Best Project Cost Accounting System [Construction Project Management]

Managing costs in construction projects can be a serious headache if you don’t have the right tools. Whether you're dealing with unexpected expenses or trying to keep track of multiple subcontractors, having the right project costing software can make or break your project. Below, we’ve rounded up the best tools to keep your project finances in check. And, spoiler alert, Mastt is at the top of the list for good reason!

1. Mastt - The Ultimate Project Costing Software for Construction

If you’re looking for a powerful yet easy-to-use project costing software specifically designed for construction, Mastt should be your number one choice. Mastt is built with the needs of construction project owners in mind, offering comprehensive cost tracking, reporting, and forecasting capabilities. It doesn’t just track costs—it helps you manage your budget proactively, ensuring you stay on top of your finances from start to finish.

Why Mastt?

• Automated cost tracking: No more manual spreadsheets. Mastt automates cost management, giving you real-time insights into your project's financial health.
• Detailed reporting: Get in-depth reports on budgets, forecasts, and costs with just a few clicks.
• Cloud-based convenience: Access your data from anywhere and keep your team in the loop no matter where they are.

For more details on why Mastt is the go-to project cost accounting system, check out our Project Cost Management guide.

2. Procore

Procore is another heavy hitter in the world of project management costing software. It provides an all-in-one platform that includes cost management as part of its broader project management tools. Procore is excellent for large teams working on complex construction projects where detailed cost tracking is essential.

Why Procore?

• Integrated platform: Procore brings everything—budgeting, time tracking, and contract management—into one platform.
• Real-time collaboration: Multiple users can access financial data simultaneously, making teamwork more efficient.
• Customizable reports: Create detailed cost reports based on your project needs.

While Procore has some great features, its wide range of tools can make it a bit overwhelming if you’re just looking for a focused project cost accounting system.

3. CMiC

CMiC focuses on the back-office financial management of construction projects. It’s a comprehensive solution for accounting, project controls, and field management, making it a great choice for large-scale construction projects with complex financial requirements.

Why CMiC?

• End-to-end accounting: From budgeting to financial closeout, CMiC offers detailed financial tools for every stage of your project.
• Integrated project controls: Manage costs, forecasts, and financial risks all in one place.
• Customizable dashboards: Get insights tailored to your specific project needs.

However, CMiC’s setup and learning curve might be steep for smaller companies or those new to project management costing software.

4. Viewpoint Spectrum

Viewpoint Spectrum is a cloud-based construction management tool that combines accounting, project management, and risk management. It’s ideal for firms that need detailed cost tracking and project management features wrapped into one package.

Why Viewpoint Spectrum?

• Real-time cost tracking: Keep an eye on your project costs with live updates.
• Mobile access: Manage costs and project progress directly from the field using your smartphone or tablet.
• Seamless integration: Spectrum integrates well with other construction tools, making it easy to consolidate data.

While Viewpoint Spectrum offers strong project cost accounting system features, it can be pricier than some other options on this list.

5. Jonas Premier

Jonas Premier is designed for small to mid-sized construction firms that want a user-friendly, cloud-based system to manage finances and project data. It includes job costing, budgeting, and accounting features, all of which are essential for keeping your projects financially sound.

Why Jonas Premier?

• Simple interface: Easy to navigate, even for those who aren’t tech-savvy.
• Comprehensive cost tracking: Track your costs, revenue, and profits in real time.
• Scalable: As your business grows, Jonas Premier grows with you, offering more advanced tools for larger projects.

For smaller firms or teams that need to get up to speed quickly with project costing software, Jonas Premier is a great option.

6. Corecon

Corecon is a cloud-based project management costing software designed for small to mid-sized construction companies. It integrates job costing, project management, and accounting features to give you full control over your project finances.

Why Corecon?

• Job costing at your fingertips: Manage costs, budgets, and revenues all in one place.
• Quick integration: Corecon integrates easily with popular accounting tools like QuickBooks.
• User-friendly dashboards: Get quick insights into your project’s financial health.

If you need a balance of affordability and functionality, Corecon is a solid choice.

7. Sage 300 Construction and Real Estate

Sage 300 offers robust project cost accounting system tools that cater to construction and real estate industries. It provides detailed financial management and reporting, making it ideal for firms that need high-level cost tracking and control.

Why Sage 300?

• Financial accuracy: Manage project finances down to the last detail with precise accounting features.
• Scalability: Whether you’re working on a small project or a massive one, Sage 300 can scale to meet your needs.
• Advanced reporting: Generate detailed financial reports that give you a complete view of your project’s cost performance.

While Sage 300 is powerful, it might be more than what small firms need, making it best for larger, more complex projects.

Final Thoughts

Choosing the right project costing software is critical to ensuring that your construction projects run smoothly and stay on budget. Whether you're part of a small team or managing large-scale developments, there's a tool on this list to suit your needs. If you’re looking for the best all-around project cost accounting system, Mastt should be your top pick, hands down.

And remember, the right software is only part of the solution. Ensuring your team understands how to use it and integrates it effectively into your project workflows is just as important as choosing the right tool.

For further insights into managing construction project finances, check out:

• Best Construction Budget Software for Project Owners
• How to Track Project Costs Effectively
• What is a Construction Budget?