The finances of multi-office, multi-national law firms are sophisticated. Firms must focus on collections, exchange rate risks, borrowing costs and other strategic issues. Yet supervising mundane, daily accounting often distracts financial managers from their strategic, high-value work.
Law firm finance and accounting (F&A) is labor-intensive and expensive. Many tasks require significant manual work: processing expenses, generating client invoices, collecting receivables, financial reporting, accounts payable, and fixed asset tracking. These routine tasks reduce the time available to improve financial performance.
Outsourcing with Integreon saves up to 50% of the cost. Moreover, it frees up your finance department to do much higher value work. Working with Integreon’s skilled accountants in Mumbai, New Delhi and Manila is easy. Our onshore transition teams assure a smooth handover of work.
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FINANCE & ACCOUNTING
FOR A MAJOR U.S. LAW FIRM
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LAW FIRM PROBLEM: |
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Back office cost too high |
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Work not centralized |
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Processes not standardized |
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Inconsistencies create unknown risks |
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Too much time managing the routine, not enough on strategy |
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INTEGREON SOLUTION: |
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Defined and improved key processes |
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Simultaneously centralized F&A tasks and migrated many offshore |
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Established Service Level Agreement, including quality metrics |
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Work in parallel during ramp up, met planned metrics within three months, then offshore team operated on its own |
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BENEFITS: |
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$500k annual hard savings |
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Improved processes means fewer errors and less risk |
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Additional soft savings (lower overhead, less headache) |
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Senior staff now have time for financial strategy, profit improvement planning |
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