Detailed analysis of hours billed... or not !

A SWIFTFINANCE REAL LIFE CASE STUDY​

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SwiftFinance Case Study

Background Context

A legal services firm generates most of its revenue by billing clients for hours worked. Revenue is recorded in the GL, but the details of hours worked, whether billed or not, are not, making detailed analysis of the organization's performance difficult.


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  • Manually compiling time data and trying to match it to earnings is tedious and prone to human error.


  • Poor visibility and traceability of hours impacts the organization's ability to increase efficiency.
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  • Implementing a more integrated ERP is a major project that impacts the entire organization, takes time, and is very expensive.


Without detailed hours, the organization drives its profitability without real leverage on efficiency

Lack of traceability between activity and income

Revenue is visible, but it's unclear exactly which hours (and therefore which activities or lawyers) contributed to that revenue. As a result, it's impossible to assess profitability by case, client, lawyer, or team. The link between effort and revenue is broken.

Difficulty in measuring effectiveness

Without detailed hours, it's impossible to know how many hours were spent to generate a certain amount of revenue. For example, it's impossible to calculate key KPIs like billing rate, occupancy rate, and collection rate.

Biased view of profitability

An analysis strictly based on GL revenue does not reflect the associated costs or efforts. Clients or types of mandates may appear profitable when they are not, and there is a risk of misallocating resources (for example, continuing to invest in unprofitable services).

Inability to identify non-billable hours

If unbilled time isn't tracked, its volume and causes remain invisible. There's no visibility into inefficiencies, lost revenue potential, or unproductive tasks. It's difficult to justify or improve internal processes.

SEE HOW SWIFTFINANCE CAN HELP PEOPLE LIKE YOU

A CFO explains how Swiftfinance allowed him to access hours data more efficiently

CFO,
Law Firm

The detailed analysis of hours was laborious and was a blocking element in the improvement of our processes and the growth of the organization.

With FP&A Swiftfinance, we were able to integrate detailed time data with financial data to give us a complete picture of organizational performance.

An IT analyst talks about how his life is easier with Swiftfinance's automation and data integration

IT Analyst,
Medical Clinic

Responding ad hoc to requests for time data was taking me a long time, the data contained many inconsistencies and Finance's expectations were that I should be the one to resolve them.

With the FP&A solution, we were able to benefit from a single, centralized, balanced and validated model, which allows me to spend more time better supporting my users.

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How Swiftfinance can help you 

to analyze all your hours


Benefit from an integrated analytical financial model ⚫︎ Much more flexible reporting than any ERP ⚫︎ Time integration made easy by our auxiliary data module ⚫︎ Clean up time data easily with Swiftfinance apps

Benefit from an integrated analytical financial model

SwiftFinance offers a centralized financial model that incorporates the notion of hours and allows for the integration of time data from multiple sources with the GL. This allows for upstream consolidation of data cleaning to provide everyone with a single version of the reality.

Swiftfinance's integrated financial model allows you to integrate hourly data to provide a complete picture of the situation

Much more flexible reporting than any ERP​

SwiftFinance offers easy and much more flexible financial reporting than even the latest ERP financial reporting modules, allowing you to analyze your hours in the same secure, standardized and governed environment as financial data.

The Swiftfinance solution allows for much easier and more powerful reporting for hours data than in the ERP
Swiftfinance's ancillary data module allows access to all the details of the hourly data.

Time integration made easy by our auxiliary data module

SwiftFinance allows the integration of auxiliary data into Finance, such as hours, but also invoices and inventories. This allows Finance groups to produce very detailed analyses that cannot be carried out solely from the GL.

The Swiftfinance solution allows you to produce hourly data that is more complete, clean and consistent.

Clean up time data easily with Swiftfinance apps

SwiftFinance offers applications to standardize, clean, complete and enrich time data, the manual entry of which leads to numerous inconsistencies that mask the reality, thus providing a more accurate picture of the situation.


YOU DON'T HAVE A COMPLETE VIEW OF YOUR HOURS AND PROJECTS?

Request a short interactive demonstration that shows you how you can access all your time details to improve your organizational efficiency. 

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