Project Budget Planning Tool
Empower your legal firm or department to establish an efficient, standardized, and accurate project budgeting and planning process with a Project Budget Planning Tool.
Background
Done manually, the documenting, tracking, budgeting, and invoicing for projects and services is a time-consuming, complex, error-prone process involving various knowledge-holders and dependencies. Additionally, without a standardized and repeatable process, firms often underestimate their budgets by 10-20%. Through a Project Budget Planning Tool, legal firms or in-house departments can establish a standardized, transparent, and efficient process around budget planning and budgeting.
With a Project Budget Planning Tool users can access ongoing projects, their allocated budgets, the current expenses, and their status (quoting, review, or final). When creating a new project, users can add information such as: the customer, creation date, the total budget, dates and status of invoices. Meanwhile, the connected services - selectable from a pre-configured list and groupable into a collection - are informed with a service name, the allocated budget, the date of the invoice, and the hours worked. Added functionality enables the worked hours to be added or subtracted, while services can be deleted or edited. Through integration with existing finance and time tracking systems, projects can automatically be updated with the worked hours, expenses, latest invoices, or added services. Meanwhile, the tool automatically tracks the percentage of the allocated budget, the status, and the invoice cycles. From the back-end perspective, services per area of law can be created and managed, including a standard title, description, total cost, or hourly rate. These services can then be grouped into a collection to make up a logical unit, which can be selected within projects.
Using the Betty Blocks platform, legal firms and departments can custom build a Project Budget Planning Tool which accurately standardizes and predicts budgets and revenues within your firm. This eliminates the underestimation of budgets and secures your revenue predictions through one governed, fully integrated, customizable LCNC platform.
With a Project Budget Planning Tool users can access ongoing projects, their allocated budgets, the current expenses, and their status (quoting, review, or final). When creating a new project, users can add information such as: the customer, creation date, the total budget, dates and status of invoices. Meanwhile, the connected services - selectable from a pre-configured list and groupable into a collection - are informed with a service name, the allocated budget, the date of the invoice, and the hours worked. Added functionality enables the worked hours to be added or subtracted, while services can be deleted or edited. Through integration with existing finance and time tracking systems, projects can automatically be updated with the worked hours, expenses, latest invoices, or added services. Meanwhile, the tool automatically tracks the percentage of the allocated budget, the status, and the invoice cycles. From the back-end perspective, services per area of law can be created and managed, including a standard title, description, total cost, or hourly rate. These services can then be grouped into a collection to make up a logical unit, which can be selected within projects.
Using the Betty Blocks platform, legal firms and departments can custom build a Project Budget Planning Tool which accurately standardizes and predicts budgets and revenues within your firm. This eliminates the underestimation of budgets and secures your revenue predictions through one governed, fully integrated, customizable LCNC platform.
Efficient and digitized
- Save internal resources, time, and non-billable hours by optimizing your project, budget, and revenue planning with a digital tool.
- Decrease time wasted in manually documenting, tracking, and invoicing for projects and services.
- Accurately and automatically invoice clients for services, and allocate the right budget for projects.
- Ensure that resources, expertise, and time within your firm are used to their maximum availability and capacity.
- Optimize the project planning process through a digital application that establishes a standardized set of services and budgets for all projects.
Transparent and automated
- Establish a fully transparent, standardized, and predictable process to enable insight into your firm’s projects and revenue.
- Empower your project managers and staff to standardize and predict the services and budgets involved in specific projects.
- Automatically generate and send digital invoices to clients, digitally tracking invoicing cycles.
- Enable stakeholders and project managers to have consistent and real-time insights into ongoing projects and predicted budgeting and revenue.
- Facilitate easy collaboration between departments and teams by providing access to ongoing and cross-departmental projects and services.
Bespoke and secure
- Configure your Project Budget Planning Tool to your firm’s exact needs, and secure and govern your project management process end-to-end.
- Customize your budgeting tool to the exact needs of your organization, integrating specific settings and functionality.
- Configure bespoke user capabilities and access to enable dashboarding and statistical overviews, editing, and adjustments.
- Secure your Project Budget Planning Tool to ensure that budgets, client information, invoices, and revenue streams are protected.
- Integrate with your existing technology infrastructure and project management software to optimize your project and time planning end-to-end.
Product features
- PDF invoices directly to clients
- Email or Slack notification system
- User capabilities and permissions management
- Integration with existing infrastructure
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