Setting & Viewing Financial Budgets: for Brightflag Customers (Clients)

Setting top-down budgets, along with forecasting the outcome of that budget, is an essential step in gaining visibility on your spending and reducing costs. Brightflag’s financial budgeting tools let you do just this.

Admin users can set budgets. Department Overview Users and Admin users can view all budgets that have been set.

**Essential Reading**

For a detailed list of all budget types available on Brightflag, please refer to the following help articles:

To set a financial budget:

  1. Navigate to Menu > Financial Management > Financial Budgets.

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  2. Click Add Budget.

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  3. Enter a Budget Name.

  4. Enter a Budget Amount.
    • This is the budget for the fiscal year.

  5. Choose a Budget Type.
    • This can be either Overall, Department, Entity, Vendor, or Matter Group.
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  6. Choose a Budget Value.

  7. Select a Fiscal Year.

  8. Finalise the setup by clicking Add Budget.

You can set as many budgets as you’d like. We recommend starting with an overall budget before tackling more specific areas of your spend.

 

To view and understand a financial budget:

  1. Navigate to Menu > Financial Management > Financial Budgets to see all the budgets you have set.

  2. For each budget you will see the following:
    • Budget:
      • This is the top-down budget amount that was set when creating this financial budget.
    • Committed:
        • This is the sum of all matter-level budgets you have set for this FY minus the approved, pending, and accruals.
        • Both phased budgets and periodic budget types will be included however, phased budgets are not time-bound and therefore the entire phased budget will be included for every FY in which the matter is active.
    • Remaining:
      • This is the Financial Budget minus the sum of Approved Invoices, Pending Approval, Current Accruals, and Committed. 
      • This label will show as “overrun” if the financial budget is insufficient.

    • Bar Chart:
        • This depicts your approved spend, pending spend, current accruals, and committed spend. Your definition of spend can be seen here. Your chosen date type for spend can be seen here.

        • Approved Invoices: The sum of all invoices that are approved, batch exported or paid.

        • Pending Approval: The sum of all invoices that are pending, awaiting details, or on-hold.

        • Accruals: This is the unbilled total from the current month. E.g. if you are viewing this page in July, this is the sum of the Current Period Unbilled and Prior Periods Unbilled as entered by your vendors in July.

        • Committed: This is the sum of the relevant matter budgets minus the approved spend, pending spend, and accruals.

    • Brightflag Forecast:
      • This is the predicted amount of spend for the fiscal year for this budget. Additionally, it will predict a date for when your budget will likely exceed its limit.

 

Viewing Phased Budgets Charts 

 

Viewing a Periodic Budget Chart

 

 

Now that you have these powerful insights to hand so it's time to interpret the results and take action. Click here to learn more. 

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