How Much Does Construction Accounting Software Cost?
Last Updated: January 04, 2022
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Standard accounting software doesn't quite cut it for the construction industry. In this field, there are unique needs that require a specialized product.
Construction accounting software is designed with those specific needs in mind. It not only tracks day-to-day income and expenses. But, it also has the capability to track all of the costs related to each of your projects.
Keep track of employee hours and the cost of supplies. Create schedules and monitor job progress. Create invoices. And draft a wide variety of reports on each project to make sure you're on time and under budget.
Construction Accounting Software Average Costs #
Basic, off-the-shelf construction accounting software begins at about $100, but it won't offer much more than a glorified spreadsheet. Sophisticated, customizable software for large construction firms can cost $50,000 or more.
For most small and medium-sized firms, construction accounting software costs $3,000 to $5,000 for a single user. Additional users can typically be added for a discounted price.
If you purchase additional features or functions, the price could increase by thousands of dollars. Adding an estimating function, for example, might run an extra $1,000 to $1,500. Training and annual maintenance also cost extra. A full day of training usually runs about $1,000 and annual maintenance is typically about 20% of the total purchase price.
Choosing Construction Accounting Software #
Do your homework before selecting a vendor for your construction accounting software. Find out how long the vendor has been in business and talk to other people in the industry who have purchased the software. Is it easy to use? Are there any major bugs or kinks that prove disruptive?
Be wary of vendors that quote you a low price upfront and then slowly reveal additional fees for add-ons like a second user or another functionality. Be sure to ask for a complete list of all fees related to the purchase, including training, and maintenance. It's easy to end up paying double what you expected if the extras are not included in the price you are quoted.
Finally, never base your decision on price alone. It's important to stay within your budget, but the cheapest software doesn't always offer the best value. Compare multiple products based on a variety of factors - price, functionality, ease of use, etc. And request a demo or free trial before you commit to any purchase.