For contractors using Viewpoint Spectrum, the Work-in-Progress (WIP) report is critical to tracking job profitability, managing earned revenue, and ensuring compliance with accounting standards like ASC 606 Revenue Recognition For Contractors. It gives finance teams and executives insight into where projects stand and whether revenue is being recognized accurately.

However, many Spectrum users eventually run into a familiar issue — the built-in WIP report lacks flexibility. Whether it’s customizing formats for bonding, collaborating with project managers, or modeling cost-to-complete forecasts, Spectrum often requires exporting to Excel.

That’s where PivotXL can help. It brings structure and automation to your Excel-based WIP workflow — all while connecting live to your Spectrum data.

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What Is a WIP Report in Viewpoint Spectrum?

The Viewpoint Spectrum WIP report tracks financial progress on active jobs. It typically includes:

  • Contract value
  • Estimated vs. actual costs
  • Percent complete
  • Revenue earned
  • Amount billed
  • Overbilling or underbilling
  • Cost to complete (CTC)
  • Projected gross margin

This report is vital for CFOs, controllers, project managers, and bonding agents. It informs critical decisions around cash flow, risk, and revenue recognition.

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Why ASC 606 Makes Accurate WIP Reports More Critical

Under ASC 606, revenue must be recognized as performance obligations are fulfilled — usually based on percent complete, which in turn depends on an accurate cost-to-complete estimate.

Inaccurate CTC inputs can distort:

  • Recognized revenue
  • Profitability forecasts
  • Cash flow projections
  • Financial audits and bonding evaluations

Without reliable CTC values from the field, WIP reports can misrepresent project status — leading to underperformance or compliance risk.

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Common WIP Reporting Challenges in Spectrum

Even though Spectrum offers basic WIP functionality, contractors often face these issues:

1. Static Report Formats

Spectrum’s native WIP reports are hardcoded and don’t offer easy customization. Tailoring reports by region, client, or project manager often requires exporting to Excel or involving IT.

2. No Integrated Forecast Collaboration

Project managers can’t enter updated CTC or percent complete values directly into Spectrum in a structured way. This creates version chaos, email chains, and manual re-entry.

3. Manual Roll-Ups and Trend Analysis

Spectrum doesn’t support trend tracking or automated roll-ups across multiple jobs, making it difficult to analyze margin trends or forecast accuracy over time.

How PivotXL Enhances Your Spectrum WIP Reporting

PivotXL is an Excel-based reporting platform that connects directly to Spectrum’s job cost and financial data. It turns Excel into a structured, collaborative, and automated WIP reporting engine.

📊 Connected Excel Templates

Finance teams can build WIP reports using templates formatted to match their exact needs — including bonding schedules, internal dashboards, and ASC 606-compliant formats.

  • PMs enter percent complete and CTC by cost code or job
  • All data rolls up into a centralized WIP schedule
  • Earned revenue, margin, and billing variances are calculated automatically

🔄 Real-Time Sync with Spectrum

PivotXL pulls job cost data, contract values, and trial balance entries directly from Spectrum. Your Excel report is always current — no manual export/import needed.

📈 Forecasting and Margin Trend Insights

Track trends in margin slippage, billing performance, and project delays. Roll up WIP results across divisions or business units for executive dashboards.

👥 PM-Finance Collaboration

Project managers get their own editable Excel templates. They can update job status, CTC, and notes directly. Finance teams maintain control over validations and approvals.

Benefits of Using PivotXL with Viewpoint Spectrum

  • ✅ Faster Month-End Close: Eliminate hours of manual spreadsheet work
  • ✅ Audit-Ready & ASC 606 Compliant: Maintain a full history of inputs and changes
  • ✅ Accurate Forecasting: Use live job-level updates from the field
  • ✅ Custom Reports in Minutes: Build and modify views without IT involvement
  • ✅ Collaboration-Ready: Let PMs and finance work together seamlessly

Conclusion

Viewpoint Spectrum gives contractors a solid foundation for job costing and accounting. But when it comes to flexible, accurate, and collaborative WIP reporting, Excel is still the go-to tool — just not the smartest version of it.

PivotXL turns your spreadsheets into connected, audit-ready reporting engines, fully integrated with Spectrum. Now you can recognize revenue accurately, forecast with confidence, and collaborate without chaos.

You don’t need to replace Spectrum — just upgrade your reporting.