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Architecture Accounting Software: The Top 5 Choices
7
Min Read
Architects offer essential professional services, which is why they need every part of the business to operate smoothly. Aside from creating great designs, you must also be flawless in your project, financial management, and other areas like customer relationship management.
So, how do you manage all these without exhausting yourself or losing your creativity in the process?
If you're thinking automation, then we're on the same page.
Accounting software handles all your clients' information, income, and expense reports and keeps you informed about your business through detailed financial reports. You can also find accounting software that offers inventory management for the architecture industry. That way, you can actively focus on the creative aspect of your job.
Interesting, right? It gets even better.
To save you time choosing the perfect accounting system, we have compiled a list of some of the best accounting software for architects in 2022. Let's dive right in!
Note: Try Bonsai Tax to maximize your tax deductions for the upcoming year. Our software will scan your bank/credit card statements to discover potential tax write-offs and help you save thousands of dollars. In fact, the majority of users save $5,600 from their tax bill. Try a 14-day free trial here.
What Is Architecture Accounting Software?
Architecture accounting software is a financial management tool architecture firms use for project management and time and expense tracking. They are equally used to bill clients for each provided service.
An Accounting and project management software like Bonsai ensures that architects are on top of their company finances by tracking expenses and providing income reports, tax reminders, and lots more.
Some sophisticated project accounting software even offers enterprise resource planning solutions that allow architecture firms to combine data and processes across their accounting, human resources, project management, and other departments to optimize operational efficiency.
Top 5 Best Accounting Software for Architects in 2022
The best accounting software for architects strikes a balance between a feature-rich design for professionals and a simple user interface for those without accounting experience.
Here are the top 5 best accounting software for your architectural firm:
1. Bonsai Tax
Bonsai Tax is reliable accounting software designed specifically for architects, freelancers, and self-employed workers. It allows them to automate and track expenses, create and send invoices, make or receive payments, and estimate taxes.
With one Bonsai account, you can sort out all your business needs and stay on top of everything with simple financial reporting and predictable tax payments. Their other accounting features, like smart invoices, ensure you save time and get paid without chasing clients around. Review our architect invoicing software to see all the benefits you could gain.
2. FreshBooks
Freshbooks is a cloud-based software offering accounting solutions to architectural firms and businesses of all sizes. Freshbooks has a plethora of features that enable accounting novices and experts to manage and track all of their business transactions.
Using Freshbooks saves you the headache and time you'd have spent crunching numbers instead of developing other significant areas of your architecture company. It does this by providing a mobile app and critical features like time tracking, invoicing, income and expense tracking, and so on. Discover more Freshbooks alternatives here.
3. Xero
If you own a small architecture firm or a mid-sized company, Xero is another excellent accounting software option to consider. It is a cloud-based tool designed to help independent architects and company owners get a complete perspective of their firm's financial standing.
This business accounting and bookkeeping software can save you a significant amount of time, money, and energy. Its key features include automatic invoicing and billing, financial reporting, and payroll management. Xero supports the sharing of financial data and integration with other apps like WorkflowMax, Lever, Synergy Practice Management, etc. Find the best Xero alternatives here.
4. QuickBooks
QuickBooks is ideal for startup design companies and architectural firms looking to scale. QuickBooks is accounting software for architects and professionals in construction, retail, manufacturing, non-profits, and more.
Small businesses can use QuickBooks to monitor multiple projects, keep track of inventories, create personalized invoices, and set payment reminders. The site is mobile responsive and works well on desktop, which is a bonus. Read more alternatives to Quickbooks.
5. NetSuite
NetSuite is highly comprehensive, making it one of the best architecture accounting software. It is a cloud-based enterprise resource planning software that allows architects to scale or merge their companies with others. Their integration system includes HR, PSA, ERP, CRM, inventory and supply management, and more.
This accounting solution provides precise data analysis and optimized business intelligence for designers and architects to get their company's financial situation under control. Several prominent US corporations, engineering firms, and SMEs utilize NetSuite software for its adaptable and resilient cloud computing.
How Do You Choose the Best Accounting Software for Your Architecture Firm?
To find the best accounting software for architects, whether it's the best accounting app or an all-in-one project management platform for small architecture firms, you should first assess your current tools and processes.
Determine what makes your team more effective and what hinders your performance. Look for patterns, such as recurring problems or effective practices that yield repeatable results.
