Construction Accounting Software – Accounts Payable & Subcontracts
Managing your accounts payable and subcontracts can quickly become difficult without the right construction management software. Spectrum tracks subcontracts, lien releases, and change orders, giving you complete insight into your accounts.
Vendor Check Lists
Within Spectrum’s Accounts Payable, you can create check lists for each contracted vendor, ensuring you have all the necessary information for the job. Using Spectrum’s Document Imaging solution, supporting documents are attached to completed items on the check list. Accounts Payable also verifies that vendors’ insurance certifications stay current. In the event a vendor’s insurance expires, Spectrum alerts you and gives you the option to cancel further payment to the vendor until the insurance certification is renewed.
Without an automated approval system, invoices awaiting approval may sit in an office mailbox for days, or even weeks. Spectrum streamlines the approval process by sending invoices directly to the appropriate person. If you have invoices that need to be approved by more than one person, a work flow process can be setup in Spectrum to meet your construction business’ needs.
Sales & Use Taxes
Tracking and verifying payment of sales and use taxes can be problematic in the event of an audit if that information isn’t readily available. Spectrum not only tracks your sales and use taxes, it also provides you with easy to access reports, putting information one click away. If you’re using Document Imaging, Spectrum includes the supporting documents within the reports.
Automate RetentionBecause Dexter + Chaney understands that deducting retention is tedious, we designed Spectrum with the capabilities to automatically deduct retention from your vendors’ invoices. During the setup of the subcontract for a job, you define the percentage to be withheld from each invoice, and the withheld amount is kept in committed costs. Because Spectrum is a completely integrated construction software package, project managers can see the retention amounts as part of their information available in Spectrum Job Cost.
Dexter+ Chaney and electronic payment solution provider Comdata® offer users two innovative payment card solutions: the co-branded MasterCard and the Virtual MasterCard Payment program. The Dexter + Chaney MasterCard solution can help reduce costs, increase efficiency for purchases, and allows for enhanced purchasing controls, integration and reporting. It’s faster and easier than traditional, non-card payment methods for making fuel, payroll, travel, supplies, and other construction-related purchases. For more information, please call Dexter + Chaney at 800-875-1400 or visit www.comdata.com.
Learn more: Download the brief