Getting the third degree from the CFO on law department spending sounds about as much fun as a root canal. And even when general counsel are trying to implement software systems to track, analyze and reduce spending, they still may be met with an arched eyebrow from the executive who holds the company’s purse strings.
Those systems (known as “software as a service,” or SaaS) cost money, too, after all. And while some CFOs are fully behind the idea of a system that would enhance the company’s internal financial controls (cue Sarbanes-Oxley compliance here), others are initially more skeptical. “The CFO is saying, ‘Can you justify this to me?’ ” says Rob Thomas, co-founder of the Serengeti Law spend-tracking system and vice president for strategic development at Thomson Reuters.
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