As all businesses are, construction also has expenses and material to evaluate and assess thoroughly. Construction projects can have multiple impressive supplying and procurement amounts, plus payroll and budgeting processes, a situation that requires accounting software. You will need accounting software for contractors to make your life more convenient. Continue reading below for more.
7+ Accounting Software for Contractors
1. Sage 100 Contractor
3. Contractor Foreman
6. Jonas Enterprise
What is Accounting Software for Contractors?
Expenses, laborers, materials, registration, and other components of construction projects necessitate proper calculation, appraisal, and reminder. Since manual procedures are insufficient to address these issues, experts developed accounting software for contractors. It is a technological tool allowing users to perform multiple tasks regarding accounting areas. This software provides accurate data analytics and analysis, leading to improved decisions and operations. With this technology partner, you need not worry about overlooks and possible errors.
Accounting software provides multiple benefits and advantages to your construction projects. Manually evaluating expenses and other critical factors can put you at a disadvantage. On the other hand, accounting software provides a complete package of tools you need to increase visibility, reduce errors, create estimates, and more. With only swipes and taps, you can improve your construction management.
Features and functionalities are crucial components you need to analyze before buying the software; various technology companies that developed accounting software offer standard and outstanding features that make them stand out. As we all know, not all software has the same advancement level. Several sites writing about software comparisons are available, such as the pros and cons of the software that caught your interest. Several platforms also offer free trials and versions, giving you a chance to test them firsthand. The following are features most users recommend:
- 3PL Management
- Access Controls/Permissions
- Asset Lifecycle Management
- Audit Trail
- Backorder Management
- Fraud Detection
- Fund Accounting
- Gantt/Timeline View
- Marketing Automation
Top 8 Accounting Software for Contractors
1. Sage 100 Contractor
Sage 100 Contractor includes change order management, document management, job costing, supplier management, and more innovative features. Sage has annual revenue of $2 billion and 11,000 employees.
COINS includes bid management, customer relationship management (CRM), contractor management, budget tracking/job costing, and more helpful features. COINS has annual revenue of $73 million and 318 employees.
CMiC includes accounting integration, budget management, collaboration tools, cash management, and many more advanced features. CMiC has annual revenue of $48.9 million and 337 employees.
Acumatica includes an audit trail, backorder management, lead management, order fulfillment, and more advanced features. Acumatica has annual revenue of $43.2 million and 332 employees.
FreeAgent includes accounts payable, accounts receivable, forecasting, payment processing, and more valuable features. FreeAgent has annual revenue of $36.3 million and 250 employees.
6. Jonas Enterprise
Jonas Enterprise from Jonas Construction Software includes inventory control, job management, scheduling, safety management, and more contributive features. Jonas Enterprise has annual revenue of $11.7 million and 81 employees.
RedTeam includes calendar management, client tracking, compliance management, sales pipeline management, and more contributive features. RedTeam Software has annual revenue of $11.7 million and 81 employees.
8. Contractor Foreman
Contractor Foreman is the most cost-effective all-in-one solution for small and medium-sized trade and general contractors looking to improve project management. It Includes an activity dashboard, bid management, task management, and more.
Why do contractors need accounting software?
Constructions projects have enormous costs; given their materials and dangerous procedures, they will require professional workers and reliable materials, which needs to improve the amount of money. Money is a top-level component. that is why overlooks and errors are never an option. For this reason, contractors need accounting software to ensure accurate calculation, budgeting, and evaluation.
What is accounting software?
Accounting software is a technological tool that assists the business industry ensuring calculations and budget planning are high-quality and on top performance. Such software offers accurate statistical analysis to financers, allowing them to understand cash flow and improve financial decisions to help the business grow and develop. For this reason, accounting software plays a critical role in society.
Why is the construction industry important?
As we all know, infrastructure or other living spaces is necessary for people to operate and live their daily lives. Infrastructures can be a home, business establishments, corporate building, etc., a foundation that protects and shelters people from the outside world. The construction industry develops infrastructures, making them a necessary community to our world.
Contractors require a solution to improve productivity and quality regarding expenses and financial transactions. Budgeting and forecasting are critical processes for avoiding overspending and improving financial planning. Accounting software allows you to analyze, calculate, forecast, and plan effectively and efficiently. This technological tool serves as the best partner in modern financial planning.
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