CRM software solutions

Quotes and Invoicing

In Microsoft CRM, once a newly entered contact (lead) is qualified as a prospect, a quote can be sent. This section explains the Quote Management and Invoicing feature in Microsoft CRM. Using the Quote Management process in the Microsoft CRM, it is possible to create a professional looking quote, which can either be sent as an attached file or printed for the prospect.

Quote Management

When sales reps send the quotes to their prospects, the pricing information of the products and services need to be present in the system. For that reason, Microsoft has a Quote Management feature built into the Dynamics CRM using a component known as 'price book' or 'product list'.

Price Books in Microsoft CRM

The Price Book manages the list of all products and services in which each product or service is catalogued for price, margin, cost, and so on. Within the Microsoft Dynamics CRM, multiple price books and lists can be stored.

Quotes on Products from the Price Book

The process of 'Price Quote' in CRM begins by choosing a product from the list for a quote. When finished adding all the items from the Price Book, the quote can be finalized by adding applicable taxes and shipping charges, and any other necessary fees.

Once the quote is sent to the prospect, the follow-up process begins in the CRM. A call can automatically be scheduled, reminding the sales rep to follow-up.

Similarly, Microsoft CRM can also alert the manager, if a quote is not followed up in a timely manner, reducing the chance to lose a potential sale.

It is a tremendous benefit for the company to be able to store and manage all quotes in one central system. A single or multiple quotes can be used for a prospect, and be revised as necessary.

Different Ways of Quote Handling

Microsoft CRM offers different ways of handling quotes. For example, a quote can be flagged as 'Won' or 'Lost' within the CRM. When a customer accepts a quote, it can be converted into an Order with ease. Subsequently, an invoice is generated and sent to the customer from within the CRM.

However, companies always have the option, to either work with their own Accounting Software or to utilize the Invoice feature offered by Microsoft CRM. If working with their own Accounting Software, they can attach closed quotes to customer file and then send the info to be entered in their accounting system.

What do managers like to see for the quotes and invoices?

The Quote Management module is extremely beneficial to the managers. It is an excellent tool for further analysis. The managers can view all open quotes at a glance, whether 'Won' or 'Lost', as well as invoicessent.

There are many other ways to view Quote and Invoice related information or other related information.