Posted on: 10th September 2019
Infographics today announced the official launch of its latest major FloSuite legal application – a specialist pre-built suite of money management solutions for law firms that integrates with existing legal practice and document management systems.
Developed in close collaboration with some of the world’s largest law firms, the integrated Forecasting and Pro-forma Billing Suite connects the front and back office, and replaces disjointed money management tools and tasks with best practice-driven workflows.
It empowers the front office team to undertake billing-related work previously carried out by the finance department, supporting them with automated rules and workflow, and embedding a detailed understanding of matter status and client data. Approval cycles allow finance, or other relevant teams, to input where required, and review important adjustments prior to completion.
Russell Wood, Commercial Manager at Infographics, said:
“Working in conjunction with leading legal clients, we have combined our FloSuite case and professional service delivery framework with our specialist legal knowledge and integrations to provide an ‘out-of-the-box’ solution that – for the first time – connects the various roles, teams, systems and workflows across the billing lifecycle, from forecasting through to collections.
“The system is purposely designed to be able to run alongside different practice and document management systems as required, and enhance their capabilities. The ROI calculations are therefore strong, particularly in larger law firms where the solution has the capability to drive significant efficiencies and process improvements that directly affect cash at bank and the bottom line, and provide the ‘big picture’ of operational status.”
The new FloSuite-based solution streamlines multiple aspects of the billing lifecycle, from forecasting revenue and cash flow, through to creation and editing of pro-forma bills. Future versions will also handle the procedures involved in collecting outstanding client fees due to unpaid invoices.
World-leading international law firms are currently rolling out the solution across UK, Middle East and European offices.
Key benefits
By connecting individuals and data from across disparate teams, offices and legal business areas into one cohesive billing team, the new money management suite delivers:
- Improved cash flow and revenue cycles
- Increased bill throughput and quality
- Role-based targeted functions and actionable dashboards
- Configurable approval rules and levels
- Optimised data sharing across third party systems holding client data, including documents and financial information
- Enhanced integration and extended capabilities in conjunction with existing practice management solutions
Leading legal and regulatory clients manage a range of case and process management needs with FloSuite, including Revenue Forecasting, Billing, Collections, Client Matter Inception, Regulatory Investigations, and Prevention, Protection and Safeguarding. The solution is also used for administrative areas, such as employee self-service and IT help desk.
