Gain Approval

 

Serengeti Tracker is an investment that will immediately save your legal department and company money. Understanding how the financial controls provided by Serengeti Tracker enable law departments to meet the same standards that apply across all departments for cost control and financial reporting will arm you for a productive discussion with your C-suite team.

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Does your CFO need to approve investments you make to your law department?

Many law departments manage significant volumes of legal spend and legal exposure with a cobbled-together array of spreadsheets, files and basic reports that are manually and sporadically updated from a constant torrent of data in paper legal bills, emails, correspondence, court filings and other sources. The majority of these data sources are outside the company, primarily at law firms that are handling the company’s legal work. As a result, law department financial reports often lack the completeness, accuracy and auditability expected of other company departments. Therefore, CFOs are often eager to learn how the financial controls provided by today’s matter management systems, including electronic bill processing/auditing, will ensure that financial reporting from the law department meets the same standards that apply to the rest of the company.

Do you need to build a business case to validate new technology spend for your law department?

CFOs quickly grasp that once better financial controls are in place, in-house counsel can become more effective at managing budgets and  legal spend. Serengeti creates opportunity at implementation for improved law department financial performance—the bottom line for any CFO. Efficient collection of all material financial data, keeping that data current and the ability to generate accurate financial projections are all benefits that will resonate with your CFO.

Can your team translate your business case for new technology into the language of the CFO?

Law departments who want to improve their financial controls with new technology must justify the new system in financial terms that are familiar to their CFOs. By analyzing the financial value of the new system, and undertaking a detailed ROI analysis that is backed up by independent due diligence, the law department can anticipate the primary areas of concern and earn the CFO’s support for a system that will improve the company’s management and control costs of legal work.

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