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.

To set a budget at a matter level, please refer to our Matter Budget Guides

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

 

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 amount you set when you created this financial budget.
    • Committed:
      • This is the total of all matter-level budgets you have set. Only matter budgets that are set by month or by quarter will be considered (as they are timebound).
    • Remaining:
      • This is the Budget minus the sum of Approved Invoices, Pending Approval, Current Accruals, and Committed Spend.
    • Bar Chart:
      • This charts your approved spend, spend pending approval, current accruals, and committed spend.
      • Approved Invoices:
        • This is the sum of all invoices that are Approved or greater.
      • Pending Approval:
        • This is the sum of all invoices that have been submitted by your firms and are Pending, Awaiting Details, or On-Hold.
      • Accruals:
        • This is the Unbilled Total from the most recently completed month. E.g. if you are viewing this page on July 10th, this is the sum of the Current Period Unbilled and Prior Period Unbilled amounts as entered by your firms in June.
      • Planned:
        • This is the sum of individual matter budgets set minus the amount of spend in those matters.
        • This factors in budgets that are set by month or quarter. Budgets by Total or Phase are not included here as the timeline for that budget is unknown.
    • 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.

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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