Hello, what is the recommend practice for setting up and handling recurring revenue (such as client retainer fees for an agency business) inside the Monday CRM?
Right now everything seems oriented around one-time deals. For example the invoicing and revenue only shows up in the month that a deal closes. How can I get it to recur monthly for the life of a contract?
Relatedly, how am I supposed to handle renewals if a client has a 3 month or a 6 month contract?
None of this is immediately obvious to me and I didn’t see it covered in any of the tutorial videos or documentation. Thank you.
I’m not aware of a blanket recommendation for this but would be happy to help you work out what that structure needs to consist of to deliver everything you need.
There is a few ways to handle recurring revenue within the CRM that can be helpful:
Date Driven Duplication - you can trigger a duplication of the recurring fee line item to track by month or a certain timeline and push the end date out by the recurring cadence.
Recurring Revenue Dedicated Board - can also have a dedicated board for these recurring type projects but easily funnel from the Opportunities board through a drop down validation trigger. This would help with reporting as well as having the entire group be duplicated with an automation.
Forecast Revenue - you could also have a draw of revenue across months on one board to see what to expect and when the retainer has an upcoming renewal.
Many ways to think about this but happy to chat more if any of these interest you or you just want to explore!
Hello @jcassano , in my experience, I always created a new deal for each renewal. Typically, I sold annual subscriptions but this works in your case as well. Setup a workflow and name it “Renewals”. It’s a 4 step workflow
When status changes to “Won”
Duplicate Item
Change Status to “New” or “Discovery”
Assign Item Creator
You can of course add more to this if you want the date to be set to today, a different owner…etc…
Feel free to reach out if you would like some help setting this up. Here’s my consult contact form: Consultation Request Form
Hello @jcassano , you can schedule recurring tasks/items to solve this problem. We recently launched an app that let’s you do that easily. Check it out here - monday.com: Apps Marketplace
It has customizable period setting as well as advanced options. Also if you find something missing we are open to hearing your suggestions and adding new features
