Understanding Services and Deals

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Overview

Services and deals track the work your firm provides to prospects and clients to generate business within your organization. This article outlines what Service and Deal records in Practifi are and how to view and edit these within your organization.

What is a Service?

A Service represents mutually agreed-upon work that your firm performs for a client. Services typically earn revenue for your firm. When you promote a Prospect record to a Client record using the Promote to Client action, you are prompted to select a deal to close. This deal is converted to a service, establishing the type of service the client will receive from your firm. 

Services will rarely change during your relationship with a client, as this is the overarching category of work you are providing them, such as financial planning or investment management. Still, you can continue to add new deals to an existing client to track new opportunities when they arise. When these are closed, they become services.

What is a Deal?

Deals are used to track the inflows and outflows of money from your firm. Deals are where the transition of an opportunity into revenue-earning work is managed. These are related to a general service type and break down the specifics of the services your firm will provide.

Deals give your firm an accurate view of the financial impact a client or prospect has on your firm, helping your firm establish good opportunities to pursue and close. Prospect and Client records can have multiple deals attached to them at various stages. Client records generally have one or two services attached to them.

Deals cannot be added to a contact in Practifi unless it is defined as a prospect or a client. Learn more about promoting a contact to a prospect in our Understanding Prospects, Pipeline and Deals article.

Creating a Deal

Navigate to the Household, Individual or Organization record and select Services & Pipeline from the navigation side panel to create a Deal. 

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Please note: If you do not see this icon in the record side panel, you might need to first promote the contact to a prospect using the Actions menu.

Selecting this icon will open a list view displaying any existing services or deals for the client or prospect within their respective subtabs. At the top of the table is a New button for creating a new Deal record.
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Selecting this button will begin a flow on your screen asking questions about the deal to gather information. Answer the questions and select Next to progress through the creation process. Once the flow is completed, a Deal record is created a success message will display on your screen.

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On the Deal record, the Deal Value section shows the deal's financial impact via AUM and revenue fields. The Related To section displays the related entity and the service type. The entity will default to the Household, Individual or Organization you created the Deal from but can be modified as needed.
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Viewing and Editing Deals

Navigate to the Household, Individual or Organization and select the Services & Pipeline icon on the record side panel to view a deal in detail. Select the Deals subtab to view the deals attached to the Household, Individual or Organization. 

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Clicking on the deal name will open a new tab containing all the specific details of the deal. This information can be edited by selecting the pencil icon beside the row that needs changing or selecting the caret button at the top of the deal header and then selecting Edit from the drop-down menu. The deal can also be deleted by selecting the Delete option located within the caret button drop-down menu in the upper right-hand corner.

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On the Deal record, you can use the subtabs to view the related Feed posts, notes and files associated with the deal to see important information regarding client or prospect contact with your firm to help you close the deal. 

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