New version includes expense and payment capture as well as forecasting and workload management to assist with law firm profitability

Tikit, a leading provider of technology solutions for law and professional services firms, today announced the latest version of its flagship Tikit Carpe Diem time recording solution, featuring newly-added expense and payments capture. The updated release of the market-leading time capture product also features extensive forecasting and workload management capability.

With over 100 clients already upgraded to the latest version, as well as burgeoning demand for consumer web and cloud deployments, Carpe Diem is setting the industry standard for legal time recording, addressing management of individual, project and firm profitability.

Tikit Carpe Diem, an industry leader since its launch over 20 years ago, ensures that time spent on a project or case is accurately captured the instant it is worked on, anytime, anywhere and on any device thanks to Cloud technology. Carpe Diem is integrated with key work related applications such as Word, Outlook and Office 365.

Peter Zver, President, Tikit North America: “BT Group’s continued significant investment in Carpe Diem has allowed Tikit to address the challenges prevalent in the legal industry with ongoing innovation in timekeeping. By giving law firms the capability to forecast hours needed on any given project, we’re providing them with a valuable data source to help them determine pricing, project management and the availability of resources.

“The addition of these technologies, delivered through the same interface and available anytime anywhere and on any device, further extends Tikit Carpe Diem as an essential law firm profitability tool”

Mark Garnish, Chief Technology Officer, Tikit adds: “Our clients are used to entering their time through Carpe Diem, something they do every day, so it makes perfect sense to capture expenses (whether or not they are chargeable to a client), using exactly the same interface. From there it is only a short step for legal professionals to enter in to the same interface the time they expect to work in the weeks / months to come. If firms are able to anticipate the work that timekeepers will be doing in the future they can add these estimates to Tikit Carpe Diem allowing the timekeeper to convert the forecasts to actual time as they “work it”. This provides not only insight into the accuracy of estimates (by comparing against actual billable time recorded), but also helps in predicting workloads for individuals, teams and offices”

Expenses and Disbursement Capture

Alongside time entry, Carpe Diem now allows expenses and payments to be captured through the same easy to use interface, available anytime, anywhere and on any device.

Key features include:
• Separate unique entry for expense reports and recording of payments
• Firm and project chargeback for any expense or pay-out items
• Support for multi-currency and multi-tax jurisdictions
• Receipt capture and uploading.

Forecasting and Workload Management

Managing and assignment of resources across firms’ current and future workloads is vital to ensure competitiveness and profitability.

Using comprehensive forecasting and resourcing dashboards within Tikit Carpe Diem, legal professionals can now leverage Tikit technology to effectively resource matters and allocate work to gain competitiveness and profitability.

Key Tikit Carpe Diem forecasting features include:

• Ability to input and assign future time to projects or cases
• Ability to monitor forecasting participation levels to ensure data quality
• Comprehensive forecasting / resourcing dashboards for reviewing work allocation by individual, practice group, office, etc.
• Enablement of tactical initiatives designed to drive work to underutilised areas
• Dynamic reallocation of work to those with spare capacity.

Tikit works with law firms in four distinct but connected specialist areas – document and project lifecycle management, practice and case management, time recording, marketing and CRM. Tikit has injected significant additional investment into its own IP, alongside expanding its key partner network in the past year, to further develop and build its market leading set of solutions.

Copyright 2017 Legal Practice Intelligence