3 Best Commission Software and Buyer’s Guide
Easy to use sales commission application Connects to QuickBooks & QuickBooks Online Calculate sales commissions Calculation on invoice or payment received date
Magna Timeshare Software
Timeshare resorts with ASP on-site model Sales automation Tour appointment automation Minivac management Sales contracts commissions Real-time web based reports
High-performance Scalable SaaS Enables organizations streamline operationalize, Incentive Compensation Management for Operational efficiency Reduce overpayments
Commission Software helps in improving sales productivity through centralizing and automating commission-based incentive plans of organization. Commission applications helps in providing performance tracking and reporting within the organisation and employees, offering to calculate commission compensation based on performance variables, and the helps in managing key dates in the company’s sales or compensation cycle.
Commission tracking software helps in managing regulatory reporting needs related to compensation or bonuses. Commission software is associated to lead management software, payroll software, and sales force automation software.
Advantages of Commission Software
Automated commission calculations: Commission software helps in calculating commissions for an entire sales team in about the same time it would take to manually calculate commissions for a single salesperson.
Centralized compliance and auditing: Commission software provides business leaders assurance that the commission payments comply with tax codes. They have been fair to all employees. The software also stores this information for future access.
Forecasting and analytics: Advanced commission software has the ability to forecast future commission expenses, analyze commission data, determine declining scales and tiered commissions, and more.
Characteristic Features of Commission Software
Commission calculator: Helps in calculating the exact commission for each salesperson based on completed sales within a set period of time.
Commission scheduling: Offers scheduling and automating commission payments based on weekly, monthly, quarterly, etc.
Auditing: Offers parsing the historical data and processing to ensure that the business goes accurate, compliant, and fair while paying commission.
Agency commission: Allow the businesses in dealing with sales agencies in addition to sales agents to pay those agencies a commission fee based on sales services offered.
Commission statements: Helps in generating detailed reports of commission pay statements and can be used for periodic reporting and tax filing.
Commission rules/conditions: Gives sales leaders a chance for creating and recording rules and conditions for commissions, storing those rules in a centralized pool of database for future access.
Price of Commission Software
Most products in the market are priced on a monthly basis. Pricing can be divided into three pricing tiers based on their starting price.
Considerations while Buying Commission Software
When you need commission software: You might not need commission software depending on the size of the sales team. You may be able to just pull sales data from the accounting software to quickly calculate commissions when you only have two or three salespeople. Commission software can save lots of time and money once your sales team has more than a handful of members.
Standalone or integrated commission software: You should look into commission software integrations that will work seamlessly with your existing system rather than starting from scratch when you’re already using an advanced accounting software system and/or CRM software. Contacting the vendor is the best option.
Commission Software Trends
Never forget to set up the salespeople for success: Ensure that salespeople are getting paid what they earn with commission software is very important, It is as important as setting them up for success with strong, qualified leads and sales acceleration technology for example, dialing tools and lead scoring. Every sale the team makes is important to the company as a whole after all.
AI to enter commission software: Artificial intelligence has been there as a part of the evolution of business software for decades, and commission software is no exception. AI can extend commission software in helping to make the recommendations to calculate and change commission rates and set quotas to enhance the overall sales performance.