It is hard to keep track of what each salesperson does, their quotas and their commission rates. This is especially true when the company has multiple staff and no one has a dedicated department for these tasks. These numbers can make it difficult for employees to develop a workflow that is most efficient. Good sales commission software can alleviate this problem for companies of any size by allowing for accurate tracking, managing and tracking of sales commission. This software is a way for companies to easily manage sales performance and reward employees appropriately. The companies that succeed with this software are those that implement it correctly and use it effectively.
Read These 5 Tips :
1. Make sure that sales commission software is in line with company goals :
A company that is growing will want to reward its employees for their hard work. This can be done by making sure that commission rates reflect the amount of revenue or profit generated by each employee. Before implementing any kind of sales commission software, it is important that the board members clearly define the kind of compensation structure they would like to see implemented.
2. Make the software accessible to both employees and managers :
The sales commission software of a company is meant to help with the management. Managers have been tasked with the responsibility of getting both sales personnel and support staff members to reach their quotas. Sales commission software can help with this by making it easy for employees to understand what they need to do in order to qualify for commissions. The key here is making sure that the software is something that everyone involved will find beneficial, rather than burdensome.
3. Make sure that the commissions are ideally calculated in real time :
There are some companies who pay their staff members in the middle of the month, while others do so at the end of it. This is not a problem when reliable sales commission software is used. The only thing needed to make this happen is an updated schedule. Sales commission software will automatically calculate each commission as they come due and keep track of how much they have earned on a daily, monthly or quarterly basis. This allows employees to get paid on time and encourages managers to keep track of which salespeople need to be paid more frequently.
4. Implementing sales commission software should be in line with company goals :
This is important because it allows employees to finish the work that they are going to be paid for promptly. It also gives managers an opportunity to see exactly what each employee is doing and which of them are actually meeting their quotas. This, in turn, allows companies to make better decisions as to who needs more training or rewards in order for them to be successful.
5. Provide a line of communication with the sales commission software :
Sales commission software should be able to provide companies with an easy way for managers and employees to communicate about their progress or problems. This can be done through reports, charts and graphs that are automatically produced by the software. It is also a good idea to make sure that a manager always has access to the data so that he or she can make more informed decisions based on it.
What is spiff?
You can understand what is spiff by it is a technical term used in sales management and sales accounting. It refers to the commission received by a salesperson for meeting or exceeding the goals set for them by their employer. The spiff is generally an addition to the base salary or hourly wage being paid to this individual. In many situations, the spiff is calculated on a daily basis.
ElevateHQ is a simple and effective sales commission software. It will customise your commission plans according to your needs and automatically calculate the commissions of your sales reps. The commission plans and reports that are included in the software are customizable and can be adjusted according to your needs.