Improved Prepayments

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    Written by HarmonyPSA on 2015-02-12 Last updated 2020-07-01 - 2 minute read

Since we started talking to MSP’s, the topic of prepaid time and materials comes up as a recurring theme.  Everyone has their own unique flavour of prepaid contract, many even consider this their USP.

Although Harmony can handle prepaid services, we knew that the functionality in this area was insufficiently flexible for all the many use cases out there.  So, we spent 18 months talking to customers and prospects to ensure that the updated offering was universal.  If you can think of a way of modelling a pre-paid arrangement, we are confident you can now manage it fully in Harmony without recourse to spreadsheets.

Some of the really cool features include:

  • Model customer pre-pay accounts in time, money or even magic beans if you like.  Customers can have multiple accounts in multiple denominations, there are no restrictions
  • Use prepaid time, money or tokens at different rates, again without restrictions
  • Model month-end behaviours for under and over spend from loss, carry-over, use first, banded overage pricing etc, if you can describe it, we’re sure can model it
  • Sell prepayments by lump purchase as well as periodic
  • Spend money or tokens across products including non-time related expenditure such as equipment
  • Run client consumption and balance reports or allow them to view them directly on the client portal

But, best of all, if you wish, Harmony will also do the correct balance sheet accounting for you allowing you to model the prepayments as deferred revenue that is taken to your revenue account when you do the work.  This means that if you have material year-end prepayment balances, you will not have to pay tax on that income until you provide the service.  For our US customers, we even allow sales tax over-rides on the actual activity undertaken and correct your tax postings accordingly.

We know that in the MSP world, getting the right prepay model working is key to business success.  We feel that we now have a world-class prepay offering and would love to hear customer requirements.  If you are struggling with prepayments, get in touch and let’s talk about how Harmony could help.

 

 

About the Author: Harmony Business Systems Ltd., a CloudBlue company, is the business behind HarmonyPSA, the most complete cloud professional services automation (PSA) software on the market. Purpose-built with functionality to simplify every need of MSPs and Professional Services Organisations, HarmonyPSA introduces a state-of-the-art PSA system built for today’s modern service provider. The platform empowers services organizations to scale recurring channel revenue and diminish operational complexity via its advanced product suite, which includes automated billing and reconciliation, an industry-leading customer support center and network operations center (NOC), real-time profitability analysis, and much more. HarmonyPSA is available globally. Follow HarmonyPSA on , LinkedIn or Website


Tags: Features, MSP Business, prepay, prepayment accounting, prepaymeny, Professional Services Automation, PSA, General PSA, MSP

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