Name: BigHand Budgeting and Forecasting
Author: BigHand

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BigHand Budgeting and Forecasting is an automated software solution specifically designed for law firms. According to the vendor, it provides comprehensive tools for budgeting and forecasting, catering to law firms of all sizes. This software is widely used by legal services, professional services, law firms, financial services, and consulting firms to streamline their budgeting processes and improve financial planning.

## Key Features

**Employee Expense & Revenue Modeling**: According to the vendor, the software offers secure access to employee profiles to accurately calculate expenses and revenue. Users can update formulas for both Cash and Accrual accounting methods and calculate expenses and revenue for all employees within the firm.

**Account Budgeting**: The software provides instant access to account level information to plan operating costs. According to the vendor, it automates the budgeting process by aggregating data from underlying records.

**CAP EX**: The software allows users to model and automate budgeting for Fixed Assets. Users can assign assets to firm-defined "asset type" for capital and depreciation accounts. They can also plan for new capital purchases and load existing assets for depreciation budget.

**GL Inquiry**: According to the vendor, this feature enables users to customize their access to transaction-level detail securely. They can group, limit, and sort transaction views as needed and drill into transactions to see checks, vouchers, or general ledger entries.

**Reports**: The software offers a variety of reports to break down and analyze budgeting data. According to the vendor, these dynamic reports come with drill-down capabilities and can be exported to PDF and Excel.

**Integrations**: The software seamlessly integrates with Elite (Enterprise and 3E) and Aderant Expert for timely management of budget-to-actual results. According to the vendor, it can forecast both Cash and Accrual based revenue demanded by law firms.

**Increase ownership and decrease approval time**: The software streamlines the budgeting process with full automation. It enables secure budget entry and management by line item, allowing staff to enter budgets for their areas of responsibility and improving accountability.

**Analyze budget variances and collect explanations**: According to the vendor, the software allows users to extract, store, and report actual expenses from general ledger systems. They can initialize budgets from actuals and compare actuals, budgets, and forecasts to analyze budget variances and collect explanations.

**Distribute browser-based worksheets with the integrity of a centralized database**: Users can enter detailed budgeted information with the ability to aggregate and report on each budget at any dimension. According to the vendor, they can distribute browser-based worksheets that maintain the integrity of a centralized database.

BigHand Budgeting and Forecasting (formerly Intellistat) aims to transform law firms' annual budgeting processes from a time-consuming chore to a highly productive mission. Its integration capabilities ensure timely management of budget-to-actual results. Budgeting and Forecasting enables firms to predict cash and accrual based revenue and simplify all aspects of budgeting and variance tracking within a firm.

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Budgeting, Planning, and Forecasting

These activities are designed to assist with both data-driven operational, short-term planning and strategic long term planning

Long-term financial planning

Financial budgeting

Annual budget for revenue and operating expenses, headcount/compensation, capital expenses, projects, etc.

Forecasting

Combining actuals and budgets, rolling forecasts, driver-based models.

Scenario modeling

Financial or operational modeling of alternate future states and planning for each.

Management reporting

Budget vs. actual or forecast, P&L’s, performance over time, between products etc.

Budgeting Tools

Allot financial resources to guide your organization's spending

Automated Budgeting

Automated reporting and cash flow tracking reacts to real-time changes to more efficiently plan budgets.

Financial Planning Collaboration

Collaboration tools coordinate finance team members’ budgeting-related task completion through file sharing and chat features.

Budget Customization

Customizable templates and forms for performance visualization

Departmental Budgeting

Division of budget across multiple departments according to an individual team's spending and resources.

Import & Export Tools

Importing of financial data to accurately budget resources and exporting of reports to share across your organization.

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Create custom dashboards and reports without the help of IT or administrators.

Color-coded scorecards

Track and analyze performances with interactive, color-coded balanced scorecards.

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Select from a library of more than 6,000 key performance indicators, and incorporate KPIs into your planning process.

Cost and profitability analysis

Cost and profitability analysis provides data for business decision making.

Benchmarking with external data

CPI, daily exchange rates, industry KPIs. with scheduled data refreshes.

Revenue Forecasting

Key Performance Indicator setting

Ability to set key performance indicators for measuring progress towards goals.

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Budgeting and Forecasting Software

BigHand Budgeting and Forecasting

Overview

What is BigHand Budgeting and Forecasting?