Many firms experience frustration around profitability analysis since their solution is not able to address their “toughest profitability requirements”. Join this session to discover best practices solutions for law firm profitability analysis. For each topic we will examine the alternatives and provide Iridium’s best practice recommendation. We will also demonstrate how the best practices solution is implemented in the Iridium BI Profit module. This will be an exciting and informative presentation with tons of material. Topics covered will include:
– Accrual vs. cash basis profitability Analysis
– Expense assignment for rainmakers
– Working with part-time timekeepers
– Handling Intra-office expenses
– Should your profit cube reconcile with your P&L?
– Loading data from multiple data sources
– Residual GL calculations
– Working with split assignments (timekeepers with two roles)
– Best practices allocation methods
– Non-timekeeper revenue
– Reporting on timekeepers that have left the firm
– Partner compensation/draws
– Smoothing techniques for expenses
– Handling exceptions
– How to perform ad-hoc profitability analysis using cubes
– System performance: Acceptable query and processing times
– Leveraging your profit data in other systems (matter planning, partner compensation)
– Providing profit dashboards for your firm managers and decision makers
– Project timelines
– Special bonus: The #1 factor in a successful profit implementation!
We are offering six webinar slots during the week of February 23 to make sure that attendees from all regions can join us. To view session dates and times and to register visit http://iridium-technology.com/news.php.