Prosperoware Releases Umbria Profitability Delivering Unparalleled Firm Financial Management
2 AmLaw 100 firms round out early adopters, including Winston & Strawn LLP
Prosperoware, a leading enterprise software company delivering innovative technology transforming the business of legal and professional services, today announces market availability of Umbria Profitability, a core module of the company’s enterprise class practice management solution, Umbria. Umbria Profitability leverages business intelligence stored in the Umbria data warehouse to model firm and partner performance and compensation, support a wide variety of cost and profit allocation methodologies, and ultimately provide unparalleled comprehension of firm financials to enable long term, profitable practice management.
Firms are struggling to gain real-time visibility into their financial data to enable timely, strategic business decisions that ensure profitability. Historically, financial information was spread across multiple, unconnected legacy systems and reporting was complex and laborious, often requiring significant time to prepare. In today’s hypercompetitive market, firm management committees need instantaneous access to complex intelligence with actionable processes that enable them to make immediate changes to remain competitive.
Umbria Profitability provides the solution. By delivering a single platform to aggregate and centralize firm financial information, across all disciplines, Umbria Profitability enables an unparalleled view of a firm’s financial health. Umbria delivers out-of-the-box flexibility incorporating a vast array of approaches, allowing data to be analyzed from the multiple perspectives of revenue, direct cost, and overhead.
Key features of Umbria Profitability:
- The only system able to calculate profitability and directly leverage it in pricing decisions
- Flexible UI, allowing firms to configure profit calculations through an intuitive user interface
- Highly configurable software (not complex customization engagements) enabling:
- Cash and Accrual Profit Calculations
- Endless ability to import and separate direct cost by rank
- Mechanisms to calculate rates using standard hours as well as actual hours
- Direct allocation of Admin, BD, and many other common, directly allocated expenses
- Multiple mechanisms for distributing performance information:
- Profitability as impacted by discounting, leverage, cost, and many other factors, including highlighting where issues exist and guiding decision-makers directly to items that need review
- Secure, two-factor authentication for distribution of actionable information to the appropriate people at the firm
In addition to Umbria’s best-in-class business data engine, Prosperoware leadership brings decades of hands-on experience in profit adoption for over 100 law firms to drive further value to Umbria Profitability implementations. Prosperoware’s profit experts specifically empower clients from adoption, implementation and beyond through Profitability Methodology and Reporting services. These services help firms intelligently implement profitability metrics and leverage them in support of strategic decision making and unique cultural needs. Our core profitability implementation processes cover:
- Computation: What is the firm’s profit model?
- Interpretation: What does the firm’s profit model tell us?
- Communication: Who does the firm need to share this with – and how?
- Recommendation: What can the firm do about it?
Prosperoware president, Keith Lipman, comments: “To succeed, firms must change from their revenue-based business models to profit-focused models, and we’re proud to deliver an out-of-the-box solution to this challenge in Umbria Profitability. We’ve received extremely positive responses from the partners and attorneys themselves who have been clamoring for this tool—and are ecstatic with the immediate results they are obtaining. We look forward to their tremendous successes.”