16 Best Construction Accounting Software in Philippines 2024

The construction industry may face challenges, from managing complex projects to dealing with fluctuating costs and tight deadlines. One common fear among construction business owners is the risk of financial discrepancies that can lead to significant losses.

Additionally, manual account handling can lead to errors in bookkeeping, complicating compliance and financial management. These problems underscore the importance of reliable construction accounting software. Such software streamlines financial operations and ensures accuracy in construction bookkeeping and cost-tracking.

However, selecting the best accounting system software can be daunting due to the many options available. Each software claims to offer comprehensive solutions, but how do you choose the one that perfectly fits your business needs?

This article explains construction accounting software and the top 16 construction accounting software available in the Philippines.

What is Construction Accounting Software?

Construction accounting software is a specialized tool designed to handle the unique financial management needs of the construction industry. Unlike regular accounting software, it includes features specifically for project management, cost estimation, job costing, and progress billing.

This software helps construction companies track expenses related to specific projects, manage budgets, and prepare detailed financial reports that align with construction projects’ timelines and compliance requirements.

The core advantage of using accounting software for construction is its ability to integrate all aspects of financial management relevant and construction project management software to construction work. It gives contractors and construction company managers a real-time overview of their financial status, including cash flow and resource allocation.

Moreover, this BIR-accredited accounting system supports various construction-essential functions, such as compliance with construction accounting standards, managing payroll for a fluctuating workforce, and handling subcontractor payments.

Benefits of Accounting Software for Construction

This type of accounting software offers several benefits that can transform how construction businesses manage their finances and operations. Here are five key construction accounting software benefits:

1. Improved Financial Accuracy:  Automates routine financial tasks, minimizing human error and ensuring reliable data for accurate reporting, essential for budget control and informed decision-making.
2. Enhanced Project Management: This software integrates financial and project management, allowing real-time financial tracking to help managers allocate resources effectively and keep projects within budget.
3. Efficient Cost Tracking:  Tracks detailed project costs, assigning expenses to specific tasks to monitor spending and identify potential savings.
4. Streamlined Compliance: Construction accounting software helps meet industry regulations by managing payroll and taxes according to local laws, reducing compliance risks.
5. Access to Real-Time Financial Insights: Construction accounting software provides up-to-date financial data, enabling quick, informed decisions based on the latest information.

16 Best Construction Accounting Software in the Philippines

There are many accounting software options available for construction in the Philippines. Each software offers unique features, allowing you to choose the most suitable software for your business needs. Below are the best accounting software for construction in the Philippines.

1. HashMicro Construction Accounting Software

HashMicro Accounting Software is recognized as one of the leading accounting solutions in the Philippines. It is ideal for businesses seeking comprehensive, reliable financial management tools. This software offers benefits that streamline accounting processes, enhance accuracy, and facilitate decision-making.

With unlimited user access, a user-friendly interface, professional assistance, and comprehensive report analytics, HashMicro Construction Accounting Software ensures that businesses of all sizes can manage their finances effectively.

The system’s robust integration capabilities allow seamless synchronization with other modules, ensuring data consistency and reducing errors.

Key Features of HashMicro Accounting Software:

1. Budget S Curve Management: This feature visualizes financial progress over time, showing cumulative cost and revenue forecasts against actual expenses.
2. S-curve Plan vs Actual Project Cost: This feature compares planned costs with actual spending, providing insights to adjust project plans promptly.
3. In-Depth Budgeting Type: HashMicro offers detailed budgeting options for tracking expenses across categories like materials, assets, overhead, and subcontractor fees.
4. Budget Carry Over: This feature allows unspent funds to roll over to the next period, ensuring budget flexibility for long-term projects.
5. Track P&L and Balance Sheet per Project:  Monitors the financial health of individual projects, aiding in resource management and profitability analysis.

To learn more about financial software from HashMicro, you can start considering the price calculation by clicking the banner below.

2. QuickBooks

QuickBooks for Construction is an extension of the popular QuickBooks accounting software, adapted with features for small construction businesses. It includes essential functionalities like job costing and the ability to integrate with specialized construction management tools such as Corecon and Buildertrend.

