LAW FIRM Clayton Utz has scrapped the old method of developing its annual budget using spreadsheets, and is to use instead a business planning and forecasting solution.
Spreadsheet-based budgeting has limitations, according to the director of practice management at the firm, Paul Vogalzang. “It was a challenge for us to effectively coordinate our budget development efforts, especially with six offices and up to 60 people involved in the process.”
“Budgeting can be done with spreadsheets, but given the complexity of our budget requirements and our need for strong revision management, we came to the conclusion that there had to be a better way,” he said.
In place of the spreadsheet methodology, the firm has adopted Aderant’s Business Planning and Forecasting Solution, which the company claims “frees partners, associates, and finance personnel to focus on improving the firm’s business performance, not consolidating spreadsheets”. The new module is expected to help the firm continue to develop accurate budgets for all staff, revenue, expenses and capital requirements.