If you're tired of using Excel to track commissions, you are not alone. Increasingly, companies are turning to commission tracking software packages to help easily navigate through forecasting future earnings, analyzing the current state of the business, monitoring each sales rep's progress and calculating the effect of renewals.
Doing all of this manually is futile. All you really need to do is to create your sales incentive compensation plan. So, if you're ready to buy commission tracking software, it is important to look for the features below.
It should go without saying that for any business the costs must be worthwhile, justified, and reasonable. Certainly, no endeavor can be entered into without some financial burdens attached, but the overarching theme of fiduciary responsibility points to the need to ensure the spend is good for the company’s financial interests and growth.
When it eases the workload of accountants and analysts and provides easy to understand data reports, commission tracking software can clearly meet the standard of a worthwhile cost. Add to that the man-hours that can be saved and how much more streamlined work can become, and the cost may well end up negating itself quite quickly.
Plus, it can help with monitoring critical commission strategies. It's a bit of a no-brainer that commission tracking software is a sound and solid investment.
Have you ever had a moment where you’re attempting to review multiple collections of financial data but finding it exceptionally difficult to track? Or, maybe you want to simply compare existing data sets and adjust the way that the information is being presented.
These aren’t uncommon problems because reviewing detailed data sets using basic software is something of a challenge when you need to view and compare those multiple data sets all at once.Tracking commission with Excel may work in the short term, but for the purposes of comparing and tracking multiple, large datasets it makes more practical sense to use software that is both flexible and designed for that purpose.
The flexibility of being able to adjust views and change methods of processing data with various points is just another substantial benefit needed when searching for the right software package.
3. Ability to Integrate with Current Systems
The ability of commission tracking software to integrate with your business’s existing systems is crucial because it allows for instant use. As a result, commission tracking software should be built with this in mind. The ability to read and access data in a variety of formats, transition data and easily connect to your current systems is important.
The functionality that commission tracking software brings to the table is one of the best arguments for its inherent value. In a business that is defined by tracking a myriad of numbers, finances and data, commission tracking software simplifies the process and brings a degree of ease to the calculations that make payments more accurate.
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. You can also save time figuring out the draw versus commission.
Then, you no longer need to be a sales manager and an accountant. Plus, you can then devote your time to more important work such as motivating your team to hit their sales quotas.
5. Ability to Configure Multiple Commission Structures
It goes without saying that regardless of industry, having the ability to process multiple commission structures can be a necessity. Plus, if commissions need to be split, that is a new challenge altogether. In this regard, you want your commission tracking software to have the ability to compute varying commission structures.
6. Ease of Installation
What does ease of installation mean? Well, installing software on a single machine is normally a matter of simply running an executable file and clicking through a series of prompts. While this describes the initial installation for most types of software, it doesn’t fully articulate the processing linked to installation that is crucial for any software to function properly.
There are additional tasks that are involved in completing the full installation of software, particularly financial software, such as importing data and preferences from existing systems. Normally, this can be somewhat burdensome and may require additional expertise.
On the other hand, with intuitive, predictive software it can become far simpler. That is why ease of installation is critical when making your selection.
7. Must Be User-Friendly
While the right piece of software can increase productivity and profits while reducing a company’s necessary man-hours and the burdens to its staff, it must be acknowledged that any piece of software is only as effective if it is user-friendly. Using software that is not intuitive can be both frustrating and detrimental to the quality of the output. You don’t want to spend all day working on commission plans and computations.
8. Available Training
In addition to being exceptionally user-friendly, commission tracking software packages should also include sufficient training materials to ensure that in those rare instances that an answer isn’t immediately available--that it can be found with ease. Training materials can be used to train new hires, educate first-time users, provide refresher courses to general staff, and (again) find answers in those rare instances that clarification may be required.
8. Good Reviews
You can’t dispute the importance of purchasing software with good reviews. All businesses have to justify their costs. You want software that is proven to work with accurate testimonials from real users. This is why it helps to peruse reviews on the website, as well as other review sites before making a decision to purchase. The objective is to look for demonstrated results and value.
You want an option that offers comprehensive support. This means help for any technical issues or questions as they come up but also includes customer support when information, instructions, or detailed guidance may be needed. Documentation and support videos should be available as well. As a result, those who prefer to learn and explore at their own pace to further educate themselves.
Commission tracking software can boost businesses while helping management and sales reps send and receive accurate commission payments. Plus, working on commission structures and payments takes away from time that should be spent talking to customers and prospects. The right software can tell you exactly where you are, at any time, in a user-friendly manner. So, don’t pick just any software package. Select the option that meets the requirements above.