According to a “Construction Cash Flow & Payment Report” from Levelset, a staggering 97% of contractors suffer stress from slow payments and cash flow problems.
It’s daunting to be a contractor managing projects and cash flow, but there’s good news. You can leverage financial management software platforms to streamline your business operations, save time, and boost your bottom line.
This article will help you discover the 6 best financial management software options for general contractors.
Key Features to Look for in Contractor Financial Management Software
Before we delve into specific software platforms for contractors, let’s list the key features to look for when deciding on the best option for managing your company’s finances.
Ease of Use
You want to look for an intuitive interface that’s easy to navigate–not just for yourself, but for anyone on your team who might use the program. The last thing you want to do is spend time teaching your team how to use software that’s supposed to be saving you time.
Project-Specific Tracking
Every construction project is unique, from budget allocation to expenses and resources. Choose a solution that allows you to track project-specific expenses for materials, labor, and subcontractors and provides a detailed overview of each project's financial status.
Integration Capabilities
To keep your construction business running, you use multiple software tools for scheduling and tracking timelines, payroll, and maintaining client relationships. You want a financial management system that can integrate with these tools, otherwise you’ll have to manually transfer information, leading to errors and wasted time.
Scalability
As your contracting business continues to grow, so will your financial management needs. Whether you're taking on new clients, managing larger projects, or expanding your team, you need management software to scale effortlessly alongside you. You don’t want to get to a point down the road where you need to switch software systems.
Reporting and Analytics
The best financial management software for general contractors must include robust reporting and analytics tools to provide real-time insights into your business's cash flow, expenses, and overall performance. Customizable reports also allow you to focus on the metrics that matter most to your business, whether streamlining your accounting processes, tracking cost overruns, or identifying your most profitable projects.
The 6 Best Financial Management Software Options for General Contractors
We kept the above key features in mind when compiling our list of the 6 best financial management software platforms for contractors. Below you’ll find detailed information about each of them, however, you’re busy running your business, so here's a quick comparison table:
1. Truss
Truss focuses on one of the most critical aspects of financial management for contractors — payments.
Our software offers real-time tracking of receivables and payables, allowing contractors to easily monitor their business's financial health.
With Truss, contractors can send invoices, accept online client payments, and manage subcontractor transactions, all while tracking everything in real-time.
On top of that, Truss provides unlimited cards, allowing teams to manage expenses directly from the platform while maintaining control over spending.
By eliminating transfer fees and automating compliance processes, such as lien waiver tracking, Truss helps contractors reduce administrative headaches and focus on their projects.
Pros:
- Simplified payments
- Unlimited cards
- Accounting integration
- No transfer fee
Cons:
- Limited project management
Manage invoices, bills, and cards all in one place. Get your business started with Truss for free!
2. Procore
Procore provides a comprehensive solution for contractors, integrating project and financial management to ensure seamless operations.
Its tools for budget tracking, change orders, and invoicing help contractors maintain tight financial controls. The software also features real-time reporting and forecasting, providing insights into project profitability.
Another notable feature is Procore's ability to connect with accounting software like QuickBooks and Sage.
Truss vs. Procore
Say you’re a small contractor managing a kitchen renovation project. You need to send invoices, pay subcontractors, and track material receipts while ensuring compliance documentation is covered. Procore wouldn’t be ideal for such a small-scale project because its extensive project management tools can feel overwhelming and unnecessary. It’s like putting out a match with a firehose.
Truss, on the other hand, is more adaptable, allowing you to make payments and track expenses real-time for a small project like this, without unnecessary complexity as with Procore.
Pros:
- Comprehensive features
- Real-time reporting
- Strong integrations
- User-friendly interface
Cons:
- Expensive
- Overwhelming for basic needs
3. Sage 300 Construction and Real Estate
Sage 300 CRE is another comprehensive financial management solution, ideal for mid- to large-sized construction firms.
It offers advanced job costing, robust reporting, and handles complex, multi-company financial operations. Its scalability and ability to manage large-scale projects make it ideal for contractors handling diverse portfolios.
However, Sage 300 CRE has a steep learning curve and higher setup costs, which deter smaller businesses or those seeking a simpler solution.
Truss vs. Sage 300 Construction and Real Estate
If your business is managing five contractors on multiple home renovation projects, Sage 300 CRE is an option for monitoring payments, tracking expenses, and complying with lien waiver requirements. However, if you’re running such a large team and juggling so many different projects, you don’t have the time to learn a complex system like Sage 300 CRE.
Truss offers the same tools like real-time payment tracking and automated lien waiver management, but in a simpler, faster, and more affordable platform.
Pros:
- Advanced job costing
- Scalable for large projects
- Robust reporting tools
- Multi-company support
Cons:
- Steep learning curve
- High setup costs
4. QuickBooks for Construction
QuickBooks for Construction, like Truss, offers contractors a budget-friendly solution for financial management.
