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bookkeeping software for contractors

QuickBooks has versions for both Windows and Mac, as well as an online version, which works best for independent contractors. We’ve listed the regular price, but each plan is discounted during your initial subscription. It is a fully integrated solution, easy to use, and accessible on various devices. For example, while laptops require a web browser, you can access the software on your mobile phone through the Jonas mobile app.

As for payments, your clients can choose from various options, including credit and debit cards or via bank transfer without any additional charge. And if your clients are paying with their card on-site, you can process the payment with the help of your mobile card reader. As an accounting and payroll solution, Gusto is ideal for construction businesses that deal with both local and international contractors and vendors. This platform enables your business to manage payroll and benefits, connect with HR and accounting experts, receive compliance support, and so much more. The best accounting software for construction business is NetSuite ERP.

The Easiest Accounting Software For General Contractors

However, there’s still no software available that can automate the entire bookkeeping process. The installment method is usually used when your client makes payments over time. In these cases, there’s a risk that you won’t collect the full payment, so it’s wise to wait until you actually receive the payment to recognize it as income. With the completed contract method, you recognize revenue only after completing a project. Construction companies often use this method for short-term contracts, especially those where contract costs can be hard to estimate. Milestone payments are payments paid out after achieving a defined stage of progress on a project.

Knowify offers a free trial and paid plans ranging from Basic to Enterprise. Formerly known as Sage Master Builder, Sage 1000 Contractor is an excellent accounting software for small construction businesses and independent contractors. The estimating function provides templates and formulas to boost estimate accuracy, and the import feature allows for the importing of material costs from suppliers. Intended for small businesses, Sage is a very reasonably priced software option. There was a time when contractors and construction companies worked from clipboards and file cabinets (many still do!). Send invoices on the road, take photos and upload expense receipts in seconds, and respond to your clients’ questions right from the app.

Integrating CRM: What It Means (& CRM Integration Software List)

Try to find a solution that is easy to set up and intuitive to use. You can avoid this by backing up all your records using services such as Backblaze or IDrive. Additionally, while a non-certified accountant could handle some of your bookkeeping needs, you should focus on certified and licensed accountants to stay construction bookkeeping on the safe side. The percentage of completion method involves ongoing recognition of revenue. When using this method, you recognize revenue as a percentage of the work your company completed during a period. Once you complete the project, you can then issue a final invoice for the entire value of the retainage.

Third-party customer reviews point to significant problems reaching customer service and getting resolutions to their problems. We looked at third-party ratings and reviews to see how actual users felt about the software. The average threshold rating needed to be 3.5 stars or better to get the highest rating in our research. We turned to popular sites, including Trustpilot, G2 and Capterra, for these customer responses. We also weighted the number of responses, giving higher scores to providers that had at least 300 positive reviews to help reduce bias. This software is best for contractors who have multiple projects happening simultaneously.

Free QuickBooks Alternatives

You can invoice clients and make payments directly from the app and monitor the budget to make sure you stay on track. Expensify is a software solution designed to help businesses track, organize, and categorize receipts and expenses. You can sync it with your bank account to import expenses automatically or simply take a photo of a receipt to import it into your account. But first, let’s take a look at what all is involved in doing bookkeeping and accounting for construction companies. It’s not exactly like every other industry, so knowing what makes your business different will help you make better decisions when it comes to your software.

Xero customers also get free access to Hubdoc, which allows users to extract data from documents. Construction accounting software performs a type of project accounting specifically developed for construction projects. These solutions track the financial data in real-time, while also monitoring expenses (like the cost of materials and labor). Use software to streamline your revenue reports, as well as invoicing and payroll processes, to stay on top of your company’s finances.

Best Bookkeeping Platforms for Contractors and the Construction Industry

How do you know which ones are the best…and which one is right for you? We’ll introduce you to 3 in this post that we think are some of the top accounting software options for contractors. They will even take care of installation and do full training for you and your team. Construction Partner gets you access to all the major accounting features one expects for the construction industry. There are many great formats for job cost reporting, like cost versus budget analysis, purchase orders, job manager, budget positions, paid versus unpaid, and overall cost versus revenue. ViewPoint is part of the even larger Trimble corporation, and many users prefer to have their business tools owned and operated by fewer levels of subsidiaries for better customer service.

  • Shoppers will want to look for user resources to reference like blog posts, e-books, whitepapers, videos, and personal private training.
  • Jonas has been around since 1990, and they are based in the industrial heartland that is Ontario, Canada.
  • With Eddy, your HR team can post job opportunities on relevant sites, such as Glassdoor, and manage applications from different boards in a single platform.
  • Make it easy for your clients to pay you quickly and easily—straight from your invoice.
  • With the application, you can easily connect with your suppliers and ensure that you have all the goods, services, and materials needed for each project without overspending.
  • ViewPoint makes a large number of business software for the general contractor and construction industry.

See if you’re on track with the report designer that allows you to customize construction reports and financial statements. Conduct an audit of a project that will build a report easy for your certified public accountant (CPA) to digest and work from. Project management is critical to meeting budgets on your construction sites. Jonas Premier provides you with a customizable dashboard that gives you the insights you need to manage every aspect of the job. Record electronic signatures for approvals and use the cloud-based document storage tool to keep everything you need one click away. Keeping all your company’s money in a single bank account makes it harder to understand how you’re doing financially because all the money in the bank account might not necessarily be yours.

Easily Organize your Business Expenses

It is a complete solution that has front-facing tools such as its client management solution. It is even considered one of the best accounting applications for small business. When considering construction accounting software, look for features relating to job costing, payroll and reporting. It’s important to check if the program you’re considering is cloud-based and integrates smoothly with your existing construction management software. Xero gives QuickBooks a run for its money when it comes to accounting features for independent contractors. Features include financial reports, mobile apps, more than 1,000 integrations, live bank account connections, invoicing, and access for multiple team members.