New Automated Solution Helps Firms Detect and Correct Unprofitable Practice Areas

LOS ANGELES, Sep. 17, 2014 – Thomson Reuters Elite, part of the Legal business of Thomson Reuters, today introduced xcelerate Budgeting and Forecasting, a budgeting and forecasting solution strategically designed to help firms protect profits. Powered by OLAP Vision, xcelerate Budgeting and Forecasting is available to firms that use Elite’s 3E or Enterprise financial and practice management systems. From the intuitive dashboard interface, xcelerate provides a single view into firm-wide budgeting and forecasting, delivering detailed analyses of critical information through intuitive reports and alerts.

“xcelerate was designed to eliminate the lack of insight and inefficiencies caused by unorganized and unreliable budgeting and forecasting tools,” said Elisabet Hardy, Vice President of Product Management for Thomson Reuters Elite. ”Instead of relying on various spreadsheets and applications to track budgeting and forecasting data, xcelerate provides a single, intuitive system that centralizes budgeting and forecasting, accelerates processes, and provides immediate insights for decision makers about whether a firm is on target .”

xcelerate provides real-time budgeting insights for management, ensuring their profits are constantly protected. Through the xcelerate Dashboard, users manage intuitive reports with drill down for detailed analysis of data. The solution’s real-time system alerts notify users of potential errors before they impact reporting data, while notable events widgets provide alerts in real-time when business thresholds are exceeded or require action. xcelerate’s employee calculation engine also rapidly updates timekeeper and employee data for up-to-date intelligence.

Implementation time for xcelerate is reduced by up to 50 percent compared to other solutions by using the Elite Starter Kit. Its pre-configured worksheets and reports are tailored specifically for 3E and Enterprise integration.

With xcelerate, firms that run Elite’s 3E or Enterprise systems can access the data they need quickly and efficiently by eliminating the risk and burden of manual data entry. Users are able to create budget drafts and what-if scenarios at a moment’s notice, while intuitive drag and drop functionality for global headers makes it easy to create reports in minutes. Because rolling forecasts and data models are generated automatically in xcelerate, data roll-overs are streamlined from year to year. Firm management can control access to key data with minimal effort, assigning access to worksheets and reports according to each user’s role.

Seamlessly integrated in the familiar Microsoft Excel environment, xcelerate facilitates greater user adoption without the need for customizations. This integration streamlines the budgeting and forecasting process, allowing the solution to aggregate data in real-time and convert currencies automatically, so less time is spent consolidating data, and more time can be spent analyzing it.

Thomson Reuters Elite is the leading global provider of innovative business management solutions that enable law firms and professional services organizations to streamline operations, maximize efficiency, and increase visibility into all aspects of their businesses. Elite is focused on enabling firms of all sizes and locations to meet their true potential and provide the best service for their clients. For more information, visit Elite.