Its features include job costing, payroll, and expense tracking, making it ideal for small to mid-sized businesses.
In addition, the platform’s cloud-based nature allows contractors to manage finances on the go, ensuring flexibility and accessibility. QuickBooks also integrates seamlessly with common third-party applications for general contractors.
QuickBooks for Construction still falls short if you're managing large-scale projects or require advanced features like multi-company support or comprehensive job costing tools, which platforms like Sage 300 CRE or Viewpoint Vista (see #5) offer.
Truss vs. QuickBooks for Construction
If you’re a general contractor without a team, but you have multiple clients who frequently pay in installments, you need software that helps you track when payments are due, send reminders, and assist in paying subcontractors on time.
While QuickBooks is great for basic financial tracking, it doesn’t specialize in payment management, a notable feature on Truss. On top of that, Truss allows you to manage receivables and payables in real-time.
Pros:
- User-friendly interface
- Affordable pricing
- Mobile access
- Integrates with third-party tools
Cons:
- Limited advanced features, especially payment management
- Basic scalability
5. Viewpoint Vista
Viewpoint Vista combines financial and operational management into a single ERP platform tailored for mid to large construction firms.
Its real-time data integration and job costing features allow contractors to monitor expenses, track compliance, and manage contracts seamlessly. In addition, the software's scalability supports growing businesses, adapting to larger portfolios and increasing project complexities.
Compared to Jonas Premier (see #6), Viewpoint Vista offers more robust ERP capabilities, making it ideal for firms requiring in-depth financial insights and customization.
Truss vs. Viewpoint Vista
Your small team is stretched thin on a medium-sized project. You need to keep administrative work to a minimum so you can roll up your sleeves on this project, but you still need to make timely subcontractor payments. While Viewpoint Vista caters to large-scale firms with complex needs, its ERP features may be overkill for this project.
Truss would be perfectly adaptable to this case, offering streamlined payment processes with automation and easy-to-use tools that simplify your workflow and reduce stress.
Pros:
- Comprehensive ERP capabilities
- Customizable workflows
- Scalable for growing firms
- Real-time data integration
Cons:
- Requires training
- Higher cost
- Not adaptable to small or mid-sized projects
6. Jonas Premier
Jonas Premier is a cloud-based solution ideal for contractors seeking simplicity and mobility.
Its intuitive design offers job costing, billing, and real-time reporting tools, allowing contractors to manage projects and finances from anywhere. Its seamless integration with other systems makes it a popular choice for small to mid-sized contractors prioritizing ease of use.
Jonas Premier focuses on user-friendliness and mobility, making it better suited for smaller businesses on-the-go or for those new to financial management software.
Truss vs. Jonas Premier
If you’re a contractor building a single-family home construction and frequently moving between the site and your office, you need a simple way to handle payments and track expenses whether from a desk or mobile device.
Jonas Premier offers a simple, mobile-friendly option. However, it lacks focus on the dedicated payment management features that Truss offers, such as real-time payables and receivables tracking.
Pros:
- Cloud-based platform
- Easy to use
- Real-time reporting
- Mobile-friendly
Cons:
- Limited ERP features
- Basic scalability
Quick Tips on Making the Most of These 6 Best Financial Management Software Options for General Contractors
Now that you’ve learned about the 6 best software options available to general contractors looking to manage their finances, let us suggest a few quick tips to get the most from these platforms.
Make Dashboards and Reports Your Personal Assistant
Customize your dashboard to focus on what matters most to you–cash flow, budget status, or overdue invoices.
Run customized reports to help you track the financial performance of individual projects or your entire business. And if you're new to tracking key financial metrics, our article on construction accounting essentials is a great starting point for mastering the basics.
Automate Repetitive Tasks
Automate accounts receivables to streamline your operations and skip manual data entry (and errors).
Set up automatic reminders for overdue payments or let the system categorize expenses by project.
Bring Tools Together
Link it to your project management, CRM, or scheduling tools for seamless data sharing.
With integration, you'll have a clear, real-time picture of your financial health, ensuring you maintain healthy cash reserves, a topic we cover extensively in our cash flow management guide for contractors.
Keep Your Team in the Loop
Train your team on your new software to ensure everyone understands a platform's features and how it can make their job easier.
💡Pro Tip: Encourage your team to explore advanced tools—they might discover shortcuts or features that improve efficiency even more.
Use Real-Time Data to Stay Ahead
Monitor cash flow and track project profitability using real-time data to catch any budgetary problems before they become major headaches.
Final Thoughts
For general contractors, financial management is more than getting the numbers right. It’s also about maintaining the foundation of your business. The best financial management software for you can help improve operations, forecast challenges, and ensure every dollar works as hard as you do.
