reporting: Comprehensive reporting tools allow you to generate reports including balance sheets, tax summaries and cost of goods sold.  

Best For: 

FreshBooks is a great choice for smaller businesses looking for an accounting software that is easy to use and low maintenance. Although payroll is not included from the offset, it can be elected as an optional add-on, so this is something to consider when creating your shortlist. 

With a breadth of features and built-in guidance to help navigate the software day-to-day, FreshBooks is a solid choice for those businesses without the means for pricier construction-specific tools. 

Construction-Specific Accounting Software 

Construction-specific accounting software caters directly to the unique needs of construction companies, offering specialized 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. 

Foundation Software 

Foundation Software is one of the leading accounting systems in the US construction market. Providing its software in packaged modules, businesses are free to choose the solutions that are best fit for their needs, tailoring their own tech stack in the process. 

Modules include job costing, payroll, CPA tools and time tracking tools. Backed up by a mobile app, this software can be used mostly anywhere with an internet connection. With great customer support and integrations with 3rd party software, Foundation is a leading choice for construction-specific accounting software. 

Key Features: 

• Job Costing: Accurately track the costs of every job, down to the dollar or hour, with complete reports on cash flow, supported by automated features. 
• Payroll: Online timecard systems support inputs for multiple rates, localities and trades on single timecards, for easier administration. 
• Time Tracking: Time tracking features include GPS and Facial Recognition, as well as real-time discrepancy alerts. 

Best For: 

Foundation Software is a great choice for construction professionals who spend a lot of time on-site. With a great mobile app for on-the-go updates and reporting, access everything you need from anywhere. 

With a good track record for customer service, Foundation are a solid choice for mid-tier construction companies looking for an accounting solution without all the features of a comprehensive ERP.  

Builder Trend 

A big name in construction business management software, Builder Trend is a provider of day-to-day management systems built specifically for the construction industry.  

With a  wide range of plans available, businesses can choose the best fit for their needs. Each comes with a basic set of tools for scheduling, daily logs and payment systems, with the features becoming more comprehensive the more you pay. 

With built-in budgeting and estimating software, Builder Trend allows companies to build precise estimates whilst managing their finances and improving cash flow. 

Key Features: 

• Estimates: Provides with the Advanced plan, create accurate estimates backed up by cost catalogues and built-in line items. 
• Builder Trend Boost: Receive a dedicated coach for a fixed extra fee, as well as a strategic account manager and customized success plans. 
• Bids, Invoices & Takeoff: Depending on your package, Builder Trend boasts a whole range of additional features that integrate with your accounting software. 

Best For: 

Builder Trend is best suited for mid- to top-tier companies looking for a financial software as well as a wider range of business management solutions. Working best as a whole package, Builder Trend financial software stands just as well on its own, allowing easier access to cost data and better communication with your clients. 

Construction ERP Financial Management Software  

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

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 holistic approach allows companies to make data-driven decisions, optimize resource allocation, and improve overall efficiency.  

With ERP, mid-to-top tier construction businesses can achieve greater control, scalability, and competitiveness in the market landscape. 

Whilst ERPs are the most comprehensive types of software out there today, it’s 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 high amounts of revenue on software they can’t fully leverage or benefit from.  

Access Coins

Access Coins is a cloud-hosted financial management software that is tailored specifically to the needs of the construction industry. As part of a wider ERP solution, the financial management modules of Access Coins helps companies regain control of their cash flow, manage their 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 their business’s financials improving the health of their company. 

Now 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. 

Key Features: 

• All-In-One System: As an all-in-one ERP, Access Coins provides a centralized 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. 

Best For: 

Access Coins is best suited for mid-to-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 you realize a package that is best fit for your needs. 

CMiC 

CMiC provides innovative software and products to help construction professionals manage their business. Designed specifically for contractors and subcontractors, CMiC’s financial software provides a wide range of features including Accounts Payable, Accounts Receivable, Billing and Consolidated General Ledger applications. 

Forming part of CMiC’s ERP system, the all-in-one platform ensures that all your company’s data is consolidated into one place to give you complete oversight on all of your active and historical jobs.  

Key Features: 

• Revenue Management: Manage owner contracts, receipts and invoices all in one place.  
• Cost Management: Integrate labor and equipment expenses, as well as necessary materials and subcontractor quotations. 
• Top of Form 
• Financial Reporting: Robust financial reports, using data taken from the revenue management module, allow for a quick review of your business’ operations. 

Best For: 

CMiC is a great fit for mid- to top-tier companies looking for a complete solution that brings together business management tools for all aspects of their business. With a complete ERP available, construction professionals can run their financials whilst executing projects more efficiently.  

General contractors, subcontractors and heavy-highway companies will benefit most from the robust financial tools. As an ERP, smaller businesses or start-ups will likely be unable to justify the larger upfront cost of such a system. 

Trimble Construction One 

Trimble Construction One uses Trimble Viewpoint ERP to combine project management, estimating, accounting, finance and HR software into one complete ERP system. With four solutions available, teams can choose the option that best fits their business, providing more visibility on their financial health as well as data-driven decision making. 

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

Key Features:  

• Efficient Financial Solutions: Accelerate your payment processes with real-time job costings, as well as insights into project progress and accounting workflows. 
• Accounting and Payroll: Streamline your accounting, HR and payroll with single-step processes and tools to process union and tax requirements specific to the construction industry. 
• Strategic Planning: Improve your views of your business operations, with holistic insights and dashboards incorporating billings, gross profits and per-job financial statuses.  

Best For: 

Trimble Construction One is a great fit for mid-tier construction businesses looking to put an end to internal siloes and create a connected approach to business management.  

With features spanning beyond financial management, Construction One is a great solution for teams looking to simplify their tech stack and invest in a larger platform that can manage their day-to-day in its entirety. 

ProCore 

ProCore is one of the leading providers of construction management software on the market today. Providing fully customizable tools and solutions, ProCore is a great fit for top-tier companies who know exactly what they are looking for. 

From tracking budgets to eliminating financial siloes, ProCore can connect all areas of your business within one comprehensive EPR solution. The sales team will conduct interviews with your business to work with you to ascertain your needs, therefore finding the best-fit solution for you. 

Key Features: 

• One Platform: As an ERP, companies can consolidate all their data into one system, helping them work more efficiently, communicate better and form a single source of truth. 
• Forecasting: With in-depth forecasting tools, identify and track critical areas for savings allowing you to course correct on the fly and stay adaptive. 
• Efficient Processes: Financial management tools help to facilitate faster approvals, instant visibility on the current health of your jobs and better coordination across teams. 

Best For: 

Whilst Procore market themselves to everything from smaller businesses to large top-tier enterprises, Procore is the best fit for larger businesses with a solid infrastructure in place already and a clear idea of what they need from their software. 

To maximize the customization capabilities of the software, combining their financial software alongside their other offerings to form a comprehensive ERP will allow you custom-build a solution that fits your specific business.  

How Construction Accounting Software Helps Overcome Challenges  

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.  

Specialized software addresses these issues by centralizing financial management tasks, optimizing margins, controlling cash flow, and reducing administrative burdens. 

Optimizing Margins 

Construction accounting software helps maximize 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 analyzing 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 minimizing liquidity risks. By forecasting cash flow projections and monitoring payment schedules, businesses can proactively address cash flow challenges and optimize 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 digitizing workflows and centralizing data, businesses can eliminate paperwork, streamline communication, and focus on core activities, ultimately enhancing overall efficiency and profitability. 

Take Construction Accounting to the Next Level with Access Coins  

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 optimize 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.