Spectrum® Construction Accounting Software Turns Your Data Into Action
Spectrum Construction Accounting Software is the core of the Spectrum platform. Designed specifically for the construction industry, Spectrum adapts to the way you do business. Manage job cost from start to finish, keep cash flow positive with fast and accurate progress or time and materials billing, streamline your invoice approval process, simplify payroll processing, and much more.
The core of Spectrum’s Construction Accounting Software functionality includes:
- General Ledger
- Accounts Payable
- Accounts Receivable
- Cash Management
- Job Cost
Spectrum’s job cost accounting applications help keep your projects on time and on budget. Track key performance indicators such as WIP, cost-to-complete, committed cost, earned value, cash flow, and more—all updated in real time and in formats that make sense to you.
Construction contractors who operate on a progress billing, time and materials, or cost-plus basis use Spectrum to provide simple and efficient cost tracking and billing. Bills are produced as soon as costs have been committed.
Construction Accounting Software
Spectrum’s construction accounting software Dashboard is available to everyone in your company. As soon as they log in, they are shown information customized to the work they do. Start with financial snapshots of your organization and projects, then drill down to the details without the need for complex menus and multiple screens. Spectrum’s intuitive and easy-to-use navigation puts all your accounting and financial information just a click away.
Construction Accounting: General Ledger
Spectrum’s fully customizable General Ledger maintains all of the information necessary to help you make important financial decisions and track profitability for your company. Its unique design supports multiple company consolidation, support for multiple departments, and the ability to store an unlimited number of fiscal years with no requirement for period closings—the system can keep any period open. Powerful reporting features allow you to build and customize a wide range of financial reports to fit your needs. Monthly, quarterly, and annual reports can be generated for revenue, expense, and many other types of analysis.
- Better manage cash flow and track profitability to make important financial decisions
- Customizable reports for in-depth financial analysis
- Multi-company or departmental functionality
- Journal remark functionality and detailed ledger audit trails
Construction Accounting: Accounts Payable
Spectrum’s Accounts Payable with subcontract control is designed specifically to handle the challenges of construction accounting. Fully integrated throughout Spectrum, it eliminates duplicate entry and ensures committed costs and billings are accurate throughout the system. Built-in invoice approval routing streamlines workflow. Because all invoices regardless of approval status are tracked, job cost reflects the most current information. Easily issue subcontracts, change orders and lien releases, and efficiently track subcontractor certificates and documentation to ensure they are complete before payments are issued. With our innovative electronic payment solutions you can schedule payments and enjoy reduced costs, increased efficiency, and improved purchasing control.
- Ensure all necessary job information is complete including supporting documents
- Hold payments to vendors with lapsed insurance certification via automatic alerts
- Streamline invoice processing by customizing approval workflow
- Track sales and use tax and generate detailed reports
- Eliminate duplicate entries
Construction Accounting: Accounts Receivable
Spectrum’s Accounts Receivable is an integrated management solution that reduces input time, ensures accuracy and gives you total control over your receivables. Designed specifically for construction, Accounts Receivable allows you to easily produce industry-standard invoices, calculate retention and sales tax, and create and manage change orders and change requests. Automatically produce AIA G702 and G703 form equivalent billing formats that support both general contractors and subcontractors. With complete project management integration, ensure that nothing on your project goes unbilled. Accounts Receivable can also easily process both fixed and unit price billings.
Thanks to both Spectrum Data Exchange and a technology partnership with Ryvit Application Integration Service, Spectrum users can now integrate with virtually any software program. Data Exchange lets you quickly and easily move specific data between Spectrum and other applications. Ryvit helps you effect full integration between Spectrum and other mission-critical applications, such as Salesforce.com, Concur and many more.
- See open items, changes, and a complete payment history
- Quick, easy access to customer data and payment details
- Track and manage all change orders and change requests to ensure nothing is left unbilled
- Process multiple billing formats
- Accept credit card payments from the field
Construction Accounting: Cash Management
Spectrum’s Cash Management provides a simple, efficient method of tracking and maintaining all of your cash assets. Fully integrated throughout Spectrum, Cash Management automatically accumulates all cash-related transactions during routine daily processing. Single entry procedures and dedicated workflows help you streamline accounting processes. Easily import bank and credit card statements and quickly reconcile transactions with just a few clicks—providing a fast, efficient check-off process to reconcile bank or credit card statements to the General Ledger cash account balances.
- Manage multiple bank or credit card accounts
- Easily maintain funds in interest earning accounts for payroll or payables accounts
- Automatic updates to the General Ledger
- Quickly and easily void or reverse checks
Construction Accounting: Job Cost
With Spectrum’s Job Cost application, up-to-date information on the status of your jobs is always just one click away, providing you with the visibility you need to keep projects on track. Measure and anticipate job performance so you can manage your projects for optimum profitability. Relevant job cost metrics are automatically updated whenever project data is entered throughout Spectrum. Use the Projected Cost feature to analyze anticipated costs and make effective, cost-to-complete calculations in real time. View your job cost data in a variety of ways, including by job phase, cost type or vendor. Analyze data via a number of different methods, including work-in-progress (WIP) schedules, earned revenue analysis or cost-to-complete reports. Get the most current look at your job progress and identify any potential cost overruns before they occur.
- Analyze real time costs and revenue at any point during the project
- View and analyze cost breakdowns in a variety of formats
- Assign owner billing items and cost codes to multiple phases for cost and revenue analysis throughout the job
- Measure actual project progress and performance against estimates
- Keep jobs on track and improve their bottom line
Construction Accounting: Payroll
Spectrum’s Payroll application allows you to easily handle all of your construction related payroll needs, including multiple pay rates, union and non-union wages, certified or confidential payroll, multiple jobs or company management, variable tax rates and more. Spectrum Payroll provides one integrated solution for a comprehensive, real time overview of your company’s payroll status without having to re-enter data multiple times. With the ability to view un-posted payroll time cards in Spectrum Job Cost, you can also proactively manage costs by seeing the impact of employee hours on the budget without actually processing payroll.
- Process payroll quickly and efficiently with tailor-made construction functionality
- Easily calculate employer taxes and burdens as well as process all types of union wages and benefits
- Automatically calculate prevailing wage rates based on type of work performed
- Realize automatic deposit, electronic payroll tax filing and other benefits, as well as complete Spectrum integration
- Allocate labor and equipment hours by job and phase code for accurate project cost breakdowns