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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.
Using a One Time Retainer in your Business
1. Create agreed hours or spend for the client, from either a cost or hours basis.
2. Attach client deliverables to the retainer.
3. Complete the client deliverables while tracking your time.
4. The client retainer will be updated automatically, allowing you to see the hours used against the retainer and how many are remaining.
Using a Recurring Retainer in your Business
1. Create a monthly spend & indicate rollover capability. Rollover means that if they don’t use everything in one month, you can carry over what they haven’t spent.
2. Attach deliverables such as premium support tickets to the retainer and track time (Cloud Coach applies these costs automatically using your rate cards.)
3. At the end of each time period, the retainer is “recharged” automatically and the balance either reset or added based on your rollover capability.
Using Skill Based Retainers
Skillbased retainers allow you to become more granular and specific in your retainers. For example, you may allocate a specific number of hours (or amount of cost) from a business analyst or project manager. Skill based retainers can be either onetime or recurring retainers.
When you use a skill based retainer, the skill allotments of the retainers are updated according to the skill type of the project that tasks that time & costs are captured against.
Whether you are looking for project management, or professional services automation tools on the Salesforce platform, Cloud Coach has the tools for you. Request a demo today and learn how you can more quickly and efficiently manage your business, leveraging the Salesforce platform.
AUTHOR
Brandi Johnson
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