Budgeting and Forecasting BigHand Budgeting and Forecasting is a software application designed to transform a law firm’s annual budgeting process. The software’s automation affords firms the ability to take the process from a disruptive, time-consuming chore to a secure, routine, highly productive process.
Traditional models of financial planning and forecasting have been cast aside during the global pandemic leading to uncertainty and tying up more cash than ever. The concern for finance teams is that the post-pandemic economic model is looking just as uncertain. Firms need tools and strategies as they plan for the future.¹
Increase ownership and decrease approval time. Analyze budget variants and collect explanations. Turn budgeting into a business tool, not an adminstrative burden. Employees Expense & Revenue Modeling.
With secure access to employee profiles (general assumptions and demographics), calculating expenses are quick and accurate. Users can update expense & revenue formulas for both Cash and Accrual accounting methods, enabling the ability to immediately calculate expenses and revenue for all employees within the firm.
Account Budgeting. Get immediate access to account level information to plan for operating costs such as rent, marketing, IT, professional, and business development. The program automates the process by aggregating data and offering access to budgets by intuitively drilling into the underlying records. CAP EX. Model and automate the budgeting for Fixed Assets through the enterprise. Each asset is assigned to a firm defined ‘asset type’ that not only determines the associated capital and depreciation accounts but also assigns the depreciation method and duration. In addition to planning for new capital purchased, existing
GL Inquiry
This customizable feature provides secure access to transaction-level detail originating in the firms underlying GL and AP systems. At a transaction level, views can be grouped any way you like, limited to one or more segments, and/or sorted by any column. You can then drill into transactions to see their component parts, be it checks, vouchers, or general ledger entries.
Reports
A variety of reports assist you in breaking down and analyzing budgeting data. Reports are dynamic, support drill-down capabilities and can be exported to PDF and Excel. Reports also supply quick links that can immediately take a user from a report into the corresponding data entry screen, enabling instant adjustments or views for more details.
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The Legal Cash Flow Report
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