Engineering companies rely on accurate project costing and job cost accounting to maximize profitability across their client projects and service offerings. However, tracking project expenses, contractor timesheets, and budgets would prove difficult using traditional accounting systems. The right software provides the job costing, time and expense tracking, and billing capabilities needed for the operational nuances of running an engineering firm.
This post explores 10 leading accounting solutions for engineering companies based on specialized project accounting, integrations, mobility, analytics, and overall value optimizing financial management. Any engineering business owners seeking technology to improve their financial oversight and workflows can benefit from adding one of these platforms.
What is the best accounting software for large business?
Here is a table summarizing the key pros and cons of the top accounting software options for engineering firms:
| Software | Pros | Cons |
|---|---|---|
| QuickBooks Online | Popular small business accounting | Lacks heavy project costing capabilities |
| FreshBooks | Very user-friendly interface | Light on advanced project accounting features |
| NetSuite ERP | Advanced project accounting; scalable | Significant training and setup investment |
| Sage 300 CRE | Deep project costing for accurate billing | May provide overkill capabilities for some |
| Viewpoint | Unified PM and accounting | High learning curve; complex capabilities |
| eTEK BOOST | Affordable PM-centric accounting | QuickBooks reliance; light reporting |
| JobProgress | Capable job costing with PM | Limited feature set beyond basic accounting |
| Replicon | Specialized time and expense tracking | Requires separate accounting system |
| Mavenlink | Project-based tools for services firms | QuickBooks sync needs Enterprise plan |
| BQE Core | Purpose-built for engineering cost tracking | Potentially more than needed for simple needs |
QuickBooks Online
QuickBooks Online provides one of the most widely-used small business accounting systems suitable for smaller engineering firms. It delivers fundamentals like invoicing, bill pay, expense and income tracking, bank reconciliation, and reporting. Features like progress invoicing facilitate project billing.
The Advanced version enables creating classes to track project costs. Integrated payroll streamlines contractor payments. QuickBooks Online may not be construction-specialized but provides sound baseline accounting capabilities and flexibility for engineering businesses.
FreshBooks
FreshBooks presents an accessible, user-friendly option for basic accounting needs of an engineering firm. It handles estimates, project-based invoicing, expenses, timesheets, financial reporting, and basic project costing. Multiple project dashboards provide job insights.
Third-party integrations expand capabilities for CRM, inventory, field service management, and more. Direct deposit payroll is also supported. While lacking advanced job costing, FreshBooks core accounting and friendly interface offer a solid starting point for financial oversight.
NetSuite ERP
For larger engineering firms, NetSuite ERP provides an enterprise-ready solution with deep project accounting capabilities. NetSuite’s customer project management enables advanced job costing, forecasting, revenue allocation, and billing workflows critical for engineering services.
Real-time visibility into project and organization financials guides decisions. Automated billing workflows accelerate revenue. NetSuite also handles full financials, inventory, manufacturing, CRM, and HR. While requiring greater investment, NetSuite provides high-end accounting tailored for project-based businesses.
Sage 300 CRE
Sage 300 Construction and Real Estate (formerly Timberline) provides cost-centric accounting designed for project management and contracting needs of engineering companies. It tracks detailed project costs, subcontracts, overhead allocation, equipment, and more for precise billing.
Change orders, pre-billing verification, and draw processes align with project execution. Budget versus actual reporting assists cost control and decisions. Sage 300 CRE delivers accounting closely aligned with true project job costs rather than simple invoicing.
Viewpoint
Viewpoint offers robust construction-specific accounting integrated with complete project, jobsite, and team management tools purpose-built for engineering and construction firms. Viewpoint handles complex project costing, change orders, budgets, and billing workflows with configuration matching engineering operational needs.
Wide-ranging analytics provide actionable insights from financials and project data. Viewpoint partners with leading accounting systems like Sage for integrated financials. The unified cloud platform aligns PM, field, and accounting. For comprehensive visibility and control, Viewpoint warrants consideration.
eTEK International BOOST
BOOST by eTEK provides project management accounting software designed for consulting and professional services firms like engineering companies. It enables tracking detailed project costs, team tasks, and schedules while handling invoicing needs unique to consulting engagements.
Custom reporting provides project evaluation and profitability analysis. BOOST integrates with QuickBooks for underlying accounting. eTEK guides firms in optimizing financial tracking and analysis for consulting engagements. For affordable PM-centric accounting capabilities, BOOST warrants evaluation.
