With Cloud Coach PSA, users can quickly and easily set rates and costs on skill types for automatic budget creation. In this week’s video, the team discusses how you can tag rates and costs against a particular skill in just two minutes!
Welcome to our sneak peek into the Cloud Coach Deep Dive Track for Delivery 2016: Professional Services Automation
With Cloud Coach’s purpose built PSA tools, you can increase the profitability of your professional services team by speeding up project delivery, closely tracking project finances, and ensuring that work and rates are properly recorded.
In this session you’ll learn how to:
- Deploy resource utilization targets and metrics
- Use Rate Cards and User Rates so you never under-charge again
- Manage client spend with Retainers
Company ABC is getting ready to launch a billable project for a client. To properly report billable hours to their executive team and their client, they need to record hourly rates for all their users. They’re also worried about tracking overtime and need to be able to change user rates on the fly through the life of the project. Looking down the road, Company ABC knows that they’ll be doing a series of repeatable projects for a client who has a negotiated rate every time they launch that project, so they’ll need a tool to manage that as well.
Cloud Coach can help Company ABC with all of these challenges. We use the Rates object to define a default rate for all of our users and adjust through the life of the project to account for overtime. Then, use Rate Cards to standardize rates for Company ABC’s repeatable projects.
Managing hours in a billable project can make or break your company’s success plan. In this week’s webinar, the team reviews how you can use Rates and Retainers to:
- Track hours in a billable project
- Manage rates by user and worktype
- Standardize rates for repeatable projects
Learn how to easily manage your client retainers with Cloud Coach
Retainers are a way for professional service companies to provide clients with a bucket of professional services from which they can draw down.
There are two basic kinds of retainers: one time, and recurring.
With a one time retainer, the retainer is drawn down until it is completely used up, similar to a prepaid cell phone or gift card. A one time retainer can be used for tracking delivery against a single T&M engagement for a customer.
A recurring retainer refreshes on a regular basis with a new amount of time or service available to the client, similar to a standard monthly data plan for a cell phone. Recurring retainers are often used for tracking an annual customer premium support plan.
How are you tracking your billable hours? If you’re still relying on spreadsheets or time tracking applications, you could be under-billing for your team’s efforts. When you set up rate cards in Salesforce using Cloud Coach functionality, you can be sure that you’re improving accuracy, leveraging your CRM, and keeping your time tracking records where they belong – with your project.
What is a Rate card?
A rate card is a way to provide a client with individualized pricing for your services. They can be used for external clients or customers for your professional services, or internal rebilling, such as billing other departments for the work of your IT department.
How are Rate Cards Used?
Cloud Coach allows you to manage rate cards based on skill levels in Salesforce. The tiered rate cards allow you to charge more for junior versus senior services.
|Sample Rate Card A|
You can have multiple rate cards for the same client, allowing you to charge a different rate for special projects.
How can I use Rate Cards in Salesforce with Cloud Coach?
With Cloud Coach, rate cards are stored at the customer account level.
When you create a new rate card, you will need to add the services that you’ll be offering, and the rates you will be charging for those services.
After creating a rate card, you will associate your Cloud Coach projects to those rate cards.
Any work that is tracked using Cloud Coach projects for these skills will be billed according to the rate card selected. Not only can you see the billing rate for the business, if you build your company’s costs into your skills, you can see the cost of delivery for both estimated and actuals. This allows you to understand your profit margins and ensure that you’re meeting your financial goals.
Effective project management requires the management of project scope, timelines, and costs. With Cloud Coach, along with the tracking the projects and task that your team is working upon, you can also:
- capture the cost to your business of the work they are performing
- measure how effectively your resources are being utilized
- bill a client or cost center for the work you performed.