Service Contracts

Service contract is an agreement between buyer and seller to perform certain obligations at a predefined price, rate and duration and sets out the terms and conditions of the service. Foundry Bean Global Work System automatically creates service contracts from sales order. The agreement terms and conditions, service level agreements etc. can be attached with the service contracts.

Performance obligation in the contract

Service contract lines represent the performance obligation in the contract and includes product, price, rate and duration of the contract. Revenue schedules are automatically generated for each service line.

Recurring Revenue schedule

Recurring revenue from support and maintenance contracts, ongoing licenses, warranties provide valuable recurring revenue stream. Revenue schedules are automatically created while creating the contract. You have option to hold back revenue generation for each contract line or manually change it if needed.

Annual Recurring Revenue (ARR)

Annual Recurring Revenue (ARR) is the revenue generated every year for the life of the contract or subscription. Multiple automated ARR reports are available such as balance ARR summary, by customer, by product category and details. No need to maintain data in spreadsheet and the reports are real time, no over-night stale data. Reports are automatically generated from transaction data such as upgrades, downgrades and churn.

Revenue Forecast

Revenue Forecast are automatically calculated from revenue schedule. Revenue dashboard shows real time Revenue backlog and forecast data.

Contract renewals

Streamline recurring contract, subscription billing with automated renewals. Upgrades and downgrades are automatically calculated by the system while changing the contracts.

Reporting and Analytics

Service Contract dashboard give valuable insight of contracts, churns, renewals and ARR reporting with drill down capability to find the source and details of the transaction.