Contract manufacturing and billing management app

 

Acumens Dynamics 365 addon/extension for Contract Management is vital in managing subscription maintenance contracts management Microsoft Dynamics ERP. The solution supports your investment toward excellent customer service. Here are the details for businesses.

Understanding Subscription Maintenance Contracts Management with Microsoft Dynamics ERP

Managing complex customer and subscription maintenance contracts brings opportunities and challenges for any organization. The key challenge is efficiently billing and tracking all contract events while maintaining team productivity, ensuring data visibility, and upholding contract compliance. Effective management ensures timely payments, accurate documentation, and clear communication, maximizing the contract’s value and minimizing risks for your business.

What is Contract Management?

Contract management is a process of managing contracts from creation to renewal or termination for many businesses. An ERP system, such as Microsoft Dynamics ERP, can streamline the process of managing contracts from creation to renewal or termination. It involves managing contract data, service tasks, and business partners to ensure compliance and minimize risks.

The contract process encompasses several key stages, each crucial for successful management and billing in your organization.

  1. Contract Initiation involves users identifying the need for a contract and initial discussions between a business and the customer.
  2. Contract Creation and Negotiations, terms are drafted and negotiated to meet both parties’ requirements.
  3. Contract Approval sees the agreement reviewed and approved by relevant stakeholders. Where the documents for the contract agreement are signed by both parties.
  4. Contract Execution, the contract is signed and becomes legally binding.
  5. Contract Monitoring and Management includes ongoing oversight to ensure compliance and performance, with billing occurring as specified in the contract. Finally,
  6. Contract Renewal or Termination determines whether the contract will be extended or concluded, with final billing adjustments made accordingly.

Entitlement Life Cycle in Dynamics 365

Entitlements are used to manage contracts and provide a structured approach to contract lifecycle management for your sales teams. Subscription management is a key component of the entitlement lifecycle in Dynamics 365, ensuring that all aspects of subscription contracts are handled efficiently. The entitlement lifecycle includes creating, editing, and renewing contracts, as well as managing contract requests and workflows.

Features of Acumens Subscription and Maintenance billing for Microsoft Dynamics 365

For Manual Billing for renewal fees

Existing Workflow

• Sell and Invoice Customers for software modules, granules, subscriptions, subscription billing…etc.

• Manually maintain renewal dates and fees in Excel

• Manually create a Sales Invoice to bill customers when fees are due

• Manually update Excel for the next renewal date

Automatic Billing for Renewar Fee

New Workflow

• Sell and Invoice Customers for software modules, granules, subscriptions…etc.

• SMFee Billing app will automatically create SMFee Contracts, automated billing

• Run monthly process to create invoices for SMFee Contracts due

• SMFee Contract automatically updated for the next renewal date

Billing is ISV-driven

New Workflow

Existing Workflow

•Partner waits for ISV invoice for the end user renewal fees

•Partner creates an invoice to bill the end user

•Partner remits net of commission to ISV

The billing cycles are managed efficiently to ensure timely invoicing and payment collection.

Billing is partner-driven

New Workflow

• SMFee Contract automatically created when a partner sells a module, granule, subscription, subscription renewals…etc.

• Partner runs a monthly batch process to invoice all renewal fees due

• Partner remits net of commission to ISV

Benefits of Dynamics 365 for Contract Management

Improve Data Accuracy and Reduce Errors

  • Dynamics 365 provides a centralized platform for managing contracts, reducing errors, and improving data accuracy. Contract tracking is simplified, ensuring that all contract events are accurately recorded and monitored.
  • Automated workflows and approval processes ensure that contracts are properly reviewed and executed.

Streamline Contract Management Processes

  • Dynamics 365 streamlines contract management processes, reducing the time and effort required to manage contracts. Contract automation reduces manual effort and ensures that all contract processes are handled efficiently.
  • The platform provides a single source of truth for contract information, making it easier to access and manage contracts.

Setting Up an Optimal Contract Management System

Create an Agreement and Manage Contracts

  • Create agreements and manage contracts for your services using Dynamics 365’s contract management module. Using contract templates can streamline the creation of new agreements and ensure consistency.
  • Configure contract requests and workflows to automate the contract management process.

Configure Contract Requests and Workflows

  • Configure contract requests and workflows to automate the contract management process. Workflow automation ensures that all contract requests are processed efficiently and accurately.
  • Set up approval processes and notifications to ensure that contracts are properly reviewed and executed.

Automating Contract Management Processes

Auto-Generate Work Orders and Invoices

  • Use Dynamics 365 to auto-generate work orders and invoices, streamlining the contract management process. Invoice automation ensures that all invoices are generated accurately and on time.
  • Automate the renewal process and generate new contracts with ease.

Integrating Dynamics 365 with Other Contract Management Solutions

Integrate Your Contract Lifecycle Management Software (CLM) into Dynamics 365

  • Integrate Dynamics 365 with other document management solutions to provide a comprehensive contract management platform. Contract lifecycle management is enhanced by integrating with Dynamics 365, ensuring that all stages of the contract are managed efficiently.
  • Integrate with Microsoft Dynamics 365 to leverage its CRM and ERP capabilities.

Best Practices for Contract Management Dynamics

Tips for Effective Contract Management in Dynamics 365

  • Use our Microsoft Dynamics 365 solution to centralize contract management and reduce errors.
  • Automate contract management processes to improve efficiency and reduce costs.
  • Use data analysis to gain insights into contract performance and optimize contract management processes. Contract analytics provide valuable insights into contract performance and help optimize contract management processes.
  • Leverage invoice generation and automated workflows to streamline the contract management process.
  • Many organizations use Microsoft Dynamics 365 to manage contracts and improve business outcomes.

Benefits of Acumens Subscription billing app

Higher renewal rates for service orders

Streamlines the renewal process for retail teams and ensures that customers stay subscribed.

Timely renewals of contracts

The implementation of the software will support automated reminders and processing thus reducing the risk of lapses in service by your company.

Improved cash flow for your business

Companies can have consistent revenue collection by the finance department. The tasks undertaken by the software minimize delays in payment

Supports Sales Tax and VAT

The extension ensures compliance with regional tax regulations including a record of sales tax and VAT where applicable. The tools help with tax reporting and the generation of tax reports.

Compatibility

  • Available for all versions of Microsoft Dynamics Business Central and Microsoft Dynamics NAV. It can be integrated into your existing systems making it easier for your employees to work with.
  • Acumens ePayments Securely stores customer credit card information and automatically charges fees due. This credit card information is securely managed in the system.

Low-cost upgrade service

  • Available for partner databases with app purchase
  • Ensures easy maintenance of systems without significant additional costs

Conclusion

effectively managing complex customer contracts is essential for maximizing opportunities and minimizing risks. By streamlining the billing processes, maintaining team productivity, ensuring data visibility, and upholding compliance, businesses can achieve timely payments and accurate documentation. This approach not only enhances the value derived from contracts but also ensures smooth and efficient operations for your business as you stay ahead in the market. Contact us for this complete solution for Microsoft Dynamics 365.