Scenario You don’t know the exact dates of all the invoicing events, revenue events, or subscription term dates when you receive an order.
Problem Financial record-keeping is complicated and gets worse as your business grows.
Solution You need a control system. You need the Projects module in SaaSOptics.
Projects is a unique and powerful on-boarding and implementation management control function that makes it easy to manage your books while your customers are being on-boarded.
Simply set up configurable Project Templates for the different types of on-boarding or implementation processes you have. Each template can include as many milestones as needed, and each milestone can have as many triggers as needed. Triggers create invoices, revenue records and set subscription dates using your customized rules.
When you process an order, simply select a template. Then, simply mark the date each milestone is completed and all the associated Triggers fire.
Save countless hours, and you will never miss an invoice or forget to record revenue again.
On-Boarding Example 1: Your standard agreement includes a subscription and an implementation fee.
“Clicks” needed: 1
Milestone #1 - automatically marked complete when you process the order You invoice 25% of the total contract value when the order is in.
Milestone #2 - Go-Live You invoice the balance of the implementation fee, and invoice the balance of the subscription fee.
You set the start date of the one-year subscription term.
You recognize all the implementation fee revenues on the Go-Live date, and schedule the subscription revenues over the one-year term.
On-Boarding Example 2: Your standard agreement includes a subscription with multiple products, training fees and other professional services fees.
“Clicks” needed: 2
Milestone #1 - automatically marked complete when you process the order You invoice 50% of the professional services when the order is in.
Milestone #2 - Ship/install Date You invoice 25% of the professional services fee when a system is installed or shipped.
Milestone #3 - Training Delivered You recognize all the training revenue.
Milestone #4 - Acceptance You invoice the balance of the professional services fees when the system is accepted.
You set the start date of the two-year subscription term.
You invoice the subscription quarterly starting from this Acceptance Date.
You create revenue schedules for the revenue for the subscription AND the professional services fees (excluding the training) over the two year subscription term.