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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Business Intelligence BigHand Business Intelligence is an advanced financial BI solution for law firms with role-based reporting that delivers the right financial data to the right person in real-time intuitive dashboards. The flexible data warehouse replaces manual reporting with real-time data visibility from firm level to individual clients and matters. Self-service analytics provide controlled access to relevant metrics in any visualisation tool of choice. The solution empowers users to improve cash flow and profitability with immediate financial insight.
Less than 1 in 5
UK partners have access to cash recovery data
Find out how a dedicated legal BI tool can increase vital �nancial visibility for more informed decision making: Actionable data
Get instant access to various levels of data from firm-wide, matter partner, client partner and practice group. From the value of billable time and fees billed and collected, to the exposure of aged work in progress and debtors. The real-time data can be manipulated to show as much detail as needed right down to individual matter invoices.
Self-Service analytics
Build client transparency with key client and matter based data points for targeted insight into the overall client relationship. You can also empower attorneys to do their own analysis with controlled access to any financial data that is easily shown through any visualisation tool of choice, including PowerBI.
Implementation and support
Implementation is quick and painless with minimal training requirements. Our award-winning support team is available 24 hours a day.
Automated reporting
Key financial KPIs like fees, time, collections and profitability can be drilled into, and GL based financial reports easily produced. Use previously wasted time spent in Excel to advise the firm on the revenue cycle and how best to increase profits and build a culture of commercial awareness.
Consultative approach
Our business intelligence experts utilize their inhouse law firm experience and work closely with clients to establish scope, ensure your data warehouse is built quickly, and create legal dashboards that reflect the information you need access to.
Seamless integration
BigHand Business Intellignece is a standalone, agnostic solution that works seamlessly with all legal PMS, existing reporting and other business systems, to leverage the vast amount of information stored in them.
At each level of the business we are looking for people to be proactive in terms of looking at their matters and considering what action needs to be taken to get it to an optimal situation – everyone is encouraged to look at the BigHand dashboard every day to ensure they can make the best possible decisions for clients. - Scott McClure, Finance Director, Morton Fraser
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The Legal Cash Flow and Profitability Report
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