Once you’ve attracted a client and walked them through the sales pipeline, you feel an enormous sense of relief. You’ve earned another new customer and the process is finally complete.
Or so you think. Too many times, the sales team isn’t caught up on what happens after a deal is “closed.” That’s because, while the sales team is the opener (generating leads and moving them through the sales pipeline), it’s your finance department that often handles the nitty-gritty details that make or break the sale.
Sales and finance alignment is critical to reducing time to close and ensuring a smooth transition from prospect to customer. There are three major benefits to integrating your CRM or sales platform with your billing and invoicing system: error-proofing, streamlined interactions, and better outcomes.
When it comes to the billing process, errors can be deadly. Wasted time spent fixing contract mistakes ultimately leads to wasted money.
Keeping finance and sales information isolated can lead to data being lost in translation, with one hand unaware of what the other is doing.
By having all the information in one place, as you can do with Base’s Snap Marketplace integrations with PandaDoc, Xero, Quickbooks and more, there are fewer chances for costly errors. Ideally, the information exchange between finance and sales should be seamless, resulting in fewer mistakes and faster outcomes.
Fewer deals will stall at the finish line and the lifetime value of clients will increase when sales and finance are on the same page.
When you have finance and sales data in one easily-accessible system, the myriad of back-and-forth interactions can run more smoothly.
The ability to streamline this process really helped a client of technology consulting and development agency Peritus Digital, who loved Base’s CRM, but struggled to find a way to connect sales data with an invoicing system. They needed to find a way to efficiently manage subscriptions, coordinate with Stripe, and suit the needs of their sales team.
Peritus developed an invoicing system, PayCove, that works seamlessly with Base’s powerful open API. Through PayCove, when a deal is finished and placed into a “pending close” stage, an invoice is automatically created. Any relevant information from the invoice is automatically sent to the proper contact and pulled into Base for accessible reference.
With this process in place, Peritus’ client effectively reduced invoicing time from two weeks to three days.
The biggest benefit to integrating your financial platform into your CRM is that time to close can be reduced by days or even weeks through the discovery and application of actionable insights. When your finance department and sales reps are working with the same sets of data, communication is simple and you’re able to track not only the sales pipeline, but the purchasing process.
For example, another key benefit of the bi-directional data sync between Paycove and Base is that joint customers are able to track key invoicing metrics via the Paycove dashboard, including recurring revenue, revenue per customer, retention rates, declined payments and more.
Using this information can help companies determine their most valuable customers and optimize sales processes to attract and convert these prospects.
In order to have a holistic view of the complete customer journey, companies need to find ways to foster sales and finance alignment by integrating data from these two teams.
For more information around how to select a sales platform that provides all the tools your business needs, including robust billing and invoicing integrations, I recommend downloading Base’s free CRM Buyer’s Kit.