The 21 default template report forms with built-in functions provide a very fast and informative financial information system for the manager of the firm. There are 3 basic categories of default forms for a report:
1. Time entry-based summary
2. Disbursement-based summary
3. Employee-based summary
Time entry-based summary
Work in progress summary
The time entries within the time-recording function are the basic information units to be used in the system. The time entries are accumulated in a given matter which then will need to be billed. The longer you wait to bill the higher the risk that such time entries cannot be transformed into revenue. Therefore, it is a very important information concerning the duration of the time recording which is generally presented at 2 month intervals. Therefore the work-in progress report reflects how much time in each time period (0-2; 2-4; 4-8; 8-12) is waiting for billing.
The time entries and extended time entries and time-detailes are the different time summary forms of a report provide a detailed fee earner and, client- and matter-based information matrix, essential to monitor the proper utilization of the fee earner capacity, the proper work delegation through work allocation, and an overall performance of the office in any given time period.
As procedural fees and stamp duties are often to be paid to the court and authorities in parallel with certain phases of the consultancy work, it is crucially important to be able to monitor the details of the actual paid disbursement items that the firm could re-bill to the clients in time. Otherwise a consultancy firm would effectively provide credits to the clients that would increase the working capital need of the operation of that firm and obviously these are not desirable items on the books.
That provides for the basic HR function and the billing related source of information to the firm. The default charge rates can be listed easily when (for example, a price proposal is needed to be submitted quickly). Or you can monitor the actual performance of the different fee earners very easily if you print out comparisons between the target and actual hours reports. One particular individual employee’s performance, the fee earner’s actual contribution to a particular matter can be also monitored with one click. The HR function also provides an overview in a calendar format which fee earners spent and how many days on holiday or study leave. This function also helps to design the resource throughout a holiday season.
The data in the report can be presented in an “Excel” form, but also in a diagram, or a chart format. For example, a chart can better illustrate the relationships between the “time-value” (which is based on the budgeted rate of that fee earner) and the contract value (which is the actually agreed rate to be applied in a particular matter, or the paid value, which is the actual value received in terms of actual payment. Once the data is presented in a chart, you can easily draw conclusions about the trends that can be taken into account in resources and the financial planning of the firm in the future.
The time-recorded (hours) report provide summary data in a selective calendar month on a daily basis for the recorded billable and non-billable time, but also the actually billed value and the written values. A constant monitoring of such a report provides the prevailing trends of the operation of the firm, which is information that could be the basis for a management intervention.
Financial reports are also available through mobile devices to the management members. The time-analysis report provides detailed information by fee earners of their total billed value, the written off values, discount values which can also provide useful information on the efficiency, profitability and the client quality in relation to the work which is performed by the particular fee earner.
The top 20 clients chart provides a useful comparison of the importance of a particular client to the business of the firm. The visual comparison of the revenue that such clients generate is a very fast and effective analysis of the revenue.
Fee earners can easily review their weekly performance on their mobile device in the personal report form. The utilization data is expressed as a percentage value gives immediate fast feedback about such individual’s personal performance and helps to orient the efforts in the future.
Some consultancy firm’s profit distribution is linked directly to its partner’s contribution. The Financial Reporting System can also present data on the main “rainmakers” contribution to the firm in a chart form.
TimeMind’s Financial Reporting System also has an embedded “fast reporting” function. Such reports can be custom reports, which then can be accessed easily through a special menu of the desktop or through the mobile devices of the partners; therefore the basic financial data can be monitored in a real time basis continuously.