April 1st, 2017
There have been a number of great suggestions received from end-users in regards to enhancing the way contracts are set-up and invoiced. We’re pleased to share that some of those enhancements are available now, such as:
- Ability to set up contracts with the billing frequency defined as a number of days, weeks, months or years.
- Ability to set minimum, maximum, or free quantities on a contract for a period of time, other than billing frequency. For example, a support contract is invoiced monthly with the first 10 support calls every year to be free of charge.
- Ability to select which customers to consolidate during the invoice creation since some customers prefer to receive a single invoice while others do not.
- Adding a Billing Date to contracts to filter contracts during the invoice creation process.
ARCB Evolves with Quote-to-Cash
One trend that has been increasing is that prospects are asking for a ERP system that will handle quote to cash. While this term has numerous different definitions, it essentially refers to any system that will handle the end-to-end process that originates with a prospective customer’s intent to make a purchase, and terminates with receiving their payment. With the addition of a couple of features, ARCB can now function as the core engine in this system, along with GP. Let’s take a look at the steps along this journey:
On the front end, any CRM system, such as Dynamics CRM, Salesforce.com, etc.. can track the original customer quote, and the sales workflow can begin. Once the sale is won, our eConnect functionality can be used to pass along the relevant contract info into our ARCB module, which will then allow GP to produce all the required invoices (both one-time and recurring). Finally, our new Customer Portal gives clients the opportunity to view invoices and remit online credit card payments, thus closing the loop on the Quote-to-Cash cycle.
ASC 606 Support
ASC 606 is the new accounting standard for those who deal with revenue from contracts with customers. The standard states that revenue allocation has to be done at the time of the contract initiation.
We’ve recently launched a product called Multi Element Revenue Allocation (MERA). MERA gives end users the ability to set up contracts where items are bundled with a discount. It also allows the user to calculate the revenue amount for each bundled element based on the standalone selling price.
We are happy to announce that all ARCB sales will now be bundled with MERA to ensure end-user’s ability to maintain 606 compliance. For those who are currently using ARCB, MERA can be purchased.
ARCB Security Tasks and Roles