This paper describes current efforts to model β Lyrae as an accretion disk system, using the BINSYN program suite. Initial analysis demonstrates that, on a zero-order approximation, only the mass loser and the accretion disk rim contribute significantly to the system luminosity, apart from the emission line region. This zero-order model fails to reproduce the OAO2 light curves. An elaboration providing a two-temperature rim does reproduce the OAO2 light curves. An elaboration providing a two-temperature rim does reproduce the principal details of the OAO2 light curves. However, the two-temperature rim model fails to simulate IR light curves. A suggested explanation is the presence of bremstrahlung radiation produced in coronal regions contiguous to the accretion disk. Synthetic spectra, on the same zero-order model, fit IUE spectra reasonably well but show discrepancies discussed in the text.