Time and Materials Billing for Spectrum® Construction Software
Spectrum’s Time & Materials functionality makes it easy for contractors to calculate and prepare time and material invoices and billing details for ongoing jobs. Contractors who bill on a time and material or cost-plus basis canput Spectrum to work for them as the Time & Materials functionality provides an efficient and accurate way producing substantiated billings, including backup transactions and images. Bills are produced as soon as the costs have been committed, eliminating the need to wait for all the invoices to arrive and for payroll to be processed.
Automated processes lead to smoother operations, while maintaining data integrity and flexibility
Time & Materials allows for user-defined markups for each cost type or job total. Contractor fees can be added automatically or entered after the billing has been created. Multiple billing formats are available for each job and all line items can be modified, even after the bill has been created.
When the bill is printed, amounts are automatically transferred to Spectrum’s Accounts Receivable module without duplicating entries, and an invoice is created. The system tracks billings so that only new items are billed; previously billed items are not mistakenly re-billed. New items entered to a previously billed period are not lost, but are billed through a currently open billing period.
- Automatically creates the billing from the actual and committed costs for each job.
- Transfers the bill to the Accounts Receivable module
- Billing rates can be established for each employee, by employee category, or by phases, which can be set up for all jobs or on a job-by-job basis
- New billing line items and descriptions can be added to the bill, even after automatic creation
- Multiple billing formats, from detail history to summary totals
- Flexible fees and user-defined markups
- Billing rates allow for regular, over-time, and double-time
- Flexible, user-defined date ranges the user can specify for accumulating cost transactions
- Easily create job-specific billing rates and markups
- Special billing rates can be set up for selected equipment codes and inventory items.
- Easily accessible billing history
- Daily time cards can be billed through Time & Material without a full completion of a payroll process
- Fully integrated throughout Spectrum to ensure accuracy and reduce input time.
- Easily produce substantiated billings, including backup transactions and images
- Bill as soon as costs are committed—no need to wait for invoices to arrive or payroll to be run
- Editable invoices and multiple, flexible billing formats
- Integration throughout Spectrum allows information to be entered once, avoiding duplicate entry
- Document Imaging integration allows important paper documents, images and notes to be scanned and included with bills—and stored in Spectrum—creating a better audit trail
- Allows time and material phases and change orders to be created on a fixed-bid job or a lump sum contract
- Easily select transactions to bill
The above Time and Materials application brief is also available for download by clicking here.