Calculating Commissions with Xactly SimplyComp
If you want to get maximum value from your incentive compensation plan, you need to start by calculating commissions correctly. Incorrect and delayed payments don’t inspire the desired performance you’re looking for – one of the biggest reasons you have an incentive program.
Automated sales compensation solutions remove any FUD regarding commission calculations. Using these technologies, companies are inspiring their sales teams, building trust, and increasing performance – and saving critical resources.
According to DocuSign, by building confidence in its commission payouts, Xactly helps keep the sales team focused on selling, not shadow accounting to make sure that they’re being paid correctly. Many customers tell us that before using Xactly, they spent many late nights trying to line data up and making last minute adjustments.
Which is why we’re extremely excited to now be able to give growing businesses the same value that we’ve already been providing to larger organizations for the past 12 years.
DIY Automated Sales Compensation
In case you haven’t heard, last month we introduced Xactly SimplyComp™ – the industry’s first do-it-yourself (DIY) automated sales compensation solution for growing businesses.
To optimize performance, small businesses must take advantage of incentive compensation in the same way as larger companies. The Ventana Research report Managing Sales Performance in Smaller Organizations states that: “Smaller organizations in particular often lack expertise in sales compensation and planning and sometimes don’t understand the importance of commissions and compensation in sales.”
Xactly SimplyComp turns that all around – giving growing businesses an easy and affordable way to leverage incentive compensation to accelerate performance. With zero upfront costs, Xactly SimplyComp combines spreadsheet familiarity with Xactly’s years of experience and expertise in compensation design. SimplyComp’s DIY approach makes it possible for sales organizations of all sizes to optimize their incentive compensation programs.
To learn what SimplyComp could mean to your business, we’re sharing seven use cases:
- Quickly Build New Compensation Plans
- Simplify Compensation Plan Review
- Purchase, Install, and Populate Compensation Plans in Minutes
- Manage Commission Adjustments in Real-time
- Effortlessly Update Compensation Plans
- View Team Performance and Commissions On-demand
- Scale Compensation Processes As Needed
Quickly Build New Compensation Plans
Because Xactly SimplyComp feels like you’re using a spreadsheet, it’s easy to design, build, and manage compensation plans. Businesses can create incentive plans in minutes – rather than weeks or days. Xactly SimplyComp also includes numerous plan templates to make it simple to build a customized plan for your particular needs. Leveraging Xactly SimplyComp’s automated, cloud-based system and Xactly’s 12 years of compensation experience, integrated into the solution, organizations can set up the right compensation plan fast and effectively and in doing so:
- Reduce compensation errors
- Scale seamlessly
- Focus on core business objectives
Simplify Compensation Plan Review
By giving reps fast and secure access to their compensation plan, you can speed the approval process, while also creating a historical record. Xactly SimplyComp can automate and record the entire approval process. Key plan information, quota and payout details, and terms and conditions can be seamlessly integrated into one plan, individualized rep by rep. With no more back and forth building and reviewing multiple plans, you can:
- Increase plan buy-in faster
- Drive greater efficiencies
- Motivate reps more effectively
Purchase, Install, and Populate Compensation Plans in Minutes
If you’re a growing business, you don’t have time to waste figuring out how to build and use new systems. That’s why Xactly has made it effortless to sign up, test, and buy Xactly SimplyComp. File uploads make it simple to load future data – you don’t even need a CRM to use Xactly SimplyComp. With its do-it-yourself (DIY) approach, you can set up and run a best-in-class sales performance management solution in just minutes from a web page, letting your organization:
- Gain cost efficiencies
- Speed reporting of commission results with automation
- Lower the time needed to administer compensation processes
Manage Commission Adjustments in Real-time
Imagine if you and your team could see expected payouts from every order and every incentive on-demand. No more calls from reps bombarding your accounting staff with questions, concerns, and disputes, all at the same time. With Xactly SimplyComp, reps can see their exact earnings, including SPIFs, accelerators, and bonuses, in one place. If you need to make a change to a payout, you can do so instantly, and it will automatically calculated in the system.
- Improve rep trust and motivation
- Instantly flag and correct commission errors
- Reduce commission disputes
Effortlessly Update Compensation Plans
If you want to boost sales rep performance, there’s no better way than with a short-term incentive or accelerator. However, if it’s too hard to update your plan – or you can’t do it fast enough – you can miss the opportunity. Xactly SimplyComp makes it easy to add new rules to a plan. If you want to add a SPIF or tiered bonus, you can do it without any risk to existing formulas and instantly implement across all plans, letting you:
- Provide your team with immediate insight into plan changes
- Eliminate time spent on data entry
- Drive desired sales behaviors with new incentives
View Team Performance and Commissions On-demand
As soon as your plans are built, and you add data to the system, results are available to share with your team. Reps can check data, see how they performance against quotas, and what they earned. Managers gain insights that allow them to make adjustments before the end of the quarter. With instant access to performance to goal data, you can:
- Spot high and low performers to coach more effectively
- Increase rep motivation with transparency into earnings
- Eliminate uncertainty regarding commission calculations
Scale Compensation Processes as Needed
You want systems able to grow with your business. Today you have 5 reps, but tomorrow you may have 10. Your compensation plan must have the ability to easily expand to meet future needs. Xactly SimplyComp makes it easy to add new reps to your plans – without creating more work. Manually entering new reps and data is a labor-intensive and error-prone process! With Xactly SimplyComp, you can:
- Eliminate the need to redo formulas every time a new rep comes on board
- Quickly add new reps to plans
- Reduce risk of errors with automation
What Our Customers Are Saying
The response of early customers using Xactly SimplyComp has been overwhelming:
- “The compensation payment templates are extremely intuitive.”
- “Having built-in rule templates makes it easy to set up a plan – saving our team a lot of time and effort.”
- “With an automated approach, we can increase the timeliness and accuracy of our commission payments.”
- “The user interface made it effortless to get started.”
- “SimplyComp feels like we’re working on an Excel spreadsheet.”
Another Innovation First
Today’s businesses need automated processes in order to work smarter and more productively in an increasingly competitive business environment. If you’re a growing company, Xactly SimplyComp breaks down the barriers to implementation with a DIY solution you can get from a simple web page. We’ve created a short video so you can see how Xactly SimplyComp works for yourself.
We want to make it easy for you to calculate commissions accurately and increase your rep motivation and productivity. We’d like to invite you to try Xactly SimplyComp in a free 30-day trial – absolutely no credit card required!
Xactly’s vision is to empower every company to incent right. We’re proud to have taken another leap forward with Xactly SimplyComp.
Designing Sales Compensation Plans
With careful consideration and strategic design, you can use incentive compensation to inspire your teams and empower them to perform above and beyond the competition.