Best 16 Construction Accounting Software in The Philippines

The construction industry may face some 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, the manual handling of accounts can lead to errors in bookkeeping, complicating compliance and financial management. These problems underscore the importance of reliable construction accounting software. Such software not only streamlines financial operations but also ensures accuracy in construction bookkeeping and project cost tracking.

However, selecting the best accounting 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 fits your business needs perfectly?

This article aims to guide you through a detailed explanation of construction accounting software, and provide the top 16 construction accounting software available in the Philippines.

Key Takeaways Construction accounting software is uniquely designed to manage the financial aspects of construction projects, integrating project management with financial management for better oversight. Construction accounting software has several benefits, such as financial operations, enhances accuracy in bookkeeping, and ensures effective project cost tracking. Choosing the right construction accounting software in the Philippines is challenging due to the array of available options, each promising comprehensive solution. The article lists 16 recommendation of software solutions available in the Philippines, highlighting their key features and benefits to aid businesses in making an informed decision. HashMicro might be the best solution for a construction company that wishes to implement robust, complete, and comprehensive software.

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 to construction work. It allows contractors and construction company managers to have a real-time overview of their financial status, including cash flow and resource allocation.

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

Benefits of Construction Accounting Software

Construction accounting software offers several benefits that can transform how construction businesses manage their finances and operations. Here are five key advantages that demonstrate the impact of adopting such software:

1. Improved Financial Accuracy: Construction accounting software automates many of the routine tasks involved in financial management, such as payroll, invoicing, and tracking expenses. This automation reduces the likelihood of human error, ensuring that financial data is accurate and reliable. Accurate financial reporting is crucial for maintaining budget controls and making informed decisions.
2. Enhanced Project Management: This software integrates financial management with project management tools, allowing for seamless tracking of project costs against budgets. Managers can see the financial health of a project in real-time, helping to avoid overruns and manage resources more effectively. This integration ensures that projects are completed within their financial constraints.
3. Efficient Cost Tracking: One of the standout features of accounting software for construction is its ability to track costs at a detailed level for each project. It can allocate costs to specific tasks, providing clarity on where funds are spent and identifying areas where savings can be made. This precise cost tracking is essential for maintaining profitability in the construction business.
4. Streamlined Compliance: The construction industry is subject to various regulations, including tax obligations and labor laws. Construction accounting software helps ensure compliance with these regulations by providing tools to manage payroll according to local laws and to handle taxes correctly. Compliance with these regulations protects companies from legal issues and penalties.
5. Access to Real-Time Financial Insights: With construction software, businesses can access up-to-date financial information at any time. This real-time access to data allows business owners and managers to make quick, informed decisions based on the latest insights. Whether it’s reallocating resources or adjusting project timelines, having current data at your fingertips can significantly impact operational efficiency and project success.

How to Choose the Right Construction Accounting Software

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

1. Define Your Requirements: Before exploring software options, it’s crucial to understand your specific needs. 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. Make a list of essential features that are non-negotiable and those that would be nice to have.
2. Consider User-Friendliness: The software should be easy to use to ensure that your team can adapt quickly without extensive training. Look for a user interface that is intuitive and simple. Many software providers offer demos or trial periods, so take advantage of these opportunities to test how user-friendly the software is.
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. Seamless integration can significantly enhance efficiency and data accuracy across your business operations.
4. Check for Scalability: As your business grows, your software needs will change. 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 peers in the industry who have experience with construction accounting software.
6. Consider Support and Training: Good customer support is essential, especially when implementing new software. Check what support is offered by the software provider, including training resources and customer service availability. A provider that offers comprehensive support can make the transition smoother and more efficient.

16 Construction Accounting Software Recommendations in the Philippines

Many options for construction accounting software you can find in Singapore. Each software offers different uniqueness and 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, ideal for businesses seeking comprehensive, reliable financial management tools. This software offers a suite of benefits that streamline accounting processes, enhance accuracy, and facilitate decision-making.

With benefits like 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 also allow for seamless synchronization with other modules, ensuring data consistency and reducing errors.

