How To Schedule Revenue In Salesforce

Published on Tuesday, April 9, 2019

We all know that it’s important for your finance team to ensure that deals finalized by your sales department result in revenue. To do this well, they need to be able to forecast and measure revenue. And, often, making sense of forthcoming revenue is more complex than having only a forecast category on your Opportunities Page. This is why it is important to schedule revenue in Salesforce.  

Salesforce is one of the most popular platforms that organizations use to forecast their revenue. But this can be a complicated and difficult task, especially if you don’t know how to do it. 

In this article, we detail how to schedule revenue in Salesforce, so that you can forecast well. We’ll tell you everything you need to know, including what product to use, how to use it, and even how you can optimize your forecasts with the use of revVana. Read on to learn more. 

Salesforce’s Revenue Forecasting Product 

Creating, managing, and analyzing revenue forecasts is no new requirement. The task has been an imperative part of business processes for ages now. But that doesn’t mean you have to stick to the old way of doing things.

Technology and software will change and improve the way you do things and will make things much easier for your finance team. This is particularly true when it comes to being able to schedule revenue in Salesforce. 

The Salesforce product that you need to note here is called Product Schedules. Using this tool you are able to figure out the cycles of payment and delivery for products that are paid and delivered over time. 

Within this one product, you can see a quantity schedule, which shows you when a product should be delivered. You can also see a revenue schedule (the important one for this article), which shows you when a product will be paid for. Lastly, you will be able to use a default schedule. This one is linked to a particular one of your organization’s offerings. 

You are able to choose which of these specific variations your team is able to make use of. 

What Can Product Schedules help you with? 

The Salesforce tool brings various benefits to your organization. Here is a quick list of how it can help you: 

  • Most importantly, you won’t have to fuss over spreadsheets anymore. 
  • The tool makes it much more simple to plan and manage cash flow. 
  • Managing payments and seeing the full revenue of Opportunities will no longer be a struggle. 
  • Using this tool means heightened visibility of both your committed and forecast revenue streams. 

Choosing The Best Type Of Schedule For You 

To schedule revenue in Salesforce, you must be clear about which type of schedule is best for your organization. To make it easier for you to choose, we lay it out for you below. 

If your customers pay you on a continuous basis, but they receive only one product from you, then a revenue schedule is the best option for you. This schedule will give you the dates, revenue amounts, and total amount of times the customer will pay. 

On the other hand, if you have customers to whom you make regular deliveries, who also pay on a payment schedule – for example, if your buyers are monthly subscribers – then you probably need both a revenue and quantity schedule. 

Finally, if all of your buyers make payments at the same time, then a default schedule is the best option for you. However, if you usually alter or customize schedules then it may be better to stay away from this option. 

How To Schedule Revenue In Salesforce: Step By Step 

Now that you have the background about how to schedule revenue in Salesforce, let’s get to the important part, how to actually do it. 

In this section, we will tie in where revVana can help you do some of the steps to optimize the way you schedule revenue in Salesforce. revVana can ingrate with Salesforce and even automate many of the processes that go along with the task you have to schedule revenue in Salesforce. 

Step 1

Decide on the type of schedule you need, based on the information we provided above. 

Step 2 

Set up Product Schedules by going to the setup menu, then clicking Build, then Customize, then Product Schedules Settings. Check the boxes of the types of schedules that you want. For revenue forecasting, you click revenue schedules. Then click Save. 

Step 3 

So let’s begin to forecast revenue at the opportunity stage. Your team is currently working on an opportunity to sell a product to a new customer. During this stage, your sales team should connect the correct Products to the Opportunity in Salesforce. Essentially, all that needs to be done is that the sales rep must select the necessary product and click “save”. 

It is useful to mention here that with revVana plan, you can create forecasts at any sales level from your CRM data. In other words, revVana’s revenue scheduling engine automatically creates forecasts at the account, opportunity, or any other sales level. You are able to set rules for how and when to build forecasts.  

Step 4

Now you’re beginning to see signs that the opportunity is panning out well, and it will be closed soon. Here, one of the members of your team, possibly a sales rep or the manager of finance should establish a schedule, which will determine both the payment and the delivery for your offering. This will not be a difficult task if you have already enabled Product Scheduling in the setup menu. 

Select “Establish” and input relevant details such as when revenue will be received for the product, how frequently it will be received, and the number of months you expect to receive it. 

Step 5 

After you save the above step, you will be redirected to a pre-built schedule. This page will show you revenue amounts equally spread out across the fixed time-period that you set out in the previous step. Here, you will be able to tailor any specifics that you want. 

This, however, doesn’t really translate to a revenue forecast. Your team will have to manually do that, which can be a problem as human error results in many inefficiencies. With revVana Plan though, that doesn’t have to be the case. Using this tool you can translate forecasts in your pipeline and closed opportunities into forecasts of revenue streams automatically. 

Step 6 

Repeat this process for every Product on the Opportunity. 

Step 7

After every opportunity has an associated schedule, you will be able to create reports and dashboards which give the finance officer the ability to make sense of the amount of revenue they should await at any specific time. 

Here, you can up your game with revVana too. revVana insights include connectivity to various dashboard templates that assist you in bettering revenue analysis and revenue realization. 

But it doesn’t stop at analytics. The application also allows you to compare and contrast your planned sales commitments with any alterations to them. You can also make comparisons to actual revenue, sales quotas, or corporate budgets. 

Final Thoughts

When you first decide to schedule revenue in Salesforce, it can feel like you have a daunting task ahead of you. But it doesn’t have to be. Hopefully, this guide will help you get the results you’re looking for. And if you’re still having trouble, revVana can help you out. Contact revVana today to plan and maximize your revenue. 

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