Accounting, Consulting Services for Construction Companies

Premier is the most comprehensive construction accounting software on our list, earning the best overall. It is a cloud-based solution that can help you scale your business by having the right data at your fingertips. Its feature-rich platform starts by allowing you to manage multiple companies where you differentiate projects.

• The simplest and easiest approach to recognizing revenue, cash-basis accounting records revenue when a payment is received, and an expense when a payment is made.
• Accounting software makes this task easy, as it does with all other expense capture and organizing needs.
• By selecting the right bookkeeping service, you can ensure financial accuracy and focus on delivering successful construction projects.
• With FreshBooks accounting software for general contractors your clients can pay you by credit card in just a couple of clicks.
• Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures.
• Alternatively, construction businesses that use the wrong construction accounting software may struggle with integration issues or waste time on repetitive data entry tasks.

ComputerEase – Best for Midsize Companies

• Send invoices on the road, take photos and upload expense receipts in seconds, and respond to your clients’ questions right from the app.
• Invensis offers specialized construction accounting services to help construction companies manage WIP reporting.
• Know how Invensis provides accurate accounting & bookkeeping services for a restaurant which helps effective cost monitoring and growth.
• The cost management component factors in labor and equipment costs along with needed materials and subcontractor bids.
• The software also handles multi-entity consolidation, making it a strong choice for construction companies with different locations.

Retainage is a common practice in the construction industry where a percentage https://www.inkl.com/news/the-significance-of-construction-bookkeeping-for-streamlining-projects of the contract amount is withheld until the project is completed. This approach protects clients but can negatively affect cash flow for contractors. Properly accounting for retainage is essential for accurate financial reporting and effective cash flow management.

• It is based on the delivery of goods and services to a client, labeled as performance obligations.
• This partnership fosters a culture of financial accountability, ensuring that our clients can achieve their project objectives while maintaining financial health.
• It ensures accurate tracking of material and labor costs across multiple projects.
• When it comes to financials, the software offers bid management, change orders and purchase orders (POs).
• Just start a timer and get down to business – when you’re done, you’ll have an accurate time log ready to pop onto an invoice.
• Those offering transparent pricing fared better than those forcing you to provide data to get a custom quote.

Features of Accounting Software for Contractors

We tested dozens of leading accounting platforms with an eye on these features and others that can help grow your construction business into a profitable success. Irvine Bookkeeping provides specialized construction accounting services, focusing on managing the financial needs of construction businesses. Their services include project cost tracking, financial statement preparation, payroll management, and compliance with tax regulations. Transform your finances with our expert accounting and bookkeeping services for construction companies.

Specific Professions

• Precision accounting for residential or commercial land development companies, weekly comprehensive financial reports via email, and monthly Zoom® financial reports review meetings with your team.
• Our services encompass various critical functions, including project accounting, financial reporting, and compliance management.
• Vista makes tracking expenses, profitability, and other metrics at the company, department, and work order levels easy.
• However, you may also be able to make do with midrange accounting software packages that add some, but not all, possible tools.
• The platform starts with preconstruction details that include a cost catalog, lead management and a section for proposals and contracts.

Even though construction shares the same basic principles as accounting in other industries, it contains many industry-specific challenges that arise from the fact that construction is project-based. These reports help identify potential cost overruns, underbilling issues, and overall project profitability. This is why it has flexible billion construction bookkeeping options, such as American Institute of Architects, time and materials and freeform billing.

Bill Pay and Expense Tracking

It was easy for us to automate recurring invoices and payment reminders, customize our invoices to include company branding and request deposits. We especially liked that Zoho Books provides infrastructure for accepting check payments. Although card and online payments may be more prevalent than checks, some construction clients may still prefer paper payments.

The construction-in-progress report is used to track financial data for projects that have begun and are not complete. Merritt Bookkeeping provides an affordable, automated solution with clear financial insights, allowing construction and contracting business owners to focus on growth and success. Implement robust cash flow forecasting and management practices to ensure your business remains financially healthy.