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3E Thomson Reuters Elite Budgeting and Forecasting

“We must consult our means rather than our wishes.”
― George Washington

3E Budgeting & Forecasting (Xcelerate)

Have the critical data you need to accurately measure your firm’s performance and efficiency with 3E Budgeting and Forecasting (Xcelerate). Operating expenses budgeting and forecasting reporting have never been easier, along with fee earner revenue and employee compensation complete with incorporation of HR payroll systems, not to mention ultimate control of capital expenditures.

  • Real time insight – Project profits and expenses in real-time and align with Actual data to reveal how your firm is tracking vs. the budget or forecast immediately
  • Efficient Implementation – industry-specific worksheets and reports specially designed for law firms, and professional services significantly reduces implementation time
  • Heighten accuracy and efficiency with a bespoke system tailored for finance

Top down control over budgeting and financing not only allows the firm to push global assumptions to the individual fee earner, but also builds the budget and forecasts from the most determinate level of detail, including integrating the fee.

Eliminate errors by implementing a standard process, correcting issues by auto integrating with either local or cloud based payroll, Hr and financial software as well as other systems, comes complete with multicurrency and reporting. An intuitive dashboard for at the fingertips access provides real time insight for needed data and reports immediately.

Xcelerate solves the following issues of standard budgeting and forecasting tools:

  • Non-Streamlined Data – Stale dated and erroneous data causing unprofitable practices – no longer has to deplete revenue – automated system bespoke for finance
  • Poor or Obsolete Data Storage – retrieval is key when you need metrics imminently.
  • Stagnated Implementation – seamless rapid implementation is key – slow deployment of systems is unprofitable, with integration into existing software, saving time is saving money
  • Areas of Budgeting
    • Operating Expenses
    • Fee Earner Based Revenue
    • Employee Based Compensation
    • Capital Expenditures
    • Configurable for many others including Leases, Partner Compensation and more
  • Rolling forecasts by month and quarter
  • Single click closeout with actual – > reforecast any remaining open periods
  • Copy previous forecasts into future budgets or financial models as a jumping off point
  • Real Time Financial Reporting
    • Income Statements
    • Balance Sheets
    • Cash Flow
    • Trial Balance
  • Reports distributed as scheduled and/or on-demand
  • Drill down from GL detail à transactions à voucher/invoice images
  • Create custom reports and edit existing reports (as admin) with intuitive drag and drop Report Builder
Comprehensive Long Range Planning
  • Generate various long range planning reports for multiple years for the detailed fee earner, GL or summary level in various combinations of assumptions: Operating Expenses, Fee Earner Based Revenue, Employee Based Compensation, Capital Expenditures
  • Don’t see the report or data build metrics you need? Create your own!
  • For example: What if models – such as currency rate changes, new personnel, opening new locations, adding new practices, augmenting the firm’s billing arrangements
Data & Personnel Analysis
  • Users can see their KPI’s on one screen
  • Bird’s eye view into financial data for the firm as a whole
  • Personalized dashboard
  • One click drill down availability to transactional details for cost controlling and profitability monitoring