Build and use budgets
Objective. Use time, expense and billing budgets to forecast workload and revenue, compare forecasts with actual activity and prepare invoices without unnecessary re-entry.
What you will learn
- Distinguish time, expense and billing budgets and understand how they complement each other.
- Plan workload, billing dates and expected margins by client and matter.
- Analyse variances between budgeted, actual and invoiced amounts.
Recommended workflow
- Define the scope, period, matter and assumptions before entering budget lines.
- Enter workload, expected expenses and billing schedules using stable reference codes.
- Review the forecast in the planning views and assign responsibilities where required.
- Compare the budget with actual time, expenses and invoices, then document material variances.
Checks before continuing
- Every budget line belongs to the correct client, matter, period and issuing company.
- Recurring budgets are renewed without duplicating existing lines.
- A variance is explained from the detailed data before the forecast is revised.