If you own a construction company and you’re looking for accounting software that will tackle all your bookkeeping, job cost accounting, and project management needs, you must read this Foundation accounting software review until the very end!
Foundation ERP is an accounting-focused software that manages all aspects of a construction project, including project management, scheduling, and job posting.
In this review, we will take an in-depth look at the features, pricing, and pros and cons of this software to help you decide if it is the right fit for your construction business.
Foundation accounting software review 2024: Is Foundation construction software any good?
Foundation is one of the best construction accounting software currently available on the market, with robust features for job costing, project management, and scheduling. So, if you own a construction business, this accounting system is worth considering. Keep reading our Foundation accounting software review for more details!
With the help of Foundation accounting and project management software, you can calculate and keep track of several occupations, rates, unions, states, and project sites, as well as the labor burden associated with each one. The solution offers a mobile-friendly platform that can be accessed from the field. Regardless of their size, government, industrial, and commercial contractors all use Foundation ERP.
Foundation accounting software is also one of, if not the best accounting software for small business owners due to its user-friendly interface, ease of use, functionality, and numerous other features that we’ll explain in more detail later on.
Foundation accounting software pricing plans
There are no pricing plans published online for the Foundation software. The company explains on their website that the pricing for the software varies, and it is based on:
the complexity of the construction software system
your accounting and business goals
modules or feature sets
company size and the number of users
The best (and only way) to find out the price is to get in touch with the Foundation team via a phone call. The company will give you the price of a system matched to your business needs.
The company does give one hint for the pricing - they mention that, due to the complexity of the software and all the features that come with it, Foundation is likely to cost you more than Quickbooks.
How much does Foundation software cost for nonprofits?
Currently, there is no information on the Foundation software website on whether the company offers any special discounts to nonprofits.
Are there any Foundation accounting software coupon codes or promo discount vouchers?
We did the research, and it seems there are no Foundation accounting software coupon codes or discount vouchers available at this time.
Foundation accounting software free vs paid: what’s the difference?
There is no free or trial version available for Foundation software.
Foundation accounting software overview: what is Foundation software & what is the Foundation ERP used for?
Foundation Software is made especially for construction businesses and contractors. With this software, you don't have to use a bunch of different accounting programs to do all the complicated tasks of construction accounting.
The software makes it easy to create and manage important data like certified payroll, equipment usage, accounts payable, fiscal periods, and tax spending. It can also be used in the construction industry to manage projects, keep track of job costs, and set prices for work.
Foundation accounting software features list
The main features of Foundation accounting software are:
Unit Price Billing
1. Accounts Payable
Foundation's Accounts Payable feature streamlines the process of creating and paying construction invoices. With this feature, you can schedule or quickly recreate recurring invoices, create and print lien waivers and credit memos, and perform one-step reversals for fast corrections.
In addition, Foundation ensures a flexible invoice payment. Easily find the invoices and retainage you want to pay, and select the amount based on due dates, discounts, and holds — as well as the projected impact on your cash accounts.
Last but not least, this construction business accounting software will allow you to stay on top of payables at all times with reports organized by vendor, job, and more. You can easily filter, sort, and drill down to invoice-level detail.
2. Accounts Receivable
The Accounts Receivable feature in Foundation is designed to help you manage the entire receivables process from start to finish.
Foundation connects billing and invoicing for construction work done by contractors to a powerful job cost accounting system. Foundation also includes AIA billing software features that automate tracking and invoicing. This makes sure that reporting is always done right.
Regarding reporting, Foundation allows you to manage your construction customers and receivables with date-sensitive reports built to filter and sort. Then, you can drill down to individual invoices for transaction-level detail.
3. Document Imaging
The Foundation Document Imaging feature gives you the ability to scan quickly, index, and attach any type of construction documentation to projects, jobs, vendors, or customers. With this feature, you can eliminate the need for paper files while improving your workflow.
With this feature, you can:
Keep important files and photos for your construction projects in a searchable, sortable electronic filing cabinet.
Quickly search through documents and images according to user-defined document labels and criteria.
Review, revise and route invoices across your team’s workflows with automated document routing.
4. Payroll Service
Foundation offers a tight integration with their certified payroll solution for construction businesses called Payroll4construction.
The software allows you to easily manage employee data, pay rates, and job costing information. The software also includes time and attendance tracking, so you can keep track of employee hours worked.
The payroll service features:
Automated timecard entry, processing, and calculations that save time,
Managing prevailing wage, Davis-Bacon, and union payrolls with automatic calculations,
Payroll reports and tax histories per employee, job, and more.
5. Project Management
Foundation's Project Management feature gives you the ability to track job progress, budget, and schedule in one place. With this feature, you can see the big picture of your construction projects as well as the details.
The software will allow you to:
Carry out project document management organized by job,
Use one system for project tracking and financials,
Integrate with Microsoft Outlook to save emails to your Job Center, easily attach project documents from FOUNDATION, and conveniently view correspondence logs.
