Innovations in Legal Finance for the Engineering Industry

KayBee Tech is proud to be synonymous with engineering, technology and commitment to only the highest and most reliable level of service. From aircraft hangers to department stores and everything in between, our versatile construction services are designed to align with the most complex of engineering requirements. It may seem like an odd choice – an article about ‘legal finance’ on a blog that usually discusses the latest in construction technology. But this is not a contradiction, it’s an innovation. Today’s engineering and contracting industry relies heavily on modern technology not only to carry out the work, but manage it finance and otherwise. comprehensive gravity legal solutions is one such innovation that can even minimize the manual administration of billing, payment and outstanding fee collection.

So how does this work? Legal finance platforms like comprehensive gravity legal solutions integrate with software like accounting programs and practice management systems (PM tools). Engineering software too, nowadays, is more integrated than ever, as the end client demands better project tracking and visibility. The program can organize, administer and group the invoice in a range of different ways. Comprehensive gravity legal solutions provides secure online portals for lawyers and contract professionals to retrieve documents, read reports and communicate with financial professionals at the click of a button. The system can help engineers and contractors choose their payment options according to what is the most financially responsible and worthwhile.

For example, sometimes a larger payment is broken into manageable, smaller payments to offset the risks of financing – but it doesn’t mean the client is getting anything less than the best they could possibly get. Engineering firms are working on a slew of different projects at once. Tracking what is where, what is what, who is doing what, when they need to finish, what the draw is and so on can be an exhaustive task. Being able to access these accounts from a straightforward program means you can stay up to date and avoid miscalculations and missing facts and figures.

Typically, the software can connect to leading accounting software programs like Xero and QuickBooks. File management comes into play too, and this is of critical importance when managing multiple projects or large scale projects. Comprehensive gravity legal solutions can even connect with project management software to monitor targets, schedules, milestones, timings and compliance. This is essential for a project manager for example to be able to see how well and close to the budget, the project actually is.

From billing and invoicing, timesheets and expenditure, this investment in finance software can indeed save you time and money if used correctly. The cost of admin is often not calculated as well as it should be, but finding ways to reduce administration costs and increase productivity more than pays for the investment in such software. Consider streamlining your accounting for contractors, project managers and engineering specialists, providing clients with an overview of where their investment is being allocated and helping them understand your billing.