As firms absorb practice groups, open new offices, and create new compensation programs, profitability will vary across matters. The calculation of cost rates becomes a mission-critical metric. Firms can’t wait for teams of programmers to adjust the methodology nor risk losing institutional knowledge to employee turnover. Umbria enables firms to create multiple models to serve different audiences and adjust within hours rather than months.
The financial planning team needs more sophisticated what-if analysis on dividing the firm’s profit pools. Traditional partner compensation systems are based on revenue and standard profitability. As profitability become variable, firms should refocus to value and reward profit over revenue.
Support multiple cost models for different purposes
View the general ledger through the user interface rather than scripts
Allocate at person, office, department and firm level to securely delegate responsibility to multiple people
Pre-flight check to make sure all data is allocated
Supports partial allocation – avoiding wasted hours
Supports flexible targets at firm, office, department, and person
Calculate profit at work, bill, and collection with flexible targets at firm, department, and individual levels
Drillable multi-dimensional ad-hoc reporting including income statement at all levels
In-memory cube enables leveraging data in Excel, Power BI and other tools
Understand fee-earner performance with actionable 'what-if' calculator
Shows impact of allocating profit pool in aiding in compensation determination
Understand fee earner performance across each role at work, bill, and collect
Automated profitability analysis at all levels
Adjust profit methodologies within hours rather than months
Minimize the loss of institutional knowledge from employee turnover
Multiple models allow flexibility in serving different audiences
Read more about Umbria Profit & Compensation from our product datasheet.