6. Job Costing
The Job Costing feature in Foundation is designed to help you track, manage, and report on the costs of your construction projects. The software tracks the actual costs and progress of your job activities against estimates and past performance, with customized detail to zero in on your profit margins.
With Foundation’s Job Costing module, you’ll be able to:
Build easy job budgets with your company’s job cost structure,
Compare project performance against estimated revenue, costs, labor hours, and quantities,
Access robust job cost tracking, cost management, reporting,
Track and report change orders by status and instantly update budget detail on approval.
7. Unit Price Billing
The Unit Price Billing feature in Foundation is designed to help you manage the billing process for construction projects with unit price contracts. The software can take care of quantity-driven billing on unit price contracts for DOT, government, or other construction and general contractors.
With the unit price billing feature, you can:
Create billing estimates and unit price contract invoices,
Generate, sort, and filter unit price billing reports from the UPB Module for any date range,
Enter completed quantities as the project progresses and automatically update job costing.
8. Mobile App
Foundation has mobile apps for iOS and Android devices that allow you to keep the job site and the office connected. With the Foundation app, you’ll be able to capture job data, enter and approve timecards, and sync data remotely.
With the app, you can view job costing reports, project schedules, change orders, and more. The app also allows you to take photos and attach them to projects, jobs, or customers.
9. General Ledger
The General Ledger feature in Foundation is designed to give you a complete picture of your construction business finances. The software includes customizable reports showing you where your money is coming from and going.
With the General Ledger feature, you can:
View your company's financial position with balance sheets and income statements,
Instantly prepare professional income statements, balance sheets, and cash flow reports,
Manage your daily, monthly, quarterly, and yearly construction financials,
Record every transaction in the life of your construction ledger — even reversals.
Foundation accounting software pros and cons
Here are the advantages and disadvantages of Foundation accounting software:
Foundation accounting software advantages
The software is designed specifically for construction businesses, so it includes features that are relevant to the industry.
The software is easy to use and navigate yet packed with features that many other similar applications lack.
Foundation is so much more than just accounting software; it is also a project management tool and can be used for job costing.
The software can automate numerous tasks, including the generation and calculation of the applicable taxes, the creation of important finance-related reports, and everything related to pay rates.
Foundation can automatically generate and even calculates the wage as well as the tax.
Foundation accounting software disadvantages
The software is a bit pricey compared to other similar applications on the market.
The price of the software is unknown, and you have to contact the vendor to get a quote.
There is no free trial available, so you have to decide whether it’s worth the price without being able to test it out first.
Foundation accounting software complaints & praise (Foundation software reviews from real customers)
When it comes to Foundation construction software reviews from real users, most of them contain only words of praise.
What users love the most is that the software is its reliability, functionality, and the fact that it is packed with useful features. Many users claim that, even though Foundation comes with so many features, it is still very user-friendly and logical in its processes.
In addition, what many business owners appreciate is that multiple departments can benefit from this software. Accountants can use it to do their job, and senior management can easily get an overview of the company's financial status. Also, the project management team can easily tie in multiple projects and make sure the entire team stays on track.
When it comes to negative Foundation accounting software reviews, there are not too many. Some user reviews point out that the software tends to be glitchy from time to time, resulting in crashes. A few other users mentioned that the Foundation’s interface looks slightly outdated.
Review of Foundation accounting software customer support
One of the things that users love the most about Foundation is customer support. According to customer reviews, Foundation provides exceptional support. As soon as you reach out to them with your issue, they will strive to get in touch with you as soon as possible. Users state that, most commonly, they receive a phone call in less than 30 minutes after contacting customer support.
Is Foundation construction accounting software worth it? Our conclusion
Wondering is Foundation accounting software worth it?
Foundation accounting software is definitely worth its price. Considering the features it offers, as well as how user-friendly it is, this software is a great investment for any construction business.
When you decide to implement Foundation into your business, you will be able to save a lot of time and money. The software can automate numerous tasks, including the creation of important finance-related reports.
In addition, the customer support is exceptional, so you can be sure that you will get all the help you need in case you run into any issues.
All in all, we believe that Foundation is one of the best accounting software solutions construction businesses of all sizes can benefit from.
Our final Foundation accounting software rating
Foundation accounting software FAQs
Is Foundation software an ERP system?
Yes, Foundation can be considered an ERP (Enterprise Resource Planning) system due to its numerous features. Foundation is accounting software designed specifically for the construction industry that takes care of all aspects of a construction project, including accounting, payrolls, project management, job costing, and more!
Who bought Foundation software?
Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors, acquired Foundation Software in 2020. There is no public information indicating that Foundation Software has been bought or acquired by another company. Foundation Software remains an independently owned and operated company.
How many customers does Foundation software have?
It is difficult to pinpoint a precise number of Foundation customers as the software is used by construction businesses of all sizes. According to one report from 2021, Foundation software has 2500 clients across the United States. The plan is to expand that number across the whole world.