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.     Key Functions in Finances: Expense Tracking: Monitor spending acr...

Simple Finances Setup for a Law Firm

Overview: Enable importing of actuals LEDES files and automatically setup a simple signature authority flow and basic forecast rules. Steps: Navigate to the Law Firm Contact: 1. Go to the Contacts Page 2. Go into the record for a Law firm  Enable Law Firm: Click the Enable Finances Slot button.  (This button will only show if the Finances product is...

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     Create/Edit Budgets: Click Add Budget to create a new budget. Fill in the Description, Field, Value, Period Start Date, Period Length, and Amount fields. Provide details such as quarterl...

Signature Authorities

Overview: Signature authorities define multi-step workflows for invoice approvals based on monetary thresholds and delegation.  Steps to Configure: Go to Finances > Signature Authorities.    Create Approval Flows: Edit the Flow fields, including the Name, Description, any queries, and RemitTo.  Click the Add Step button to add reviewers with spec...

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...