Turn accruals into a math problem, not a guessing game.
In-house legal relies on their law firms to provide timely invoices and accurate estimates of what those invoices will read at the end of each month. Both are essential in making sure there are no spend or budget-related surprises for the legal and finance departments.
But law firms don’t always get accruals right.
If your in-house legal team spends hours sending emails to chase down accruals and constantly feels like expenses aren’t being recognized when incurred, it’s time to have a conversation with your law firms. Don't know where to start? Download our Law Firm Training Template.
The Law Firm Training Template provides a framework for:
- Training your law firms on the importance of accruals
- Helping your law firms accurately and effectively calculate accruals
- Explaining how and when your law firms should submit accruals
It’s not just an accounting exercise. Timely billing and accurate forecasts are a critical factor when you measure quality of service and determine which firms will help you achieve your goals both now and in the future.