General Inquiries

Spectrum Software

  • 1.  Spectrum Software

    Posted 04-22-2019 13:41
    Are there any users of Spectrum that has a good handle on the job projection process? I would like to pick your brain.

    Thanks,
    Luke

    ------------------------------
    Luke Nelson
    Controller
    JM Cope Construction
    Rock Hill SC
    (803) 329-3483
    ------------------------------


  • 2.  RE: Spectrum Software

    Posted 04-23-2019 11:30
    I am following this and would love to know if you get additional information. We just converted earlier this year and are still working through everything. Thanks!


    MICHELE BREWER, CPA
    Assistant Controller
    11330 Vanstory Drive, Suite 101, Huntersville, NC 28078
    D: 704.897.1283  M: 919.602.8256
    E: mbrewer@renewpetra.com  W: www.thinkrenew.com

    ------------------------------
    Michele Brewer CPA
    Senior Accountant
    ReNew Petra
    Huntersville NC
    (919) 602-8256
    ------------------------------



  • 3.  RE: Spectrum Software

    Posted 04-24-2019 11:17
    Accounting and Senior Management meet with each PM.  We use the Spectrum Data Entry function:  Projected Cost.  There is a whole process involved, but ultimately, we go through each phase code on each WIP job and fill in the projected cost at or to complete.  It gets posted to Spectrum and our Contract Status Report is then run by Projected Cost rather than Estimate.  There is a little more involved, but that is the gist of it.

    ------------------------------
    Debra Russell
    Controller
    SDB, Inc.
    Tempe AZ
    (480) 967-5810
    ------------------------------



  • 4.  RE: Spectrum Software

    Posted 04-25-2019 08:56
    We switched to Spectrum in 2015 and finally found an approach that works for us. First, project managers go through data entry > projected cost. This is a phase by phase process and unfortunately can be time consuming, so it's done on a quarterly basis. If you have single phases that are linked to revenue items (such as sub items), you can enter quantities for the cost projection and if the phase setup has the "update projected quantities" option checked, the projected cost quantity automatically pulls into the Schedule of Values. After they update the cost projection, they go into AR > Contracts > Schedule of Values and update their projected revenue quantities/amounts. We then run the Contract Status report based on projected cost. Feel free to reach out if you have any questions.

    ------------------------------
    Tiffany Woods
    Project Accountant
    Dunnet Bay Construction
    Glendale Heights IL
    (630) 539-1200
    ------------------------------



  • 5.  RE: Spectrum Software

    Posted 30 days ago
    Edited by Geoffrey Falk 30 days ago
    Hi Luke,

    I am one of the Product Managers for Spectrum, so before I jump in, can you elaborate more on what kind of information you are looking for?  There are a ton of options in Projected Cost Entry, so what areas are you looking for more information?

    Thanks!

    ------------------------------
    Geoffrey Falk CPA
    Product Manager
    Viewpoint
    Seattle WA
    (800) 875-1400
    ------------------------------