What is a service?
A service within PractiFI is attached to a member or an employer and can represent non-core pieces of work that are done for the member (e.g. a referral for scaled advice). In a superannuation context, a service may be transactional, typically a short-term piece of advice provided by your financial advice arm, or may represent an ongoing administration agreement with an employer.
Services allow for a revenue estimate to be set, against which actual revenue can be compared. Actual revenue for a service may be a fixed amount invoiced to a member, or a fixed fee received through an investment you implement for the member, or a series of periodic instalments, or a blend of up-front and ongoing commissions.
Why should I use services?
Services allow you to:
- Clearly define your superannuation business's customer offering across specific service types and groups.
- Track sales opportunities with new prospects and upsell/cross-sell opportunities with existing members.
- Track revenue across your business divisions, split by customer, service group, service type, team member and period.
- Track profitability by rolling up estimated and actual time worked and cost incurred from tasks and processes that relate to services.
Service types and stages are categories and can be configured by your PractiFI System Administrator.