Some recommendations to make construction accounting easier

Some recommendations to make construction accounting easier - Infra Bazaar

Posted By: Infra Bazaar

Construction accounting is a unique form of accounting that helps contractors in financial management and bookkeeping to track each job and how it affects the company as a whole. It is similar to general accounting except it requires businesses to track multiple jobs at once, with an itemized list of expenses for each contract. To make things easier one can also make good use of applications for construction accounting. While there is a huge choice of softwares available, **would be looking at five of the best applications to make bookkeeping and financial management easier. 

1. Jonas Premier Software: It is an all-in-one software that lets one work on accounting, job cost, project, document, and drawing management. It is specifically designed to meet the needs of Home Builders, Land Developers, and General Contractors. Premier’s accounting module is capable of handling multi-company, multi-division, and intercompany financial transactions. The fully customizable management dashboard lets you view detailed business information. Both the on-site teams and contractors can view and enter the daily job logs on their mobile phones by downloading the Jonas app which is available for Android and iOS phones. 

$30,000 is a one-time fee for the software or the users can also opt for the monthly fee of $249. 


2. BuilderTREND Software BuilderTREND: This is a construction management solution that combines project scheduling, project management, financial management, customer management, and service management in a single unit. This software is designed for homebuilders, general contractors, and residential/commercial contractors. For project management, field users can send daily updates about the status of a project and working conditions using daily logs. The built-in scheduling tools allow users to view all tasks in progress and even link sub-contractors to any item or task. 

The software offers two pricing plans. The first plan is $99 per month for the first two months and then the price increases to $349 per month. The ‘Pro’ plan costs $399 per month for the first two months and then it is for $599 per month or $4,999 per year. 


3. QuickBooks Desktop Enterprise: This software program is designed for accounting solutions that can be used in different industries such as construction, non-profit distribution, manufacturing, and retail. It offers customizable reporting tools which help users analyse business data and make informed business decisions. The QuickBooks accounting software helps businesses find the QuickBooks data to solve any business issue with over 200+ auto-filled templates and 70 industry-specific reports. It also helps businesses to control, customize, and automate financial transactions with job costing tools, batch invoicing, invoice tracking, cash flow management, and more. 
The basic monthly fee for this software is $30 per month while the fee for advanced features is $200 per month. 


4. Knowify Knowify: A construction management software solution that is designed for residential contractors and small to midsize commercial subcontractors. It helps in managing different administrative tasks including bidding and job estimation, contract management, and change orders. Users can create contracts and bid for them and send documents electronically for digital signatures as well. The mobile app of Knowify offers GPS-enabled jobsite check-in and check-outs for tradesmen. 

The launch price of Knowify is $99 per month.


5. Xero Xero:  An accounting system designed for growing and small businesses. It connects small businesses with trusted advisors and provides them with instant visibility of their financial conditions. With its firm accounting features, small businesses can view their cash flows, transactions, and accounting details from any location. The main hub of Xero is used to manage staff and client data. Its Practice Manager tool is used to manage jobs, assign tasks, and track time. It offers three pricing plans.

`For new businesses, the plan is named ‘Early’ which is $5.50 per month. The ‘Growing’ is for growing and small businesses and is priced at $16 per month. The third one is called ‘Established’ which is for established businesses costing $31 per month.