91% of accountants agree that accounting technology has boosted their productivity. When looking at finance automation tools, it’s easy to see how and why that’s the case. If you came here looking for a commission tool, then you’re in luck because we are going to cover some of the best sales commission software out there.
2. What are Common Features of Commission Tools?
3. What are the Types of Commission Tool Buyers?
4. What are the Benefits of Commission Tools?
6. Commission Tools for the Win!
Commission tools provide for automated and secure management of commissions to help achieve sales and accounting efficiency. To deeply understand why this is so, let’s quickly answer: What is commission in accounting?
Commissions are payouts that a person or business receives or pays when a sale is made. The goal of commissions is to incentivize selling. In accounting, the commission structure will dictate how it gets recorded in the books, either as a percentage of the revenue, gross margin, or profit or a flat fee.
When organisations operate with commissions, the accounting processes tend to become more complex as the sales scale. Luckily, a commission tool can help to calculate and track commissions, provide custom reports, generate analysis, and automate the accounting processes so that manual and repetitive tasks are no longer on anyone’s to-do list.
Just like there are different kinds of commission structures, there are also many different features within commission tools. When you are on your journey to search for the software that’s best for your needs, here’s a look at some things to consider:
In some software, you have the ability to set rules and commissions per sales rep. This is extremely useful when you are operating with several different commission structures and representatives, which is typically the case. The commission calculation features allows you to define parameters, maximum limits, and even applicable taxes.
With automation as your commission calculation solution, there’s no need to manually track commissions anymore. Your team can focus their time on high-level and value-add tasks as the software keeps track of everything else.
Depending on how your employees or contractors get paid, you can set up commission scheduling according to payment terms. For example, you can pay out commission on a weekly, monthly, or quarterly basis.
The tool will track commissions and overrides while also creating easy-to-read reports. This offers transparency to everyone involved in the process, from the sales rep to the accounting team to key stakeholders and managers.
Naturally, you’ll want a software that can integrate with your existing toolstack and popular third-party apps. This way, you can be sure that data can flow between systems when needed.
When considering a commission tool, what you look for will be based on your needs as a buyer. It’s possible to break down the types of commission tool buyers into categories.
If you’re working within a business that is running a mix of commission plans, the process becomes complex quickly. Your accounting and sales team can rely on a commission tool to calculate commissions with utmost accuracy.
Many sales teams will rely on their customer relationship management (CRM) software to manage their workflow. As you likely already know, these tools do not typically include commission management capabilities. For this reason, you’d want a commission tool that will integrate with your CRM tool to manage commissions.
You’d probably agree that sales compensation would be easier if commissions didn’t exist. However, commissions can benefit the business, so getting rid of them for sake of ease isn’t a feasible solution.
Instead, you can rely on a commission tool to handle the heavy lifting for your sales and accounting teams. As a result, your organisation can benefit from:
Remove the need for disparate data, manual calculations, and overbearing tracking processes. A sales commission tool like SolveXia will replace the repetitive, time-consuming, and cumbersome work of your team by streamlining and automating processes to manage sales commissions.
From sales reps to management teams, everyone will want to stay up-to-date on how sales and commissions are tracking. With a sales commission tool, users gain access to a live dashboard and many tools allow for the customisation of reports.
Since sales commission and commission accounting relies on accuracy, manual errors can greatly hinder the process and outcomes. With a commission tool, your team can rest assured that data is being accurately recorded, tracked, and paid out.
Beyond boosting sales, your team likely wants to analyse the success rates of commission structures for optimisation sake. With a commission tool, you can customise and pull reports to assess your commission structure.
SolveXia is a robust finance automation tool that can serve as a commission tool and much more. With SolveXia’s platform, you can combine data from multiple systems and automate the process of calculating sales commissions (along with rebates). This allows your organisation to benefit from increased revenue opportunities, more efficient management of administrative processes, and enhanced customer satisfaction.
SolveXia helps companies cut their sales commission accounting time dramatically as the automation software performs its calculations and reporting in seconds rather than hours, days or weeks.
By removing key person dependencies, SolveXia can promote your team’s productivity and allows your team members to focus on high-level and strategic tasks instead of being bogged down by commission accounting.
SolveXia is a cloud-based, low or no-code solution that can be used on the web, on premise or accessed via mobile devices. The automation solution offers an array of support for its users, including blogs, webinars, training, whitepapers, videos, and a dedicated support site.
Performio calculates and analyses incentive pay and performance. Performio includes data transformation capabilities and pre-built compensation plans.
It can be scaled to automate as many sales commission calculations as your team needs. Additionally, the software can integrate with a variety of tools, such as Salesforce, Source Data, DocuSign, REST API, and NetSuite, to name a few.
Performio can be deployed in the cloud, or on mobile including on iPhone and Android operating systems. Support can be found in the form of in-person and live training, webinars, documentation, and videos.
QCommission calculates sales representatives’ compensation and also integrates with many software tools like Salesforce and Quickbooks. QCommission can be used with spreadsheets or as a stand-alone product.
It helps companies to pay commissions on time and track sales, commissions, and bonuses. Users can pay commissions at their desired frequency, calculate various types of incentives, and remain in compliance with Sarbanes-Oxley regulations.
QCommission is said to be best for companies that still are using or want to use Excel for commission accounting. The commission tool can be used as a web-based and cloud solution, on-premise (Windows or Linux) or on Windows desktops.
Commissionaly automates sales commissions to help teams boost their productivity through its cloud and web-based software-as-a-solution tool. It can be used to calculate splits, multi-currency commissions, overrides, multistage commissions, and more.
While many different business sectors can utilise Commissionly, the company targets Insurance, Medical Sales, Recruiters, IT companies and payments processing teams. The company provides live online training, in-person training, and webinars for support.
Whether you work in accounting, sales, management, marketing, or any other department, you’ll benefit from access to a commission tool. Overall, a commission tool helps teams gain transparency, maintain accuracy, streamline processes, and enhance productivity.
Consider booking a demo with SolveXia to see how the financial automation solution, including the commission and rebates software, can aid your organisation.
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