Finances Overview

Overview: The Finances Module is a comprehensive system designed to help corporations track, forecast, and manage legal expenses. This tool is essential for organizations seeking to improve financial oversight of their legal matters, streamline invoice reviews, and stay on budget. Purpose: Finances helps organizations: Review and approve law firm in...

Simple Finances Setup for a Law Firm

Overview: Enable importing of actuals LEDES files and automatically set up a simple signature authority flow and basic forecast rules. Steps: Go to the Contacts module. Select the Law Firm you wish to enable. Click the Enable Finances Slot button. (This button will only show if the Finances product is enabled and the account has available law firm s...

Forecast Rules

Overview: Forecast rules are used to predict the financial requirements of legal matters based on predefined conditions. Steps to Configure Forecast Rules: Access the Forecast Rules Page: Navigate to Finances > Forecast Rules section.    Add a New Rule: Click Add button. Define parameters such as matter type, complexity, and country.    Assign Bi...

Budgets

Overview: Budgets are financial allocations set for law firms or matters to manage spending effectively. Steps to Set Budgets: Navigate to Finances > Budgets. 2. Click the Add button to create a new budget. Configure the fields to correctly represent the budget for a particular law firm, billing code, etc. Start by entering a Description. Give th...

Signature Authorities

Overview: Signature authorities define multi-step workflows for invoice approvals based on monetary thresholds and delegation.  Configure and Create Approval Flows   Go to Finances > Signature Authorities.  To edit an existing record, click in the Record to open the Edit Signature Authority Rule pop-up.  To create an approval flow, click the Add ...

Forecasts (Viewing, Filtering, Exporting)

Overview: The Forecasts Tab provides insights into budgets, actuals, and predicted expenditures. Steps: View Forecasts: Open the Forecast Editor to access the main dashboard.      Filter Data: Use filters to refine data by country, law firm, or matter type. Use the Show Budget and Show Actuals checkboxes to compare Forecasts with budgets and/or actu...

Invoice Importing

Overview: You can import law firm invoices for review and approval.The imported invoice is assigned a signature authority flow based on its properties.  Steps: Prepare LEDES File: Ensure the LEDES file is in the correct format. Import Invoices: Click Import Invoices link from the Invoices tab.  Upload the LEDES file.  The system will validate the LE...

Invoice Review

Overview: Review, approve, or reject invoices based on predefined workflows. This article will walk you through what a typical invoice review process should look like.  We will be using the following signature authority flow. This signature authority flow specifies three levels of review.  When the invoice is imported it will first be assigned to Pa...