As a legal CFO, you do not need to be told of the many responsibilities you have. You must track cash flow, budget for future expenses and mergers, and analyze your company’s financial strengths as well as identify weaknesses. You must do this all quickly. The longer your company goes without knowing their financial standing, the more opportunities there are for downturns and for profits to be left on the table.
The task is not an easy one. You must report on the financial picture for the company on a daily, weekly, monthly, quarterly, and yearly basis. On your own, the job is sometimes an impossible one. However, BI solutions can help you to present all that data and make you shine brighter in your firm.
BI Solutions Help Legal CFOs Bring It All Together
If there is anything that impacts your legal firm the most, it is the bottom line of the company. However, that bottom line is often a moving target in law firms. New clients and their payments are continuously coming in, while resources are being spent, and overhead is a constant concern. In addition to all of this, there are so many different data metrics to analyze for your diverse array of practice groups.
A BI solution allows legal CFOs to bring all of this information together. Through a dashboard, you will be able to see fresh reporting and real-time forecasting so even though the target of your bottom line may move continuously, you can still track it. Even more, BI dashboards will allow you to remove the mystery from complex financial reports, so anyone in your organization can get the answers to their financial questions quickly and easily.
Stay Ahead of the Numbers
When you are steering the financial ship as a legal CFO, you have a lot of responsibilities. You must communicate to your partners, analysts, and your management team about the firm’s current financial status. You must also plan for the future, and make actionable recommendations. A BI solution can help with all of this.
Through a BI solution, you can create forecasts that combine financial data with KPIs from sales, marketing, operations, and more. You can see how each department is contributing to revenue, and you can see it all in just a glance. Even more, you can see when your financial metrics fall or rise above the performance targets that you have set. You can even set up alerts so you know immediately when there is a problem to address.
Looking for a Data Analytics Solution? You Need Iridium, now part of BigHand BI.
If you are the CFO of a law firm, we understand the difficult task you face every day. Your job is to keep the firm on track financially, which means continuously combining and analyzing data. Iridium, now part of BigHand BI is here to help. More than 90 leading law firms ranging from 50-3000+ timekeepers have signed up for Iridium, now part of BigHand BI. We are happy to offer all law firms free consultations so they can learn more about getting the help they need. Stop trying to do it on your own. Implement a BI solution that will streamline all of your financial reporting and analysis tasks.
