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Retainer Billing for Agencies and Consultancies
Retainer billing at an Indian agency or consultancy depends on someone remembering to raise the invoices on the first of the month. The retainer amounts differ by client, a few clients are billed quarterly in advance, and annual maintenance contracts come up for renewal on dates recorded in a partner's inbox. A new client who signs on the 18th gets a part-month invoice calculated by hand. Rate revisions agreed at renewal are sometimes forgotten, and the old amount goes out for three more months before anyone notices.
Industry Solution
Professional Services
Feature
Subscriptions
Why Professional Services teams run Subscriptions in OneYukti
OneYukti's Subscriptions app holds a custom rate for each client, so the amount on the invoice is the amount in the agreement. Each retainer is a subscription with its own billing cycle, monthly for one client and quarterly for another, and invoices are generated automatically on the due date. A mid-month start is handled with proration. Renewal reminders go out ahead of each contract's end date, and the contract record holds the terms and commitments both sides agreed to.
Scope tends to grow between renewals. Add-ons let the firm attach an extra service, such as a second social media handle or an additional compliance filing, to an existing retainer, and usage-based billing covers work charged by quantity. Because subscriber records connect to the Sales app, an account manager can take an upsell through the normal sales pipeline. When an invoice is not settled, dunning sends the follow-ups on a schedule, which spares a partner the awkward call for the first few reminders.
The partners can see monthly and annual recurring revenue in one place and tell retainer income apart from one-off project fees. Renewal analytics list the contracts ending in the next quarter. Churn analysis shows how many retainers were not renewed, and cancellation reasons are recorded for each. With revenue forecasting on top, the firm can decide whether it has the recurring base to hire, and which clients need a conversation before their renewal date arrives.
Professional Services challenges that Subscriptions solves
Common problems in professional services operations that Subscriptions in Yukti addresses
Challenge 1
Retainer invoices depend on someone remembering the first of the month, and a busy week means they go out late
Challenge 2
Renewal dates and revised rates sit in a partner's inbox, so old amounts keep getting billed after a revision
Challenge 3
Part-month invoices for clients who start mid-cycle are worked out by hand and often disputed
How Subscriptions in Yukti helps Professional Services
What professional services organizations using Yukti get from the app
Benefit 1
Flexible billing cycles with automatic invoicing bill monthly and quarterly retainers on their due dates
Benefit 2
Proration calculates the part-month amount when a client's retainer begins or changes in the middle of a cycle
Benefit 3
Renewal reminders and contract records keep each agreement's end date and terms in front of the account manager