01. Finance Data Enhancement

Manages addition of Client Processing required finance-specific data to underlying Authoritative Data records. This function builds the additional financial information needed for transaction processing on Authoritative Data's master entity records (clients, buyers, participants, agents, UTA employees).

01. Finance Data Enhancement Productboard component link

01.01. Financial Data Onboarding and Offboarding Support

Coordinates with Authoritative Data's onboarding and offboarding processes to ensure financial data requirements are captured during entity lifecycle events.

• 01.01.01. Financial onboarding data collection — Coordinates with Authoritative Data's onboarding process to collect required financial information during new entity creation.

• 01.01.02. Onboarding workflow integration — Integrates financial data collection requirements into Authoritative Data's onboarding workflows, including validation checkpoints and approval gates.

• 01.01.03. Financial data verification — during onboarding Implements verification processes for financial data collected during onboarding, including bank account validation and authorization confirmation.

• 01.01.04. Offboarding financial data management — Coordinates with Authoritative Data's offboarding process to handle financial data for departing entities, including protected deal considerations.

• 01.01.05. Protected deal financial data preservation — Manages financial data preservation requirements for entities with protected deals.

01.02. Client Financial Data Management

Manages finance-specific data for clients including banking information, loan-out corporations, payment preferences, and commission structures that extend the core client records from Authoritative Data.

• 01.02.01. Client banking information maintenance — Maintains bank account details, wire transfer information, and routing preferences for client payments.

• 01.02.02. Loan-out corporation setup and management — Manages loan-out company information including legal names, tax IDs, and banking details for corporate service arrangements. Clients have multiple loanouts that can depend on the type of deal or for different currencies.

• 01.02.03. Payment preference configuration — Configures client preferences for payment methods, timing, and special handling requirements.

• 01.02.04. Client commission rate establishment — Establishes and maintains commission rates applicable to each client based on agreements and deal types.

• 01.02.05. Tax information and withholding setup — Manages tax status, withholding requirements, and Central Withholding Agreement details for clients.

• 01.02.06. Client payment authorization management — Maintains authorization requirements and approval workflows for client payments and fund distributions.

01.03. Buyer Financial Data Management

Maintains buyer-specific financial information including payment terms, credit status, invoicing preferences, and transaction history that supports the billing and collection processes.

• 01.03.01. Buyer payment terms setup — Establishes payment terms, net payment periods, and credit arrangements for each buyer relationship.

• 01.03.02. Buyer portal setup — Captures logins to buyer portals. Allows for linking to clients to support incoming cash identification.

• 01.03.03. Credit status tracking — Tracks credit, payment history, and risk assessments to support collection and business decisions. Connects with D&B to pull credit information.

• 01.03.04. Invoicing contact information management — Maintains specific contacts and preferences for invoice delivery and payment coordination.

• 01.03.05. Buyer payment method preferences — Configures preferred payment methods, routing information, and special processing requirements for buyers.

01.04. Participant Financial Data Management

Handles financial data for participants including banking details, payment preferences, and relationship-specific arrangements with clients.

• 01.04.01. Participant banking information setup — Maintains banking details and payment routing information for managers, lawyers, and other participants.

• 01.04.02. Client-participant relationship rules — Defines relationship-specific rules for which deals and payment types each participant is entitled to receive. Captures default percentages for participants by department. Identifies add and separate dates for participants with clients.

• 01.04.03. Participant tax information management — Manages tax status, withholding requirements, and 1099 reporting information for participants.

• 01.04.04. Payment authorization setup — Establishes authorization requirements and approval processes for participant payments and distributions. This should be available to assistants within the CRM.

01.05. Financial Data Access Control

Implements access management for financial information while ensuring segregation between general entity data and financial details.

• 01.05.01. Financial data access control implementation — Implements role-based access controls to restrict financial data access and approvals based on job responsibilities and authorization levels.

• 01.05.02. Sensitive information encryption and protection — Encrypts sensitive financial information including banking details and tax information.

• 01.05.03. Audit trail maintenance for financial data changes — Maintains audit trails of financial data modifications, including who made changes and when.

01.06. Financial Data Workflow and Approval Management

Manages workflows and approval processes for creating, modifying, and maintaining finance-specific data enhancements to ensure proper authorization and control.

• 01.06.01. Financial data change request processing — Processes requests for financial data changes through structured workflows with appropriate documentation and tracking.

• 01.06.02. Approval workflow implementation — Implements approval workflows based on data type, materiality, and organizational policies for financial data modifications.

• 01.06.03. Workflow status monitoring — Provides reporting on pending requests, approval bottlenecks, and processing times based on business days.

• 01.06.04. Approval backlog reporting — Gives visibility to approval delays across the organization including to department heads.