Construction accounting software consists of an integrated set of tools that you can use to track financial data for each construction project. Specialised accounting software consists of the core accounting modules; however for efficient construction accounting, they also integrate other critical components.
Construction accounting uses the job costing system to track accounting data within each project. With this system of accounting, job costs, labour and quantities can be tracked to specific projects.
Here are three popular accounting software options for your construction business.
Xero is one of the most trusted online accounting solutions utilised across countless industries. It offers a simple platform to organise payroll, bank reconciliation, bookkeeping and invoicing, making it particularly useful to construction firms.
The list of accounting features Xero offers is extensive, but a few of its primary draw cards include;
Xero consolidates these features on an intuitive dashboard, that allows you to track overall financial performance and zero in on individual elements.
Xero can also be integrated with the other building technologies you use every day, like Cubit. It can be accessed across most devices, including your mobile, PC and tablet.
MYOB is a popular alternative to Xero, offering many of the same features that cater to smaller businesses. The cloud accounting system allows you to handle invoicing, reporting, expensing, payroll and GST, and prides itself on its ease of use.
One of MYOB’s main selling points is its tax simplification tool, which allows you to produce accurate reports on PAYG, GST and BAS. It alerts users of updates to superannuation changes, simplifies payment summaries and empowers you to collaborate with accountants and bookkeepers from the one platform.
Some of MYOB’s other features include;
QuickBooks by Intuit is also a popular accounting software option within the construction industry, offering much of the same functionality as Xero and MYOB. Their dashboard is incredibly simple to use, and consolidates banking, invoicing, expenses, reports, tax and accounting.
QuickBooks also offers a platform for self-employed workers, which features mileage tracking, invoicing and receipts management tools. The self-employed features of QuickBooks make it a favourite among smaller trades, freelancers and contractors.
For more information about the technology solutions Australian builders are using to grow their business, visit our popular Building a Better Trade Business resource today.
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