JobProgress
JobProgress offers light-weight yet capable accounting functionality alongside complete project management tools for engineering and professional services organizations. Its financial component handles detailed project budgeting, cost tracking, and billing workflows tailored to project milestones.
Job costing integrates with QuickBooks for reporting. The JobProgress mobile app enables convenient time and expense capture in the field. File management tracks bids, contracts, and client documents. For straightforward engineering PM with solid accounting basics, JobProgress provides excellent value.
Replicon
Replicon specializes in automated time tracking and project costing software with the ability to handle complex project accounting needs of engineering companies. The software captures all time and project expenses for streamlined billing. Rules ensure proper charge assignment.
Detailed reporting provides insight into utilization, profitability, and budgets. The software integrates with popular accounting systems. Replicon provides enterprise-grade cost capture and analysis while integrating with existing financial platforms.
Mavenlink
Mavenlink offers full-featured project management software with integrated accounting capabilities oriented towards professional service organizations. Its financial component handles project budgeting, invoicing, expense tracking, and reporting across all projects and teams with detail needed for job costing.
Native QuickBooks integration provides underlying accounting, though a two-way sync is only available in the Enterprise plan. For engineering consulting firms seeking project-centric financial tracking and convenience, Mavenlink warrants evaluation.
BQE Core
BQE Core provides project accounting software designed for architecture, engineering and other project-driven services firms. It delivers specific accounting capabilities like project invoicing, job cost management, budget vs. actuals, and worker timesheets to enable precision tracking and billing.
The software handles extensive reporting for analyzing profit, costs, productivity, and utilization. BQE also offers advanced billing rules, AP automation, collections assistance, and QuickBooks integration. For comprehensive financial insight across projects, BQE Core excels.
FAQs
What accounting software do firms use? Firms use a variety of accounting software depending on their size, industry, and specific needs.
What is the best accounting software for large business? The best accounting software for a large business can vary depending on the company’s requirements, but popular options include Oracle NetSuite, SAP S/4HANA, and Microsoft Dynamics 365 Finance.
Which accounting software is designed for a large scale company? Accounting software designed for large-scale companies often includes features for complex financial reporting, multi-currency management, and scalability. Examples include SAP S/4HANA and Oracle NetSuite.
What is one of the most widely used financial accounting software? One of the most widely used financial accounting software is QuickBooks, especially among small and medium-sized businesses.
Why don’t large companies use QuickBooks? Large companies may find QuickBooks insufficient for their complex accounting needs. They often require more robust and scalable solutions that can handle a higher volume of transactions and provide advanced features.
What do Fortune 500 companies use for accounting? Fortune 500 companies typically use enterprise-level accounting software like SAP, Oracle, or customized solutions tailored to their specific needs.
Which accounting software does Deloitte use? Deloitte uses various accounting software solutions depending on client requirements, but they often work with SAP, Oracle, and other enterprise-level systems.
What accounting software does PwC use? PwC, like Deloitte, uses a variety of accounting software based on client needs. They also commonly work with SAP and Oracle among others.
What accounting software does EY use? Ernst & Young (EY) uses different accounting software depending on client needs, but they often work with SAP, Oracle, and other enterprise solutions.
What software do Big 4 accounting firms use? The Big 4 accounting firms (Deloitte, PwC, EY, and KPMG) use a range of accounting software, including SAP, Oracle, and custom-developed solutions, to serve their clients’ diverse needs.
What is high-end accounting software? High-end accounting software refers to advanced, enterprise-level solutions designed to handle complex financial transactions, reporting, and scalability for large businesses or organizations.
What financial software does Amazon use? Amazon uses its own proprietary financial software systems for its accounting and financial operations, which are customized to its vast and complex business operations.
Which industry uses QuickBooks the most? QuickBooks is most commonly used in small and medium-sized businesses across various industries, including retail, services, and hospitality.
What is the most common accounting standard used by US companies? The most common accounting standard used by U.S. companies is Generally Accepted Accounting Principles (GAAP).
What are the three accounting software? There are many accounting software options available, but three popular ones are QuickBooks, Xero, and FreshBooks.
Is QuickBooks becoming obsolete? QuickBooks is still widely used, but for larger or more complex businesses, it may not meet all their needs, leading them to explore other options.
Why are people leaving QuickBooks? Some businesses are leaving QuickBooks because they outgrow its capabilities, need more advanced features, or require better scalability and customization.
