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qld1.universal's avatar
qld1.universal
Curious Observer
14 days ago

Expected Revenue Tracking

Hi Team

Expected Revenue Tracking – Pipeline Tracking

Our business is currently using spreadsheets to track the following:

Adviser Meetings and Outcomes

  1. Client Meetings
  2. Adviser Meeting Types (examples: Review, Ad-Hoc, SOA presentation meeting etc)
  3. Adviser Outcomes (examples: no change, SOA, ROA, proceed in full, proceed in part, not proceeding)

Expected Revenue Matrics

  1. Expected initial one-off upfront fee for service fee $
  2. Expected one-off implementation fee $
  3. Expected Initial one-off Risk insurance commission $
  4. Expected ongoing adviser service fee $ /pa
  5. Expected ongoing risk insurance commission $ /pa

We currently reconcile these revenue metrics (points 4–8) using Revex as our revenue payment system (previously using CommPay). How can XPLAN help us to manage:

  • Revenue Tracking Automation
  • Pipeline tracking
  • Reporting to provide:
    • Expected initial revenue vs Received initial revenue
    • Expected ongoing revenue vs received Ongoing Revenue
technology
xplan
  • jessica.lamb's avatar
    jessica.lamb
    Icon for Advisely Partner rankAdvisely Partner
    12 days ago

    Hi qld1.universal 

    Great question. There are some options avialable on XPLAN that can help you with your tracking and reporting. 

    Of course CommPay would be your best option when it comes to Revenue and it is integrated into the XPLAN world and provides a link between Revenue and your XPLAN client. 

    By using an external platform you will need to either import the data into XPLAN to store the revenue against the client so you can report on it - or you will need to combine data from Revex and data from XPLAN in an enternal solution like excel. Revex does have options to store your clients XPLAN Entity ID number which will help with importing into XPLAN or via Excel analysis. 

    Let's think about XPLAN and recording your metrics:

    1. Opportunities. Opportunities will allow you to record New and Exisitng client opportunities and track the opportunity throughout the process. You can store expected Revenue and this is reportable via XPORT.
    2. XPLAN Diary will track your client meetings and outcomes can be set for each meeting. 
    3. Case Threads - this is one I highly recommend. This can track your workflow, create automation, but also build in outcomes like SOA / ROA / and weather a client proceeds or doesn't proceed. There is great xmerge code for Threads which will allow you to enter the Revenue Expections then export this data along with key tasks. Then Excel can compare the client, the outcome, did it proceed with an SOA or ROA and the expected Revnue. Combine that with a report from Revex and you can do some analytics. This also integrates with Opportinities so you can use both Opportunities and Cases to achieve the best outcome. 

    One thing to be aware of, there are only certain fields for Revenue Tracking in Opportunities and Cases. Your list above certianly had more. Some custom fields might be needed, if you are on a site that you can add Custom Fields - you may need to add some. 

    In conclusion:

    • Revenue Tracking Automation
      • Opportunities or Cases for the fields availalbe in these tools
      • Custom Fields for anything else. 
    • Pipeline tracking
      • Opportunities or Cases or both. It really will provide you with excellent data, and create efficiencies in your business. 
    • Reporting to provide:
      • Expected initial revenue vs Received initial revenue
        • XPORT (opportunities) or Xmerge in Excel (cases) 
      • Expected ongoing revenue vs received Ongoing Revenue
        • Combination of the above report and the data from Revex. 

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