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 the budget a meaningful name. For example, “Insight Law Firm US 2025 Q1 Budget.”
- Enter the Field. This is the data field that the budget is associated with (Matter.LawFirm will be the most common value).
- Enter the Value. This is the value that the budget applies to based on the field selection. If you are using Matter.LawFirm as the field, you would select the law firm that the budget applies to.
- Choose the Period Start Date to which the budget applies, such as the beginning the year or quarter.
- Enter the Period Length date, such as the end of the year or quarter.
- Enter the budget Amount.
- Click the Add button.
10. Click the Save button.
Monitor:
Compare budgeted amounts with actuals and forecasts. In order to see budgets, navigate to Finances > Forecast Editor and check the Show Budgets checkbox in the left pane.