However, QuickBooks has its limitations. The software offers a more limited set of features than solutions dedicated to construction accounting, which might not suffice for businesses looking to scale or requiring detailed financial management tools. Additionally, the user cap on its pricing plans can be restrictive to large companies.

Features of QuickBooks for Construction:

1. Job Costing
2. Invoicing
3. Contract Management
4. Profit Margin Tracking

3. Sage Construction Software

Sage has long been a standard choice for general contractors. It is known for its straightforward, user-friendly approach to accounting. Sage is designed to be accessible for small businesses, featuring an insightful dashboard that easily tracks expenses and incomes.

However, despite its affordability and ease of use, Sage has seen a decline in popularity amidst the emergence of newer platforms offering more robust features. The main drawback of Sage is its relatively basic analytics and data insights, which may not meet the needs of larger businesses or those requiring deep, detailed financial analysis.

Features of Sage Construction Accounting Software:

1. Audit Trails
2. Free Bank Feeds
3. Integrated Payments
4. Mobile Account Management

4. CMiC Accounting Software for Construction

CMiC is a solution for construction accounting and financial management. It offers comprehensive functionality across accounting, project management, human capital management, and field operations. One of the key strengths of CMiC is its integration of all business data into a single database, which facilitates sophisticated reporting and analytics.

However, CMiC does have some noted drawbacks. Users have reported that the system can be slow, which might affect productivity, especially when handling large volumes of data. Additionally, the initial setup and training process for CMiC is extensive, which can lead to a significant time investment before the system is fully operational.

Features of CMiC Accounting Software:

1. Integrated Accounting (General Ledger, Accounts Payable, Accounts Receivable)
2. Project Management
3. Human Capital Management
4. Asset Management

5. Procore Construction Accounting Software

Procore is a comprehensive construction management platform designed to streamline project oversight from inception to completion. It effectively integrates the management of construction projects, resources, and financials, serving as a central hub for all project-related activities.

However, Procore may have some limitations. Its user base primarily consists of mid-market and small-business segments, which suggests that the platform might be less suited for very large enterprises or those with highly specialized needs that require more customized solutions. 

Features of Procore Construction Accounting Software:

1. Project Management
2. Resource Management
3. Financial Management
4. Collaborative Team Access

6. FreshBooks Construction Accounting Software

FreshBooks offers a user-friendly accounting solution tailored for small to medium-sized construction businesses. It excels in automating financial tasks such as expense tracking, receipt data capture, and the generation of detailed financial reports, helping keep construction projects on track and within budget.

However, FreshBooks might not cater fully to larger enterprises requiring more sophisticated or industry-specific functionalities. Additionally, while it is praised for its ease of use, businesses seeking more advanced accounting features might find the software’s capabilities limited.

Features of FreshBooks Accounting Software for Construction:

1. Automatic Expense Tracking
2. Customizable Chart of Accounts
3. Secure Cloud-Based Collaboration
4. Detailed Financial Insights

7. Acumatica Accounting Software for Construction

Acumatica ERP is a robust software platform for small to mid-sized businesses, particularly in the construction sector. The Acumatica system is designed to support a wide range of business management functions, offering best-in-class functionality to navigate the challenges of the digital economy. 

However, potential drawbacks include the complexity of its full suite of features, which might require a steep learning curve, particularly for users new to ERP systems. Additionally, while beneficial, the depth of its functionalities may require significant initial customization and setup time to align with specific business processes.

Features of Acumatica Construction Accounting System:

1. Open API for Rapid Integrations
2. Consumption-Based Licensing
3. Remote Collaboration Tools
4. Comprehensive Business Management Functionality

8. Jonas Premier Accounting Software for Construction

Jonas Premier offers a comprehensive cloud-based accounting solution tailored for the construction industry. Designed to accommodate businesses of all sizes, it facilitates the organization and documentation of financial activities across multiple projects. One of the standout features is its real-time job costing and budget management tools.

The software also boasts a customizable dashboard that clearly displays financial and accounting data. However, the high implementation fees associated with its pricing plans can be a significant barrier for smaller companies or startups. Additionally, the system’s complexity might require considerable time and training.

