Problem
The client recognized a pressing need for an efficient subscription management system within Salesforce. The existing process could not effectively track recurring subscriptions, upcoming installments, and associated payments. This inefficiency resulted in potential errors and difficulties in managing recurring opportunities and their financial transactions.
Solution
To address this, Growbiz Solutions Inc. developed a robust custom feature known as “Recurring Opportunity Products.” This solution integrates custom and standard Salesforce objects, including Subscriptions, Opportunities, Upcoming Installments, and Payments. By supporting fixed and open subscriptions, this feature automates the creation and management of related records, ensuring seamless subscription management. Key functionalities include:
- Flexible subscription types, including Fixed and Open, to cater to different business needs.
- Automatic creation of related Opportunities and Upcoming Installment records.
- Marking the current Opportunity as Closed Won creates the next Opportunity & Payment records.
Impact
The implementation has revolutionized subscription management for the client by automating critical processes and ensuring accurate tracking of recurring transactions, the company has significantly improved operational efficiency. This enhancement leads to more reliable recurring revenue stream management, ultimately boosting business processes and customer satisfaction. The ability to handle subscriptions, upcoming installments, and payments effectively within Salesforce demonstrates the transformative power of this solution in modern subscription management.
Hands-on Demonstration
A new subscription can be created manually or automatically when certain changes are made to the record, for example, the Licence Status is set to Active.
When creating a Subscription manually, the user can select one of the two types of subscriptions: Fixed or Open.
- Fixed Subscription: This type of subscription continues only for a specified duration or number of payments. After this period, it is automatically canceled.
- Open Subscription: This type of subscription repeats indefinitely until it is manually canceled.
The subscription will be associated with various types of Accounts and Contacts.
Complete the following fields with valid information to successfully create a subscription:
- Subscription Name: Each subscription must have a unique and valid name.
- Account & Contact (Student & Parent): Link each subscription to an Account and the relevant Contact records for easy management.
- Amount: Specify the amount you will charge each time the subscription repeats.
- Status: Set this field to “Active” or “Closed.” By default, we set new subscriptions to “Active”.
- Date Established: Set this to the current date when creating the subscription.
- End Date: Populate this field with the date when you change the subscription status to ‘Closed.’
- Recurring Frequency: Define the frequency of repetition for the subscription. Options include Weekly, Monthly, or Yearly.
- Day of Month: You can access this field when you set the Recurring Frequency to Monthly. It defines the specific day of the month when the subscription will recur.
- Number of Payments: This field is available only for Fixed Subscriptions. It defines the number of times the fixed subscription will repeat.
Once a subscription establishes, it automatically creates related Opportunity, Payment, and Upcoming Installment records.
- Opportunity & Payment Records: We create these only for the upcoming installment. We create the next set of Opportunity and Payment records when we mark the current Opportunity as Closed or Paid. We can create up to 12 Upcoming Installment records at a time.
Canceling a Subscription: You can cancel a subscription by changing its status to “Closed.” Closing a subscription marks all pending Opportunity records as Closed-Lost, effectively stopping the subscription from generating further transactions.
Additionally, users can manage subscriptions efficiently by leveraging Salesforce’s robust reporting and dashboard features. These tools provide insights into subscription performance, payment statuses, and overall revenue impact. This ensures that businesses can keep track of their subscription models with ease and make informed decisions to optimize their operations.
Conclusion
Growbiz Solutions Inc. specializes in implementing advanced Salesforce solutions like the Subscription Management feature. We can replicate this functionality to solve similar problems for your business and customize it to fit your unique requirements. Reach out to us to discover how we can tailor our solutions to meet your business needs and drive success.
