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What is Construction Accounting Software?

Construction accounting software combines standard financial management with project-level cost tracking; progress billing; and labor, equipment, and materials management. NetSuite’s cloud solution embeds those capabilities inside a single database, so every transaction—from a field purchase order to a retainage release—flows automatically to the general ledger, job cost ledger, and cash flow forecast.

Connect field and back office for greater efficiency

Drive profitability

With NetSuite, built-in job-cost structures, AI-powered anomaly detection, and mobile time capture are just a few of the ways that the field and back office come together, reducing rework and speeding month-end close while keeping all team members focused on profitability.

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NetSuite Construction Accounting Software features

NetSuite unites core finance and accounting with rigorous construction job-cost, retainage, and compliance controls, helping firms boost project profitability, accelerate WIP-to-close cycles, and contain back-office overhead.

General ledger

NetSuite’s general ledger capabilities let construction accountants tag every transaction with job, cost code, and phase, producing accurate WIP, committed-cost, and variance reports—without spreadsheets. NetSuite provides audit trails, rich reporting, and the flexibility to meet unique business requirements.

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Cash management

Cash flow is challenging for construction finance teams whose companies field many projects simultaneously. NetSuite provides the visibility and tools needed to accurately forecast cash across multiple projects, factoring in progress billing schedules, retainage, and supplier payment terms.

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Accounts receivable

NetSuite’s automation of invoice delivery, payment processing, and collections management lets construction finance teams automate AIA G702/G703-compliant progress invoices as well as draw requests and change-order billings. These capabilities help increase liquidity to fund growth, shorten the credit-to-cash cycle, and provide insights to seize new investment opportunities.

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Accounts payable

Automated three-way matching of subcontractor invoices to POs and field receipts speeds approvals, captures early-payment discounts, and blocks duplicate or fraudulent charges. Built-in lien-waiver tracking and milestone-based retainage release keep every job compliant while protecting cash flow.

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Account reconciliation

AI-assisted matching automates reconciliation across bank, credit card, retention, inventory, prepaid, fixed-asset, and intercompany accounts, tying every transaction to the correct project, cost code, and phase. A centralized dashboard helps keep WIP, cash, and compliance schedules audit-ready while accelerating closes.

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Tax management

NetSuite’s automated, line-item calculation of multistate sales and use taxes on every material purchase, subcontract bill, and progress invoice eliminates manual lookups, avoids costly audit adjustments, and helps finance teams file returns in minutes. NetSuite even calculates VAT and GST for international projects.

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Close management

With NetSuite, WIP, retainage, and percentage-of-completion schedules flow automatically into journal entries, variance analyses, and consolidations. That means finance teams can reconcile dozens of open jobs, secure preparer/reviewer signoffs, and issue GAAP-ready statements faster.

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Fixed assets management

NetSuite enables construction firms to manage and control the complete lifecycle of depreciating and non-depreciating assets. This gives project managers true cost-per-hour insights and helps finance teams meet lease-accounting and tax-reporting requirements.

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Payment management

NetSuite payment processing solutions enable construction companies to accept and send payments via ACH, virtual card, or check. They also capture early-payment discounts and release holdbacks or retainage automatically once appropriate documents clear.

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Now we trust our data, and we can get much more granular reporting of key information. No one needs to update their spreadsheets anymore—and that adds hours of productivity to our days.

Lauren Lockett, VP of Marketing, Austex Fence and Deck

NetSuite Construction Accounting Software benefits

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  • Increase project accounting accuracy. Single-entry job-cost capture eliminates error-prone spreadsheets and costly miscoding mistakes.
  • Real-time information. Field-to-office dashboards surface committed costs, change-order effects, and cash-position forecasts, instantly, so you can keep your finger on the pulse of the business.
  • Close with confidence. Automated WIP roll-ups, revenue recognition, and compliance checks accelerate closes while satisfying auditors.

Challenges NetSuite Construction Accounting Software solves

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  • Manual processes. Replaces siloed spreadsheets with automated job costing, progress billing, and equipment tracking.
  • Data accessibility. Provides one cloud source for field, finance, and project management data—viewable anywhere.
  • Accuracy. Eliminates re-keying between estimating, project management, and finance systems and avoids use of incorrect formulas.
  • Compliance. Applies consistent rules and schedules for revenue recognition, retainage, union payroll, ASC 606, and taxes, by jurisdiction.
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How much does NetSuite Construction Accounting Software cost?

Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules, and the number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users—that’s the beauty of cloud software.

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Customer stories

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