Improved Prepayments

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    Written by HarmonyPSA on 2015-02-12 Last updated 2018-07-02 - 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 (HBS) is the company behind HarmonyPSA, the most complete cloud PSA software on the market. Developed with functionality to cater for even the most complex needs of MSPs, VARs, ISVs and Professional Services organisations, HarmonyPSA truly is the next generation of PSA systems. HBS is an independent company based in the UK. Follow HarmonyPSA on or LinkedIn


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

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