For law firms today, having access to accurate, real-time financial data is crucial to plan for the future and maximise profits.
At a time when client demands continue to change, and competition is at an all-time high, looking at ways to improve financial processes, with access to high-quality, truthful, and fast data analysis is key.
But you can’t manage what you can’t see.
A recent BigHand survey proved that less than 1 in 5 UK partners have access to cash recovery data, and only 14% of US Partners have access to profitability data.
Current processes and systems are making financial reporting slow and inaccurate for legal finance teams, who are spending too much time living in Excel.
To make informed decisions supported by data, law firms need accurate, real-time analysis that provides one version of the truth when reporting across the firm.
BigHand Business Intelligence is a role-based reporting tool that delivers the right financial data to the right person in real-time intuitive dashboards.
Management can view all the key financial KPI’s at a firm-wide level. From the value of billable time and fees billed or collected, to the exposure of your aged work-in-progress and debtor time.
Finance Teams can get instant access to various levels of data from firm-wide, Matter Partner, Client Partner, Office level and Practice Group.
Key financial KPIs like Fees, Time, Collections and Profitability can be drilled into, and GL based financial reports easily produced.
The accurate, real-time data can be sliced and diced to show as much detail as needed right down to individual matter invoices.
And with our Self Service tool, you can build client transparency with key client and matter based data points for targeted insight into the overall relationship between the law firm and client.
You can also empower your lawyers to do their own analysis with controlled access to any financial data that is quickly and easily shown through any visualisation tool of choice, including PowerBI.
The solution adds value to firms that have made large investments with their PMS systems, by leveraging the vast amount of information stored in them.
Legal finance teams no longer need to spend hours manipulating data using tools like excel to deliver targeted and meaningful data to the wider business.
Instead, they can use that time to advise the firm on how best to manage the revenue cycle and increase profits, and therefore build a culture of commercial awareness in the firm.
Make sure you join the many firms across the globe benefiting from BigHand’s intuitive business intelligence solution.
With our many PMS integrations, implementation is fast and painless, so don’t miss out, get in touch today to access BigHand’s BI.