Once you have this figured out, you can now proceed to choose accounting software. We recommend that you stick with established, efficient, and well-supported accounting products. In addition, when selecting accounting software, consider how easily it integrates with your time tracking and project management software.
As a result, we have built Bonsai Tax to address these needs.
Bonsai Tax is an all-in-one product suite with smart automation that lets you focus on your passion, not your paperwork. It is full suite automation and integration software for architects and freelancers that provides robust project management. Additional capabilities include business insights, tax filing, billings, invoicing, time and expense tracking, financials, and CRM tools.
Why is Bonsai the Best Accounting Software for You?
Save Time
We understand that working out accounting details is time-consuming, especially for people like architects and project managers who have no accounting background. As a result, we have built Bonsai to automate all accounting tasks for you, so you can focus on designing.
Win More Work
With just a few clicks on your phone or PC, you can create structured proposals with precise estimates to seal your deals faster.
Get Paid Always and Faster
Choose from various innovative invoicing features and global payment options such as credit cards, ACH, and PayPal. With Bonsai, you can manage your finances, save on taxes, get paid an average of thirteen (13) days faster, and have three (3) times fewer late payments.
Track Time Spent Working
Use the Bonsai time tracker on the web, mobile apps, macOS app, and Chrome Extension to keep track of time spent working on projects with your collaborators. Set a project’s hourly rate, start tracking time, and bill time to your client with a click, and round the time up to make the billing even smoother.
Control Your Finances
Have peace of mind knowing that all your financial information, including monthly profit, business expenses, and tax deductions, is accounted for in one place.
Invoice Like A Pro
Use smart invoicing features to create your next invoice automatically, remind your client for payment, accrue an overdue late fee, and send read-receipts. Try Bonsai's free architecture invoice template here.
Automate It
Auto-everything from creation, sending and reminding, and even automatic late fees. Send automatic contract and payment reminders to your client, as well as receive notifications for viewing and counter-signing.
Complete Projects Faster
Complete your day-to-day priorities with tasks that fit right into your project workflow. Add new jobs in seconds or reuse task templates you’ve saved on projects, start new timers, and invite collaborators to manage tasks together.
Final Thoughts
If you run an architecture business, then you need accounting software that can help you improve project planning, save time, and protect your profit margin.
Regardless of your business size, industry, or location, Bonsai has you covered. We proudly back people with wide-ranging businesses—from architecture, accounting, design, and writing to marketing and photography.
Bonsai has international coverage across the United States, Canada, the UK, Australia, and more, with 180 currencies supported. Sign up today to start your free trial!
What Defines a Verbal Contract?
A verbal contract (formally called an oral contract) refers to an agreement between two parties that's made —you guessed it— verbally.
Formal contracts, like those between an employee and an employer, are typically written down. However, some professional transactions take place based on verbally agreed terms.
Freelancers are a good example of this. Often, freelancers will take on projects having agreed on the terms and payment via the phone, or an email. Unfortunately, sometimes clients don't pull through on their agreements, and hardworking freelancers can find themselves out of pocket and wondering whether a legal battle is worth all the hassle.
The main differences between written and oral contracts are that the former is signed and documented, whereas the latter is solely attributed to verbal communication.
Verbal contracts are a bit of a gray area for most people unfamiliar with contract law —which is most of us, right?— due to the fact that there's no physical evidence to support the claims made by the implemented parties.
When is a Verbal Agreement Legally Binding?
For any contract (written or verbal) to be binding, there are four major elements which need to be in place. The crucial elements of a contract are as follows:
- Offer and acceptance: An offer is made and accepted by another party involved in the agreement;
- Consideration: The involved parties must exchange something of value (money, a service, time, etc), this is known as consideration;
- Intention and certainty: All parties must fully understand the terms of the contract and intend to make a legally binding agreement freely; and
- Capacity: The parties must have the capacity to legally enter into the contract; they're above age and of a stable mindset.
Therefore, an oral agreement has legal validity if all of these elements are present. However, verbal contracts can be difficult to enforce in a court of law. In the next section, we take a look at how oral agreements hold up in court.
How strong is a verbal agreement in court?
Most business professionals are wary of entering into contracts orally because they can difficult to enforce in the face of the law.
