Salespeople must be efficient and well-organized to succeed. They must have a thorough awareness of their commission structure, be able to ask the proper questions and follow a methodical procedure for handling their commissions. Automating these processes will not only allow sellers to execute their duties more efficiently, but it will also free them of any commission disparities they may not want to deal with.
If you want a streamlined commission structure, greater transparency, or to quickly track your sales data, a commissions software solution can be a great addition to your team. Whether you’re just getting started or have been selling things for a long time, there’s likely software that will meet your demands.
So, if you’re still relying on Excel to finish your commission process, here are five reasons why you should consider automating your sales commission calculation with a sales compensation management system, a type of software that automates even the most complex commission procedures. There are numerous advantages to using sales commission software, but let us look at five of the most important.
1. A better understanding of the sales commission procedure.
Using updated sales commission software assures that salespeople, their heads, and other executives in the business have real-time access to commission computations. Reps are motivated to see what they’ve earned and seek to earn more when this data is easily available.
2. Finance and sales teams are more productive.
Manually entering data into spreadsheets leaves space for error and slows down the process considerably. Calculating commissions for all salespeople can take hours or even days. Skepticism arises from the possibility of human error. Salespeople spend countless hours calculating, confirming, and reconfirming their final commission statements with their supervisors and finance departments. When you have a large staff that spends so much time on ineffective operations, you lose efficiency and waste time and effort.
3. Increased precision throughout the commissioning process
Did you know that 88% of spreadsheets have errors in them? Isn’t that insane? Imagine generating commissions for hundreds of thousands of sales reps using Excel and discovering that 88% of them are inaccurate.
Miscalculated commissions result in disgruntled salespeople and high turnover rates. Another problem when issuing payments manually is the likelihood of human error as well as the rigidity of cash and brand coupons.
Automation eliminates human error—eliminating more than 90% of errors—allowing you to have faith in your data and know that your decisions are based on facts.
4. Improved access to vital information and data
Commission systems enable full reporting on sales commission information because all transactions and calculations take place within the system. Statistical and dashboards give salespeople, team captains, and management the ability to slice and dice data in a variety of ways.
Automation software provides a dashboard with adjustable widgets and reports.
Conclusion:
The ideal commission management tool can save you the time and effort of manually handling commissions. Your time is of the essence as a business owner, and you want to focus it on things that will enhance your bottom line or bring in new customers. The commission management solution guarantees that your sales staff is paid the appropriate commissions. Furthermore, it ensures that the data is accurate and that there are no anomalies.
ElevateHQ is a superior commission management software that is linked with top CRM software and makes it easy to find and optimize the performance of your commission plan.