Key Features of HashMicro Accounting Software:

1. Budget S Curve Management: This feature helps construction companies manage and visualize the financial progress of their projects over time. The S Curve is a graphical representation that shows the cumulative cost and revenue forecasts alongside actual expenses. It allows project managers to track financial performance against time, ensuring projects stay on budget and on schedule.
2. S-curve Plan vs Actual Project Cost: Building on the S Curve management tool, this feature compares planned project costs against actual expenditures. It provides a clear visual discrepancy between forecasted and real financial data, helping managers identify areas where the project is over or under budget. This immediate insight is crucial for making timely adjustments to project plans or budgets.
3. In-Depth Budgeting Type: HashMicro offers detailed budgeting options that allow construction companies to allocate and monitor expenses across various categories specifically relevant to their industry. This includes materials, assets, petty cash, overhead costs, and subcontractor fees. By categorizing budgeting in this way, companies can gain a deeper understanding of where funds are being spent and control costs more effectively.
4. Budget Carry Over: This feature is essential for multi-year construction projects as it allows unspent budget from one period to be carried over to the next. Budget carry over ensures that funds allocated for specific purposes are not lost at the end of a fiscal period but are instead extended to meet ongoing project needs. This flexibility is vital for long-term project financial management and planning.
5. Track P&L and Balance Sheet per Project: HashMicro enables construction companies to generate profit and loss statements and balance sheets for individual projects. This capability is crucial for assessing the financial health and profitability of each project independently. By isolating financial data per project, managers can make more informed decisions, focus on improving project-specific financial strategies, and better manage resources across the board.

2. QuickBooks

QuickBooks for Construction is an extension of the popular QuickBooks accounting software, adapted with features to cater to small construction businesses. While it is not exclusively built for the construction sector, 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 compared to solutions purely 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 for mid-sized 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, known for its straightforward, user-friendly approach to accounting. It’s designed to be accessible for small businesses, featuring an insightful dashboard that tracks expenses and incomes with ease. This software supports integrated payments and is backed by human customer support.

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 Construction 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. Procore’s platform is tailored to connect every stakeholder in a project, including owners, general contractors, and specialty contractors, promoting seamless communication and collaboration.

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 the needs of larger enterprises that require 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 Construction Accounting Software:

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 is a robust software platform tailored for small to mid-sized businesses, particularly in the construction sectors. The 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. Acumatica’s open API architecture allows for rapid integrations with other essential business applications.

The software facilitates connected business operations, ensuring that teams can work effectively from any location. 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, the depth of its functionalities, while beneficial, may require significant initial customization and setup time to align with specific business processes.

Features of Acumatica Construction Accounting Software:

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, tracking, and documentation of financial activities across multiple projects or companies. One of the standout features of Jonas Premier is its real-time job costing and budget management tools.

The software also boasts a customizable dashboard that provides a clear display of financial and accounting data. But, the high implementation fees associated with its pricing plans can be a significant barrier for smaller companies or startups. Additionally, the complexity of the system might require a considerable amount of time and resources for proper setup 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 as a 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. CoConstruct facilitates bid management, change orders, and purchase orders, making it a versatile tool for construction firms.

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

Features of CoConstruct Construction 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 excels in automating the production and management of intricate financial data crucial in construction, such as retainage, prevailing wage rates, certified payroll, and the management of purchase orders and subcontracts. However, the need to contact 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 suite of financial management tools that streamline various accounting processes, such as transaction recording, management of payables and receivables, tax collection, and financial closing. It is particularly noted for its ability to provide real-time access to financial data, enabling managers to quickly pinpoint and address issues.

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, which are also applicable to construction management. 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 that caters to businesses of various sizes, including those in the construction industry. Known for its dynamic and intuitive platform, Xero simplifies many accounting processes such as the creation and delivery of custom invoices and the recording of 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, the starter plan, although reasonably priced, comes with limitations on the number of invoices and quotes, which could be restrictive for growing businesses.

Features of Xero Construction Accounting Software:

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 that are experiencing growth and need scalable financial tools. It allows users to send professional invoices and receive online payments through a unified platform, simplifying the customer billing process.

The interface of Zoho Books is user-friendly, 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 specific 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, minimize costly errors, and speed up project completion to enhance client satisfaction.

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, making it uniquely attuned to the real-world financial and accounting demands of the industry. This platform is particularly strong in managing the bidding process, allowing users to request quotations, set project requirements, and compare offerings from various vendors efficiently.

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

Features of RedTeam Construction Accounting Software:

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 serves as a comprehensive accounting and payroll solution tailored for construction companies that engage with both 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 human resource and financial operations.

Even Gusto offers robust features that enhance payroll management and employee satisfaction, its pricing structure may be a concern for smaller firms, particularly the cost per employee which can add up quickly depending on the size of the team. Additionally, the system’s comprehensive features might require an initial learning phase to fully utilize its capabilities.

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

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!