The intricacies of budgeting can often pose a daunting challenge, especially when essential data is not at hand. The key to unlocking financial success lies in streamlining the budgeting process whether that is to centralize your data or anlayzing historical matters to inform future budget. By leveraging tools that provide easy access to detailed breakdowns and revenue data, law firms can ensure that managers have the most accurate insights to plan effectively for the financial year and prioritize initiatives that drive profitability.
Streamline your budgeting process to drive profits by:
Reducing time through centralized data management. Implementing an automated platform that seamlessly pulls and processes data from multiple sources into one centralized location is the game-changer. This not only saves time but empowers finance and operations teams to access crucial information with just a few clicks. This results in a more efficient and effective budgeting process that allows teams to focus on strategic decision-making rather than “data hunting”.
Increasing visibility of the budgeting process. With all data housed in a unified, automated platform, firms can identify trends and understand the resources required to successfully close a matter. Reporting and dashboards provide real-time visibility, enabling teams to compare actuals, budgets, and forecasts. This not only improves predictive capabilities but also enhances overall financial planning, ensuring that the firm is well-prepared for whatever the future holds.
Advanced forecasting capabilities to future proof your firm. Forecasting can provide a more nuanced understanding of future financial scenarios, allowing your firm to make proactive decisions. Whether it's predicting revenue fluctuations or anticipating resource needs, centralized forecasting adds another layer of strategic planning to your financial toolkit.
Here’s what leading industry experts are saying on this topic:
You can achieve this with BigHand Budgeting and Forecasting. It transforms law firm annual budgeting processes from a time-consuming chore to a highly productive mission. Its integration capabilities ensure timely management of budget-to-actual results. Budgeting and Forecasting enables firms to predict cash and accrual-based revenue and simplify all aspects of budgeting and variance tracking within a firm.
Increase ownership and decrease approval time
Determine variable revenue and expenses
Analyze budget variances and collect explanations
Distribute browser-based worksheets
Maintain data integrity with a centralized database
Turn budgeting into a business tool, not an administrative burden
"A Southeastern-based law firm with nearly 200 attorneys needed to model a reduction in operating costs in response to impacts from the growing economic challenges. After implementing the Budgeting and Forecasting module they were able to quickly and efficiently prepare various models within hours—rather than the days or weeks it would have previously taken with Excel spreadsheets. They were also able to make data-driven decisions, the firm minimized compensation reductions and discovered alternative means to mitigate the pandemic’s impact on firm operations."Read Case Study
Explore More Ways to Drive Value & Profit for Your Firm