Tracking revenue is critical for all businesses however this can be a challenging task when you have different subscription periods and billing cycles for your customers.
This article will help you track your pending, paid and overdue invoices in Planhat.
The first step is to create your invoices in Planhat. To do this go to a company's profile, edit a recurring revenue item in the revenue tab and select the Invoice Cycle.
In this example, I've set the invoice cycle to Monthly. After doing this, the invoices are generated automatically on the same page directly below the licenses. As the license has a 1 year term and I've set the invoice cycle to monthly, 12 invoices with the corresponding dates and values have been created automatically.
You can see the invoice status on the right hand side of each invoice. By default this is set to 'pending'. When you click an invoice to edit it, you can mark an invoice as paid and the status will update to reflect this. In addition, if the due date has passed and the invoice has not been marked as paid the status will change to 'overdue'.
In addition, when editing an invoice you can add or remove line items. If you have any non recurring revenue items you can add them to an existing invoice (it's not currently possible to generate an invoice directly from non recurring revenue items). Below I have added a non recurring revenue item 'Advanced Onboarding' to this invoice.
When creating an invoice, the due date will be determined by your payment terms (default = 30 days). This can be changed on the Planhat settings page.
In a recent product update we've added custom fields to invoices which allows you to add custom data to your invoices. For example, you could add a checkbox to keep track of invoices you've already sent or you can add notes for your Finance team.
Now that you know how to create and edit invoices, let's take a look at the Invoices module located within the Revenue section. This gives you a holistic view of all your invoices, the ability to filter, sort, add and remove invoices and export to excel.
You can filter your Invoices by Due Date, Invoice Date or Paid Date. The chart below shows invoices by Due Date for 2018 and 2019. Using the left and right directional buttons below the chart allows you to see data for previous and upcoming years.
Directly below you'll see a list of your invoices and some financial stats. I have clicked on the bar for December and this has set the date range to December automatically. You can also choose to set a manual date range by clicking on the calendar icon.
Here you can also click on any column heading to sort the data and you can also add or remove the columns presented by clicking on actions > column preferences.
The actions menu also gives you the option to manually add new invoices, export data to excel or remove invoices. Note to remove invoices, you need to tick the checkbox next to the invoices you'd like to remove and then click on actions > remove.
We've added trigger options for when an invoice is added or updated. For example, you can notify the company owner if an invoice has been updated.
It's also possible to notify a webhook and push new invoices to external accounting or billing software. The feasibility of this will depend on the software being used and we'd be happy to discuss any details with you as we build out this functionality.
If you integrate Planhat with another CRM (Hubspot, Salesforce, etc) then we can generate invoices for any recurring licenses you sync to Planhat. In order to do this, we just need to know the invoice cycle for the license. You can sync this attribute to Planhat by using the Custom Match section on the integration settings page.