Budget

To track your forecasted and actual spend against your budget, you must first know your budget!

Go to Org -> Settings -> Service Providers

You can specify your budget for each service provider by month. To make things easy, you can copy and paste the figures from an existing spreadsheet (just make sure the service provider names are in the same order). If your budget is an annual figure broken evenly over a 12 month period, just type the figure directly into the total column and we will automatically populate the monthly figures for you.

Forecasts

LawVu manages forecasts automatically via matter scoping. To ensure that a forecast is provided for all matters that are sent to outside counsel, go to Org -> Settings -> Scoping and set your preferences.

The preferences that you set here will limit the options available when a matter is sent to outside counsel, and will trigger notifications to remind your service provider to provide a forecast at the start of the matter and to update it whenever the actual spend exceeds the latest forecast. (NB: Service providers are not required to update the forecast if the fee arrangement is an estimate)

Actual Spend

Service providers upload their invoices on each billing date and submit them to you as a batch. LawVu rejects invoices that exceed the agreed fee and prompts the service provider to update the forecast and provide an explanation for the increase. Only once the updated forecast has been approved may the invoice be submitted.

Reporting

You can monitor how forecasted and actual spend are tracking against your budget at any time in the Reporting -> Service Providers section

For more detail, click on any data point to drill down to a view of how that spend has been distributed within the selected time period

You can further drill down by clicking on the "data table" icon at the bottom left of the chart to see the data represented in table format, which can also be exported to excel for further analysis.

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