Today we launched a new product: Exact Online for Project & Contract Management. With this new edition of Exact Online for Professional Services we once again make a great step forward to help professional service providers to grow their business using subscription-billing models.
Join the everything-as-a-service economy
Subscription-based business models are becoming increasingly popular among service providers In fact, a recent survey by Exact and KPN found that 44% of professional services firms are looking at subscription billing or experimenting with it. 13% already take a subscription-based approach model. Subscriptions do not only offer predictable and recurring revenue streams, but more importantly offer new ways to build long-term customer relations and to improve customer loyalty over time. Service vendors can flexibly tailor their service model and offer their customers a mix of one-time projects and recurring services related to ongoing maintenance services, hosting, cloud-services or domain-names.
And Exact Online is here to help.
Service providers looking to join the everything-as-a-service economy can’t do without Exact Online for Project & Contract Management. It integrates project, timesheet, subscription & contract management with your accounting & CRM in a single product. Helping you to maximize projects and grow your business by seizing new opportunities in the ‘subscription economy’.
With Exact Online for Project & Contract Management you get:
- Recurring billing and subscription management integrated with your accounting, timesheets, billing and CRM.
- Drive long-term customer relationships with predictable revenues.
- Powerful recurring revenue analytics helping you grow your business. Without spreadsheet hassles.
- Better make cash-flow planning decisions based on forecasted revenues (planned for Q4 2015).
- Avoid over-servicing & losing revenues on your service contracts
Fully integrated with your timesheets, accounting & CRM
Easily charge your customers for recurring products or services on a monthly, quarterly or yearly base. Designed with the needs of subscription-run businesses in mind, Exact Online provides comprehensive capabilities to manage subscriptions and recurring invoices, including the ability to make up & downgrades, handle renewals, charge one-time fees, handle discounts or price updates. Fully integrated with your accounting, projects, timesheets, billing and CRM, so you can manage the entire customer lifecycle in one tool – from initial contact to cash collection. You can even create customized integrations with other apps or portals using our fully-documented REST API.
Powerful subscription analytics
Reports and dashboards that provide insights you can act upon immediately. Drill down into your subscription data to see which customers or customer segments contribute to business growth. The Monthly Recurring Revenue (MRR) based reports and dashboards in Exact Online help you to average your various pricing plans and billing periods in to a single and consistent metric that you can use to see whether or not you are on track in realizing your subscription revenue growth objective.
In control of your subscription business and cash flow
Growing your subscription business requires clarity on your financial performance. Run your business with confidence, as you have immediate visibility on your current and future receivables and payables, costs and revenues. To facilitate making better make cash-flow planning decisions based on forecasted subscription revenues, we are planning to add new revenue forecast reporting at the end of this year.
Avoid losing revenues on your service contracts
Offering service contracts offers opportunities to retain clients and to monetize on their recurring service needs. As a company you benefit from having a fixed monthly, quarterly or yearly recurring service income. However, many firms lack visibility on whether they make money on these service contracts. How much money did we make on our service contracts? Did we sell the right contract? As a service provider you want to make money on your service contracts and prevent revenue leakage due to over-servicing and budget overruns. Using Exact Online your employees can now easily track their time against subscriptions. Per subscription you can track actual billable work (based on hour & cost entries) versus. actual invoiced per period. Helping you to avoid losing revenues or identify opportunities to upsell your clients to higher value service contracts.