SimpleLegal is hard at work designing and developing new reports that leverage the power of our new Enhanced Reporting. We just released a handful of helpful new reports that provide a clearer picture of matter status and workload, budget health, accrual volume, and more.
The new Accruals (Single Period) and Accruals (Split Period) reports provide quick insights into accrual submission activity to help customers determine if their predicted legal spend from vendors is reliable for financial planning purposes and find any gaps that need to be addressed. This report can be used, for example, to reset expectations or requirements with vendors who repeatedly miss submitting requested estimates for unbilled work on matters.
The new Accruals vs. Actuals (Single Period) and Accruals vs. Actuals (Split Period) reports compare legal spend projected by vendors against actual invoiced amounts for monthly reporting periods that fall within the selected time range. This gives customers visibility into predicted vs. actual spend at various levels so they can more effectively plan and forecast.
The Timekeepers Rate Request report provides quick insights into the volume of rate requests and review/approval status for submitted timekeeper rates. By default, the report shows data for the last year (i.e., the past 12 months). You can change the time range as needed to recalculate the data. This report can be filtered and used in various ways, such as:
- Determining if there are gaps in the rate review process or if other changes are required based on requests pending admin review or significantly high numbers of rejected requests
- Finding trends or discrepancies in approved/billed rates, such as pinpointing rates that are disproportionately higher for one timekeeper classification.
A new Invoice Level Spend dataset is now available for use when creating new charts in Enhanced Reporting. This dataset allows you to use invoice-level spend data ranging from billed and final amounts to vendor-level information in reports. The Invoice Level Spend dataset is useful to report on upcoming spend (that is being reviewed), along with approved or paid spend at the invoice level.
The Invoice Reviewer Velocity report helps customers track the timeliness of their review process and identify any bottlenecks causing delays or other issues that need to be addressed. For example, customers can use this report to determine the following:
- Which reviewers are quickly and effectively taking action on invoices
- Which reviewers are rejecting a high number of invoices
- Which reviewers are taking action on invoices without making adjustments
This report can be used in combination with the Stuck Invoices report to audit the review process.
The Active Vendors report gives you a deeper look at all of your active law firms and vendors. Get a breakdown of your top assigned vendors on matters, track top vendors by spend, and better understand which have diversity data collection, timekeeper rate validation, and accruals enabled.
The Legal Requests report provides insight into your legal service requests. Find out who your top requesters are, most used request forms, the status of requests, and more! Note, you can only view this report if you have Legal Requests turned on in your SimpleLegal environment.
The Matter Leads Workload report helps you understand how much work matter leads are taking on to determine if re-allocation or re-prioritization is needed.
The Matter Status report gives insight into the department's productivity and identifies potential problems by providing greater visibility into matter trends.
The Budget Health report shows the status of budgets. See if vendors are helping you stay financially sound by tracking how they're staying within your budgets, or how internal budgets are performing.
Check them out today by logging into SimpleLegal and navigating to the Reports section!
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