An Introductory Look At The Basics of Salesforce Quote to Cash

To the untrained eye, the process of making a sale might seem fairly simple. In reality, an entire planet can fit between the first step, finding new leads, and the last, closing deals— and that planet’s name is Quote-to-Cash (QTC). 

QTC refers to the often complex sales process, quite literally from the quote, meaning the initial offers, to cash, or the final payment. Implementing Salesforce solutions with QTC can completely transform your sales, preventing the often lengthy and inaccurate steps that can lead to losing customers. 

Here’s a quick look at what you need know about Salesforce Quote-to-Cash:

What is Salesforce Quote-to-Cash?

Salesforce Quote-to-Cash refers to the regular QTC process made automated, which can significantly improve your success rate of sales and collections. The traditional QTC cycle consists of multiple independent steps, which can often be difficult to oversee at once. But with the integration of Salesforce solutions, you can both effectively manage these actions and empower each member on your sales team involved in the process. 

With Salesforce Quote-to-Cash your team can deliver customer information efficiently and accurately, eliminate order and invoicing errors, and enhance the data analysis and forecasting process.

The Salesforce Quote-to-Cash Process

The process of Salesforce Quote-to-Cash involves Salesforce CPQ along with the following actions:

  • Configuration: The first step is to ensure that the products and/or services provided are tailored to your client’s individual needs and presented in a way that demonstrates that understanding.
  • Pricing: All prices are not made equal, which means you’ll have to keep the client top of mind when you begin pricing your offer. Make sure to consider specific discounts and special offers you might provide each customer.
  • Quoting: It’s time to wrap the last two steps up in a bow to present a cohesive quote to your client. Here’s where Salesforce implementation gears down to provide an organized, accurate and timely quote.
  • Negotiation: Contracts are an essential aspect of the QTC process, as you’ll want to ensure that every party involved is on the same page. It’s crucial that this is clear-cut and meticulous to prevent confusion, delays, or even the loss of the sale entirely.
  • Order Management: Once the contract has been negotiated and agreed upon, your team should begin cataloguing invoices, monitoring the products, and handling shipping.
  • Invoicing: The penultimate step consists of accounting for all charges made and sending a precise bill to the client. The invoice covers all pricing components established during the sale, so be sure to refer back to the initial quote as well as anything that may have been amended since.
  • Payment Receipt: To wrap the process up, you’ll have to provide a receipt that is just as accurate as the steps prior.

On top of improving the overall efficiency of the QTC process, implemented Salesforce solutions allow you to effectively analyze QTC data when a sale is complete.

Analyzing the Quote-to-Cash Data

Because QTC involves so many different departments, it’s crucial that its organization lends itself to the access and understanding of the multiple parties concerned. That’s why Salesforce implementation in the QTC process is transformative, as it enables the ability to analyze and holistically look at numerous performance metrics in a single system. 

Essentially, your team and business can now review yourselves as a whole rather than in small contained parts. With Salesforce Quote-to-Cash, you can improve your internal communications and productivity, minimize technical errors, and expedite every step of the extensive process, leading to an overall boost in customer satisfaction.

Get an Easy Start with ITequality

The process of Salesforce Quote-to-Cash can be convoluted, and with so many departments and people involved, it’s crucial that each area is properly trained and well-prepared to ensure fluidity and efficiency. That’s where ITequality can help out. 

ITequality is a Salesforce consulting company who provides training along every step of the trek and values equipping their customers with the Salesforce knowledge and tools they need to continue to succeed. With a team just as diverse and multifaceted as the process of QTC, ITequality can help jumpstart your Salesforce journey today.

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