Features of Jonas Premier Construction Accounting Software:

1. Automation of Accounting Operations
2. Simplified Accounts Payable Workflows
3. Integration of Costs and Invoices in Billing Cycles
4. Compliance Tracking for Construction Firms

9. CoConstruct Accounting Software for Construction Company

CoConstruct has the capabilities of construction management software, integrating financial management with project oversight. It’s designed to support firms in managing multiple projects simultaneously, streamlining everything from task management and scheduling to financial operations. 

The platform’s ability to produce detailed financial and project reports adds another layer of transparency and accountability to management processes. However, CoConstruct’s pricing may deter smaller firms or those with tighter budgets, as its plans start at a higher price point than some competitors.

Features of CoConstruct Accounting Software:

1. Billing and Purchase Order Management
2. Accurate Project Cost and Budget Estimation
3. Construction Site Activity and Progress Monitoring
4. Expense and Order Tracking

10. Foundation Software 

Foundation Software is tailored specifically for the construction industry, catering to commercial businesses, industrial contractors, and government agencies that operate in multiple locations. It acknowledges the complexities of construction accounting, which differs substantially from standard accounting practices used in other sectors.

The software automates the production and management of intricate financial data crucial in construction, such as retainage, prevailing wage rates, certified payroll, and more. However, contacting the company for pricing information might be a hurdle for potential users who prefer transparent and straightforward pricing structures.

Features of Foundation Software Construction Accounting Software:

1. Automatic Calculation of Pay Rates and Taxes
2. Elimination of Multiple Data Entries
3. Multiple Cost Management Features and Views
4. Mobile App for Easy Data Entry and Processing

11. NetSuite Accounting Software for Construction

NetSuite Cloud Accounting Software offers a comprehensive financial management tool suite that streamlines various accounting processes. It is particularly noted for its ability to provide real-time access to financial data, enabling managers to pinpoint and address issues quickly.

A key strength of NetSuite’s offering is its seamless integration with other platforms under the NetSuite umbrella, such as its ERP and professional services automation systems. This integration facilitates a cohesive management environment where financial data interacts smoothly with other operational areas.

Features of NetSuite Cloud Accounting Software for Construction Company:

1. Real-time Financial Insights
2. Automated Journal Entries
3. Enhanced Audit Trails
4. Visibility Over Cash Flows

12. Xero Construction Accounting Software

Xero is an accounting system for businesses of various sizes, including those in the construction industry. Known for its dynamic and intuitive platform, Xero simplifies many accounting processes, such as creating and delivering custom invoices and recording financial transactions.

While Xero offers flexibility and a broad set of features, it may lack some of the more specialized tools needed for larger or more complex construction projects. Also, although reasonably priced, the starter plan has limitations on the number of invoices and quotes, which could be restrictive for growing businesses.

Features of Xero Construction Accounting System:

1. Tracks and Pays Bills
2. Employee Spending Tracking
3. Online Payments Integration with Various Payment Gateways
4. Bank Account Connection and Organized Bank Feed

13. Zoho Books Accounting Software for Contractor

Zoho Books is an advanced accounting solution designed for businesses experiencing growth and needing scalable financial tools. It allows users to send professional invoices and receive online payments through a unified platform, simplifying the customer billing process.

Zoho Books’s interface is user-friendly and designed to facilitate quick learning and application of its features. However, while Zoho Books is highly effective for growing businesses, firms requiring highly specialized construction accounting features might find it less tailored to their needs.

Features of Zoho Books Accounting Software for Construction Company:

1. Customization and Automation of Business Workflows
2. Comprehensive End-to-End Accounting Features
3. Simple Creation and Automation of Bills and Invoices
4. Tracking of Landed Costs and Inventory Levels

14. Buildertrend Contractor Software

Buildertrend is a comprehensive construction management system tailored for homebuilders, custom builders, specialized contractors, and remodelers. This cloud-based solution equips construction companies with the tools they need to manage more projects efficiently.

While Buildertrend provides a robust set of features, it may initially require a significant investment of time and resources to fully integrate and utilize all its capabilities. Moreover, its pricing structure, starting with an introductory offer followed by a higher regular rate, might be a consideration for smaller firms or those on a tight budget.

