About Profit

Umbria Profit module provides functionality that allows for detailed analysis of income and expenses. Profitability enables the slicing and dicing of income and expenses across firm meta-data. The module is extremely flexible in configuration, allowing multiple methodologies to determine direct expenses as well as multiple methodologies and allocation methods to determine overhead expense.

The module allows firms to view their income vs. expenses and the corresponding margins. Expense information comes from two sources:

• Direct: Includes salary, bonus, taxes, benefits. Umbria Profit module enables firms the functionality to assign support staff (such as secretary, para legal team etc) or other indirect expenses directly to timekeepers.
• Indirect/Overhead: Automates the allocation of indirect expenses by pulling expenses directly from the General Ledger (GL) and allocating based on firm rules to timekeepers.

Tip: You can show / hide the Profit module for various users. Admin: Permission Group: Global> Can View Profitability Section.

Included with the Profit module is the Cube, which allows for ad-hoc analysis. Additionally, Umbria Profit comes with out-of-the box reports. The reports compare revenue, expense, and profitability statistics across multiple offices, departments, or individual timekeepers.

• Profit Statement: displays gross income and expenses as well as profit and profit percentage
• P&L Statement: shows gross income and expenses as well as profit and profit percentage before allocation of expenses.
• Working Timekeeper: displays additional information for each entity such as billed vs. collected revenue, realization, and standard rate vs. actual rate performance statistics.
• Commission Statement: provides a summary of all matters associated with the role of originating attorney/responsible lawyer and the hours, margin, fees collected by the timekeepers working on the matters.
• Income Summary: shows a summary of income and expenses for Office, Person and Department and the Net Income to the Firm.
• Client Matter Profitability: The Client Matter Report displays the profitability by a client and/or matter.

Profit Module Navigation

• General Ledger: View General Ledger setup, account mapping, and activity, both at the transaction level and at the individual allocation level.
• Rules Setup: Configure different allocation rules that, when applied, will automatically split expenses by percentage across multiple entities.
• Rules Allocation: Apply your configured rules to different types of expense hitting different General Ledger accounts.
• Configuration: Configure values for fields used elsewhere in the module, manually import payroll information, and run allocations to apply allocation rules to your expenses.
• Reports: Umbria Profit module comes with built-in reports that allow you to view profitability statistics and easily compare figures for multiple offices, departments, clients, matters and individual timekeepers.