Control Costs with Purchasing & Inventory
Spectrum Construction Software helps you take control of your costs with its Purchasing & Inventory solutions by giving you detailed visibility into specific job costs.
With Spectrum’s Purchasing solution, you can:
- Create purchase orders
- Make changes to purchase orders
- Track any changes made to purchase orders
Purchasing fully integrates with Accounts Payable, Work Order, Equipment Control, Preventative Maintenance, and Job Cost. With this integration, you only have to enter data once in Purchasing to update your entire management system. If you buy out projects, Spectrum’s Purchasing helps track all of your purchase orders and any changes made to them in one location.
Although construction accounting differs from accounting in many other industries, it still follows the same practices for recognizing inventory. Whether you use the perpetual or period inventory method, Spectrum’s Inventory solution can support your construction business. For inventory costing, Spectrum supports FIFO, LIFO, and average costing methods.
If you take physical inventory, Spectrum locks down all inventory entry while you take stock of items, ensuring your data is correct. Once inventory is complete, Spectrum’s Inventory solution adjusts any discrepancies and applies them to the General Ledger.
Because materials aren’t always shipped to a job site immediately after an order is placed, Spectrum’s Inventory solution handles job requisitions, so your materials are committed to a job, even though they aren’t on the job site.
Learn more: Download the Inventory brief