When should a company stop using QuickBooks? A company should consider stopping the use of QuickBooks when it no longer meets its accounting and financial management needs due to growth, complexity, or regulatory requirements.
What software do Fortune 500 companies use? Fortune 500 companies often use enterprise-level software like SAP, Oracle, and customized solutions for their accounting and financial needs.
Do Fortune 500 companies use QuickBooks? Fortune 500 companies rarely use QuickBooks due to their complex financial operations and the need for more robust software solutions.
Which company is number 1 on Fortune 500? As of my last knowledge update in September 2021, Walmart was often ranked as the number 1 company on the Fortune 500 list. Rankings may have changed since then.
Which software does KPMG use? KPMG uses a variety of accounting software solutions depending on client needs, including SAP, Oracle, and others.
What accounting software does Coca Cola use? Coca-Cola, like many large companies, uses enterprise-level accounting software. Exact software choices may vary.
What software does Deloitte use for tax? Deloitte uses a range of tax software solutions, including Thomson Reuters ONESOURCE and other tax compliance and planning software.
What is the disadvantage of QuickBooks? One disadvantage of QuickBooks is that it may not be suitable for large or complex businesses with advanced accounting needs. It can also have limitations in terms of scalability and customization.
Is there a 2023 version of QuickBooks? I do not have information on specific versions of QuickBooks beyond my last knowledge update in September 2021. You can check with Intuit for the latest software versions.
How do you select the correct accounting software for your organization? Selecting the right accounting software involves assessing your organization’s size, industry, accounting needs, scalability requirements, budget, and user-friendliness. It’s important to research and possibly consult with accounting professionals to make an informed choice.
Is Microsoft Excel an accounting software? Microsoft Excel is not accounting software per se, but it is a powerful spreadsheet tool that can be used for basic accounting functions and financial analysis.
What is new accounting software? “New” accounting software refers to the latest and most up-to-date accounting software options available on the market, which may incorporate the latest features and technologies.
Does Google have a program like QuickBooks? Google does not have a program like QuickBooks. However, there are third-party applications and add-ons that can integrate with Google Workspace (formerly G Suite) to provide accounting and financial management capabilities.
How much does QuickBooks cost per month? The cost of QuickBooks can vary depending on the version and features you choose. As of my last knowledge update, QuickBooks Online pricing started at around $25 per month, and QuickBooks Desktop had various pricing tiers. These prices may have changed, so it’s best to check Intuit’s website for current pricing.
Which readymade accounting software is most popular and widely used? QuickBooks, Xero, and FreshBooks are among the most popular and widely used readymade accounting software options for small and medium-sized businesses.
Does QuickBooks use AWS? Intuit, the company behind QuickBooks, uses Amazon Web Services (AWS) for cloud hosting and infrastructure support for some of its services.
Do any banks use AWS? Yes, many banks and financial institutions use AWS for cloud computing and hosting services, although specific usage varies by institution.
Do banks use AWS? Yes, banks often use AWS and other cloud service providers for various aspects of their operations, including data storage, processing, and security.
Do accountants prefer QuickBooks? Many accountants are familiar with QuickBooks due to its widespread use in small and medium-sized businesses, but preferences for accounting software can vary among professionals.
Do any big companies use QuickBooks? Some big companies may use QuickBooks for specific subsidiaries or smaller divisions, but it is not the primary accounting software choice for large corporations.
Do any large companies use QuickBooks? Large companies generally do not use QuickBooks as their primary accounting software due to its limitations in handling complex accounting needs.
Does KPMG use QuickBooks? KPMG, like other major accounting firms, is more likely to use enterprise-level accounting software such as SAP or Oracle for their clients with complex financial needs.
Do CPA firms use QuickBooks? Some CPA firms may use QuickBooks for their small business clients, but for larger clients with complex financial needs, they are more likely to use advanced accounting software.
What accounting software does Google use? Google uses a variety of accounting software systems for its financial operations, but specific details may not be publicly disclosed.
Is PwC using Salesforce? PwC, like many other firms, may use Salesforce as a customer relationship management (CRM) tool, but it may not be their primary accounting software.
Conclusion
Specialized accounting tools designed for the unique way engineering firms execute and bill projects enable maximizing profitability. Solutions like QuickBooks Online, NetSuite, and Sage 300 CRE provide capabilities aligned with engineering operational workflows. More lightweight platforms like FreshBooks and JobProgress offer excellent value. Any engineering business should adopt accounting software tailored for project costing and job cost needs.
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