Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

IT FITS

VIEWS: 3 PAGES: 4

									             IT                             SPECIALIZED
                                            BENEFITS
                                            FOR
            FITS                            PROFESSIONAL
                                            SERVICES FIRMS




    “  We never could have effectively automated
       this critical process without all of the
       specialized features that specifically
       address the needs of law firms.
                      - Focus Group Committee
                        Top 10 U.S. Law Firm




www.chromeriver.com
                             IT FITS
                             Professional Services Firms

     The Professional Services Firm Challenge                                The Chrome River Solution

1    Professional Services firms have a matrix structure. To allocate        Chrome River offers a unique Expense Bar for expense entry
     expenses correctly and to describe them properly on client bills,       which enables users to easily select the correct expense type.
     they often have dozens of “cost codes” or expense types—far too         The bar may be configured to meet the needs of varying user
     many to display in a drop-down list on the screen.                      groups.

2    While commercial companies may have a few dozen projects,               Chrome River uses an ingenious and intuitive Project Selector
     professional services firms have thousands of engagements.              that suggests engagements as the user types a portion of the
     Again, using a typical drop-down list for project selection is highly   client name, project name, and/or numbers.
     impractical.
3    Lawyers, accountants, consultants and other professionals are           Chrome River uses only project numbers. Behind the scenes we
     unfamiliar with general ledger accounts and how to code                 map the project numbers to the correct general ledger account.
     transactions to the appropriate expense account.
4    Some general ledger account structures are segmented (e.g.              Chrome River understands multiple segments when it maps
     Natural Account, Office, and Department). How can this                  general ledger accounts to project numbers. A project might map
     complexity be hidden from your professionals and staff?                 to a Natural Account-Office combination; then the user will be
                                                                             prompted to simply select the correct department for that
                                                                             engagement.

5    Some professionals will incur expenses for projects that haven’t        Chrome River allows the users to create temporary names for
     been opened yet.                                                        project engagements. Expenses that are coded to a temporary
                                                                             project are not submitted for processing until the professional
                                                                             ultimately assigns the transactions to a valid project number.

6    What if a number of expenses are charged to the incorrect               Chrome River offers an easy to access Search-and-Replace
     project?                                                                capability that will change the project number on unsubmitted
                                                                             transactions.

7    Professionals frequently take trips that involve working on             Chrome River allows each expense entry to be easily split to
     multiple engagements.                                                   multiple projects—either by amount or percentage.

8    When professionals split expenses between two projects, they            Chrome River allows each split to have its own description. It is
     may want to provide each split with a different narrative               this special description that will appear on the client’s bill.
     description.

9    Since the information entered on the expense report will display        Chrome River allows User-Defined Fields to be set up for each
     on the clients’ bills, firms are very particular about having the       expense type. The firm decides if these fields are required. For
     detailed information correctly entered.                                 example, hotel stays might require check-in/check-out dates; car
                                                                             rentals might require a vendor name.

10   Professional services firms need to enforce expense                     Chrome River allows the firm to set up client-specific compliance
     reimbursement policies that are negotiated with individual              rules. In addition, these rules will prompt the user to enter extra
     clients. For example, a firm might agree with a specific client not     information for certain clients when required. In this example,
     to travel business class on domestic air travel.                        when an airfare expense is entered for the client, the class of
                                                                             service would display on the screen and become a required field.

11   Professional services firms establish their own unique expense          Chrome River uses our powerful Rules Engine to check for policy
     reporting compliance rules.                                             compliance. Compliance Warnings allow the submitter to enter
                                                                             an explanation as to why they violated policy; the explanation will
                                                                             display during the approval process.

12   Matrixed organizational structures—offices, practice groups,            Chrome River’s Rules Engine defines approval routing rules. The
     administrative departments—result in very complex approval              rules can be extended and modified without requiring new
     policies.                                                               software releases.
                             IT FITS
                             Professional Services Firms

     The Professional Services Firm Challenge                              The Chrome River Solution

13   Junior employees may require approval for their expenses by a         Chrome River allows manual routing decisions. The junior
     more senior professional that is managing them on a particular        employee can indicate which senior professional should be
     project. The approval professional may not be the same as the         approving these expenses. The Rules Engine checks the validity
     billing professional.                                                 of their routing decision.

14   Professional services firms often have different approval rules for   Chrome River controls approval routing at the item level.
     billable and nonbillable expenses. Billable transactions should       Billable and nonbillable entries can have different policies and
     not be delayed while nonbillable expenses are still in the approval   can be processed independently rather than always bound
     process.                                                              together by the one expense report.

15   Clients prefer to be billed promptly for expenses, and the firm is    Chrome River’s Rules Engine offers a grouping capability.
     equally interested in maintaining cash flow.                          Billable transactions are free to flow through as soon as they are
                                                                           approved. Nonbillable transactions may be grouped together so
                                                                           that they are viewed and approved as a unit.

16   Some professionals prefer to be reimbursed in more than one           Chrome River allows for a professional to be set up with two
     currency.                                                             different payment currencies and an option to select an
                                                                           appropriate one for each expense report.

17   Personal charges and unidentified charges are usually placed on       Chrome River allows processing of personal charges. Much like
     personal charge files. Some firms would like to manage these          credit card transactions, personal charges can be processed with
     personal files and expense reports in one unified system.             a minimum of extra data entry.

18   Firms may provide their professionals and staff with cash             Chrome River has special features for managing cash advances
     advances. These need to be properly handled on expense                and creating policies that ensure that the advances are allocated
     reports.                                                              before new reimbursements are made.

19   Firms need to provide their clients with backup documentation         Chrome River provides inquiry and reporting functionality by
     when requested.                                                       client or engagement to easily provide client documentation,
                                                                           including receipt images, in a timely and cost-effective manner.

20   Many large professional services firms use Thomson Elite or           Chrome River has pre-built templates and processes to simplify
     Aderant for their financial system.                                   the exchange of data between Chrome River and leading financial
                                                                           systems.

21   Expense transactions can be moved from project-to-project             Chrome River assigns a unique transaction ID to every expense
     within the firm’s billing system. This is a challenge for providing   entry when it is sent to the billing system. This permanent ID can
     client documentation.                                                 be used for generating client documentation.

22   Professionals live with their BlackBerry.                             Chrome River allows for quick-entry of expenses while traveling.
                                                                           The transactions can be easily edited and completed when the
                                                                           professional is back in the office.

23   Some professionals love their BlackBerry.                             With Chrome River, expense reports can even be reviewed and
                                                                           approved from a BlackBerry.

24   It’s difficult to inspire more senior professionals to use new        Chrome River’s Rich Internet Application technology makes our
     technology, yet they are an essential part of the approval            screens simple and elegant. Our animated image viewer makes
     process.                                                              the approval process fun and intuitive.

25   Professionals and secretaries have little patience for formal         Chrome River uses Adobe Flex—the latest internet technology—
     software training.                                                    to create a fun and easy-to-use application. Our users find it
                                                                           simple and intuitive.
                      FOR MORE INFORMATION
                      WEB:   www.chromeriver.com
                      EMAIL: info@chromeriver.com
                      TEL:   888-781-0088




www.chromeriver.com

								
To top