When it comes to choosing the right accounting software for a construction contracting business, it pays to know what to look for. Standard business accounting software can be used to do much of the heavy lifting for a contractor, but there are some features that can only be provided by specialized construction accounting software.
CrewCost is an accounting software program designed for contractors by contractors. Designed by the founder of Esticom, a cloud-based takeoff and estimating application acquired by Procore, CrewCost’s cloud-based construction accounting software is tailored specifically for contractors to help them better understand their numbers and build confidently, according to Chris Lee, CEO and founder of CrewCost.
“With billion-dollar corporations controlling the vast majority of construction revenue, we want to help level the financial playing field for the small and medium-sized contractors who build our homes, schools, and hospitals,” says Lee. “CrewCost creates modern, easy-to-use construction accounting and financial management products accessible and affordable for contractors of all sizes.”
The software integrates job costing and time tracking in a simple, powerful platform. Contractors can manage and track committed costs, change orders, retainage and progress billings. In addition, employees and subcontractors can track and submit their time on the CrewCost apps for Android and iOS. With CrewCost, contractors can see how each job impacts profits, allowing them to build confidently.
“The U.S. construction industry is dominated by small and medium-sized businesses that often lack the financial management tools necessary for long-term survival,” says Lee. According to the latest U.S. Bureau of Labor Statistics data, almost 40% of construction contractors go out of business within five years.
As a former construction business owner, Lee experienced the challenges of using generic accounting software in the contracting business. He tried integrating point solutions, using spreadsheets and hiring costly external help — a job he says was a frustrating process that took valuable attention away from other parts of the business. In 2022, Lee partnered with Yancy Lassiter, a longtime financial controller and CFO in the construction industry, to create a better way for contractors to manage their businesses. Their shared vision inspired the idea for CrewCost.
“Small and medium-sized contractors often face much higher overheads compared to larger contractors,” says Lee. “To offset this, you need to aim for higher-than-average gross profit margins. This should be your north star in operational performance. Measure, manage and improve it constantly.”
512-273-7002; www.crewcost.com
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