The construction business is a tough and stressful one. Given the industry’s severe workforce and supply burdens, it is more vital than ever that construction managers have appropriate construction accounting software. Many businesses find that having the right construction company accounting software – coupled with effective accounting practices – increases productivity and helps cut back on unnecessary expenses.
That said, there is also no shortage of construction company accounting software to purchase, and it begs the question: What is the best one for you and your business? Here’s a look at some of the most popular models and an examination of their various pros and cons.
NetSuite for Construction Accounting
- NetSuite works well for many company sizes and industries.
- This software is customizable and scalable.
- Workflow and people management are handled internally, that means there is no need for external HR software. NetSuite has its own internal people management tool, SuitePeople.
- NetSuite offers different packages suited for various types of businesses and of different sizes.
- Although there are different packages, NetSuite’s baseline is $999 a month; this can be a bit steep for a smaller sized company that doesn’t have the funds and isn’t expanding anytime soon. For businesses that plan to scale, NetSuite is a suitable option.
- Technical customer support is included but highly criticized by customers. If you are going to implement NetSuite, it is best to go through a NetSuite consultant who can help and advise you on the best course of action and work with you through your business model than rely on customer support.
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QuickBooks for Construction Accounting
- Quickbooks for Construction builds upon its world-leading services and customizes construction accounting software for the construction industry.
- It easily integrates with QuickBooks accounting software, and individuals already familiar with QuickBooks will know how the program works.
- It contains many valuable features, including automating accounting tasks, managing job costs, and maintaining financial compliance.
- It allows for easy subcontractor management.
- It has a steep learning curve, so you will be challenged if your bookkeeper is relatively new. As such, this may be more useful for professional CPAs or larger firms.
- Only allows for five users to use the system; this makes it less useful for larger firms, which poses real challenges for these firms.
Viewpoint for Construction Accounting
- Viewpoint contains a massive suite of functions, including construction and project management, job costing, and more. As such, Viewpoint is much more than just accounting software.
- It easily allows you to track a job’s progress, costs, and cost overruns.
- It contains specific financing options, which may enable you to better manage your debt and help keep your costs down.
- It contains a variety of functions that enable easy collaboration with staff that is on-site.
- Data projections and visualizations can allow any user to grasp the costs of a project better.
- Since it does more than accounting, you may wind up paying for more than you need.
- Some users expressed concerns over its interfaces and the overall lack of customizability available in other programs.
- Must purchase a license for every individual, increasing costs.
Getting Guided Assistance
If you need assistance finding the best construction company accounting software for you, connect today with Fusion CPA. At Fusion CPA, we can help you identify the best ways to save money on your construction accounting software or other industry accounting software and provide you with guided assistance in the fields of accounting and tax planning; not to mention, our business advisors can help build a growth plan for your business. Click the button below to schedule a free discovery call.
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