Sales commission software automatically calculates commission and payouts based on custom company parameters, reducing error and offering transparency to incentivize your employees.
Commission tracking software should have the ability to compile data from varying sources, integrate with existing software, assist in making complex calculations and determinations, and provide an easier way to view all of this information .
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Key Features of Commission Software
Ability to track and input individual sales figures.
Accounting and distribution of incentive-based payments.
Ability to Configure Multiple Commission Structures.
Reporting and Analytics to improve outcomes.
Benefits of choosing the right Commission Software
Reduce errors in sales commissions calculation. Doing commissions in spreadsheets introduces a tremendous number of errors into the calculation. A structured commissions software can reduce the number of errors in commissions and consequently save the company money.
Pay Commissions on time. Manual processes to calculate sales commission can take significant amounts of time and payments can sometimes be thirty or more days late. This causes reconciliation issues and dissatisfaction among the salespeople. An automated sales commission system can allow calculation of payments as quickly as you want. Calculations can even be done every day during the period to estimate potential payments and for accruals.
Multi Level Commissions. Sometimes commission structures that suit the needs of the business may not be implemented because of the difficulty of establishing the plan and administering them. Commission software allows the establishment of complex structures and eases the administration. Complete Reporting Ability. With all transactions and calculations stored in the software you have the ability to report comprehensively on sales commission information. Analytical tools that allow the user to create the correct reports for their business needs.
Reduce Administrative and Overpayment Costs. Savings of time spent in administering the compensation plans and resolving issues can help in reducing administrative costs. Errors in sales commission calculation favoring salespeople typically does not get reported, whereas errors favoring the company gets reported typically. Accurate calculations can save the company significant expenses in over payment of commissions.
Increased trust and morale. Having been burned by inaccurate calculations the salespeople usually distrust the commission calculation process. The automation of the calculation process, with access to all the data, clear reporting of any calculation allows the salespeople to develop trust in the process and increase their morale.
Increase Productivity. With salespeople not engaging in ‘shadow accounting’ of their commission statements, they are more likely to focus on selling activities with potential increases in revenue to the company. With reduction of the administrative effort, comp administrators can spend more time on value added work rather than purely administrative tasks.
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