Features of Buildertrend Construction Accounting Software:

1. Financial Tracking
2. Online Payments Facilitation and Processing
3. Affordable Insurance Options
4. Lending Solution

15. RedTeam Construction Software

RedTeam is a construction accounting software developed by a construction company. It is uniquely attuned to the industry’s real-world financial and accounting demands. This platform is particularly strong in managing the bidding process, allowing users to efficiently set project requirements and compare vendor offerings.

Beyond bidding, RedTeam excels in project management, offering robust tools for communication and collaboration. Managers can track and manage information requests and update change orders. However, the platform’s extensive functionalities might require a significant learning curve and adaptation period for new users.

Features of RedTeam Construction Accounting System:

1. Customization and Automation of Workflows
2. Bid Invitation Response Tracking
3. Project Bids and Budget Changes Tracking
4. Automatic Notifications for Incomplete Tasks

16. Gusto Accounting Software for Contractor

Gusto is a comprehensive accounting and payroll solution for construction companies that engage with local and international contractors and vendors. This platform is particularly adept at managing complex payroll processes and employee benefits, making it indispensable for firms looking to streamline their financial operations.

Although it offers robust features that enhance payroll management and employee satisfaction, its pricing structure may concern smaller firms, particularly the cost per employee, which can add up quickly depending on the team size.

Features of Gusto Construction Accounting Software:

1. Automatic Tax Calculation
2. Unlimited Payroll Runs
3. Integrated Time Tracking with Payroll
4. Supports International Contractor Payments

How to Choose the Right Construction Accounting Software

Selecting the right accounting software for your construction business can be pivotal. Here are some practical steps to ensure you choose the software that best fits your needs:

1. Define Your Requirements: Before exploring software options, make a list of essential features that are non-negotiable. Consider the size of your projects, the number of employees, and the specific features you need, such as job costing, payroll management, or real-time reporting.
2. Consider User-Friendliness: The software should be easy to use to ensure your team can adapt quickly without extensive training. Look for an intuitive and simple user interface. Many software providers offer demos or trial periods, so use these opportunities to test the software’s user-friendliness.
3. Evaluate Integration Capabilities: The best construction accounting software should easily integrate with other tools you are already using, such as project management software, CRM systems, or HR platforms, as well as construction procurement software. Seamless integration can significantly enhance efficiency and data accuracy across your business operations.
4. Check for Scalability: Your software needs will change as your business grows. Choose software that is scalable and can grow with your company. This means looking for features that support larger projects or more complex financial management as your company expands.
5. Read Reviews and Seek Recommendations: Look at reviews from other users, particularly those in the construction industry. User reviews can provide insight into how the software performs in real-world scenarios. Additionally, ask for recommendations from industry peers with experience with construction accounting software.
6. Consider Support and Training: Good customer support is essential, especially when implementing new software. Check what support the software provider offers, including training resources and customer service availability. A provider that offers comprehensive support can make the transition smoother and more efficient.

Conclusion

In conclusion, choosing the best construction accounting software is crucial for a construction company. Considering the advantages, disadvantages, and available features is very important for successful implementation. In this article, you can choose the best software according to your needs and requirements.

HashMicro is one of the best construction accounting software in the Philippines. With complete features and modules, HashMicro offers a comprehensive software solution to streamline financial management in a construction business.

Besides that, HashMicro has several benefits that will increase the effectiveness of your company. Now, it’s time to prove it by trying the free demo service with the professionals from HashMicro. Don’t miss the chance to enhance your construction accounting management now!

Frequently Asked Questions

• What is construction accounting software?

  Construction accounting software is a tool designed to manage financial operations specific to construction businesses. It helps track project costs, manage budgets, and streamline payroll for improved efficiency.

• What type of accounting is used in construction?

  Construction companies often use job costing accounting, which tracks expenses and revenue by individual projects. This method helps assess project profitability and manage costs effectively.

• How do you record construction accounting?

  Construction accounting involves tracking costs by project phases and using job costing to record labor, materials, and overhead. Expenses and revenues are then allocated to each project for accurate financial reporting.