Sales commission management software is a great aid for calculating and tracking how much sales compensation you owe your staff.
The catch-up feature allows you to reward your reps at the end of a target period if they under-achieved during part of that period, but then over-achieved in other parts of that period.
For example, if they underachieve their monthly target in month one of a quarter, they get paid at a lower commission rate for sales made that month. But if by the end of the quarter they have achieved or over-achieved the overall cumulative quarterly target, then they have the opportunity to ‘catch-up’ and be paid those past monthly sales at a higher commission rate.
This means that our system will calculate the difference in rates for those past sales, and pay out the difference to your reps at the end of the quarter.
This can work for monthly, quarterly or annual targets.
You can pay out monthly, quarterly or annual catch up payments if targets are met by the end of the period.
Advantages of Commission Management Software in sales:
- SAVES TIME: Commission management software is an essential component of sales planning that makes the process of tracking commissions less of a burden. Sales managers will, therefore, spend less time disbursing commission to their sales representatives.
- MOTIVATES: Managing commissions using commission management software directly motivates the sales team. The software allows them to monitor their earned commission from their devices at any time.
- INCREASES EFFICIENCY: Real-time access to data, increasing the efficiency and accuracy of the process of calculating and paying out commissions.
- MINIMISES ERRORS: A commission management software will ensure that the payment of commissions process is smooth and automatic, minimising errors and ensuring the sales representatives are paid on time.
Still using Excel to calculate your commissions?
If you’re currently using a spreadsheet to calculate commissions, and you’d like a simpler, more efficient way to manage sales performance, why not consider Commissionly?
You can even benefit from a free trial with a demonstration on how to improve your sales performance management. With a host of other powerful features, like sales territory management, sales quota management and sales objective management, you’ll soon find yourself wondering how you ever managed with a simple spreadsheet.