If an oral contract is brought in front of a court of law, there is increased risk of one party (or both!) lying about the initial terms of the agreement. This is problematic for the court, as there's no unbiased way to conclude the case; often, this will result in the case being disregarded. Moreover, it can be difficult to outline contract defects if it's not in writing.
That being said, there are plenty of situations where enforceable contracts do not need to be written or spoken, they're simply implied. For instance, when you buy milk from a store, you give something in exchange for something else and enter into an implied contract, in this case - money is exchanged for goods.
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get started nowWhen are verbal agreements not enforceable?
There are some types of contracts which must be in writing.
The Statute of Frauds is a legal statute which states that certain kinds of contracts must be executed in writing and signed by the parties involved. The Statute of Frauds has been adopted in almost all U.S states, and requires a written contract for the following purposes:
- The sale of real estate or vehicles
- Real estate leases lasting longer than one year.
- Property transfer following the death of the owner.
- The case of a party agreeing to pay debt for someone else.
- Any contract that requires more than a year to fulfil.
- A contract involving and exceeding a specified amount of money (which varies by state).
Typically, a court of law won't enforce an oral agreement in any of these circumstances under the statute. Instead, a written document is required to make the contract enforceable.
Contract law is generally doesn't favor contracts agreed upon verbally. A verbal agreement is difficult to prove, and can be used by those intent on committing fraud. For that reason, it's always best to put any agreements in writing and ensure all parties have fully understood and consented to signing.
How are Verbal Contracts Enforced?
Verbal agreements can be proven with actions in the absence of physical documentation. Any oral promise to provide the sale of goods or perform a service that you agreed to counts as a valid contract. So, when facing a court of law, what evidence can you provide to enforce a verbal agreement?
How can you prove an oral contract?
Unfortunately, without solid proof, it may be difficult to convince a court of the legality of an oral contract. Without witnesses to testify to the oral agreement taking place or other forms of evidence, oral contracts won't stand up in court. Instead, it becomes a matter of "he-said-she-said" - which legal professionals definitely don't have time for!
If you were to enter into a verbal contract, it's recommended to follow up with an email or a letter confirming the offer, the terms of the agreement , and payment conditions. The more you can document the elements of a contract, the better your chances of legally enforcing a oral contract.
Another option is to make a recording of the conversation where the agreement is verbalized. This can be used to support your claims in the absence of a written agreement. However, it's always best to gain the permission of the other involved parties before hitting record.
Written vs Verbal Contracts: What's the Verdict?
Fundamentally, most verbal agreements are legally valid as long as they meet all the requirements for a contract. However, if you were to go to court over one party not fulfilling the terms of the contract, proving that the interaction took place can be extremely taxing.
So, ultimately, the question is: written or verbal agreements?
Any good lawyer, contract law firm, or legal professional would advise you to make sure you formalize any professional agreement with a written agreement. Written contracts provide a secure testament to the conditions that were agreed and signed by the two parties involved. If it comes to it, a physical contract is much easier to eviden in legal circumstances.
Freelancers, in particular, should be aware of the extra security that digital contracts may provide. Many people choose to stick to executing contracts verbally because they're not sure how to write a contract, or they think writing out the contract terms is too complicated or requires expensive legal advice. However, this is no longer the case.
Say hello to digital contracts
Today, we have a world of resources available at our fingertips. The internet is a treasure trove of invaluable information, platforms, and software that simplifies our lives. Creating, signing, and sending contracts has never been easier. What's more, you don't have to rely on a hiring a lawyer to explain all that legal jargon anymore.
There are plenty of tools available online for freelancers to use for guidance when drafting digital contracts. Tools like Bonsai provide a range of customizable, vetted contract templates for all kinds of freelance professionals. No matter what industry you're operating in, Bonsai has a professional template to offer.
Benefits of written contracts
A written contract makes the agreement much easier to prove the terms of the agreement in case something were to go awry. The two parties involved can rest assured that they're legal rights are protected, and the terms of the contract are sufficiently documented. Plus, it provides both parties with peace of mind to focus on the tasks at hand.
Create Professional Contracts with Bonsai
Bonsai's product suite for freelancers allows users to make contracts from scratch, or using professional templates, and sign them using an online signature maker.
With Bonsai, you can streamline and automate all of the boring back-office tasks that come with being a freelancer. From creating proposals that clients can't say no to, to sealing the deal with a professional contract - Bonsai will revolutionize the way you do business as a freelancer.
Why not secure your business today and sign up for a free trial?
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