Showing 1-20 of 16 products
CaptivateIQ is a sales commission and planning management software designed to help businesses of all sizes create, preview and launch custom commission plans and calculate payouts for sales teams. The platform enables administrators... Read more
Tipalti is a cloud-based accounting management solution that helps users automate their accounts payable process. It offers a variety of features, including invoice automation, payment remittance, regulatory compliance management,... Read more
Spiff is a cloud-based compensation management solution that enables businesses of all sizes to automate processes for calculating commissions. It comes with personalized dashboards, which let sales representatives update closed deals... Read more
CommissionCalc is an on-premise solution designed to help small to medium businesses automate processes related to calculation of sales commissions. Key features include flat commissions, affiliate management, commission tracking,... Read more
Performio is a cloud-based commission and compensation management software that is specifically designed for sales team within the automotive, retail, software, telecommunications, and business service industries. Performio allows... Read more
Commission Tracker is an on-premise and cloud-based solution that enables insurance agencies to manage policies and calculate agents' commissions. Administrators can sort existing policies based on agents, carriers or clients and utilize... Read more
Xactly is a cloud-based solution, which allows businesses to manage processes related to commission expense accounting. Key features include status tracking, workflow configuration, process automation, compliance management and customizable... Read more
QCommission is a cloud-based and on-premise sales commission solution for small to midsize businesses and larger enterprises. It helps users calculate salespeople’s compensation. QCommission allows users to calculate commissions... Read more
AgencyBloc is an agency management software for life and health insurance agencies looking for a more effective way to increase company's profitability, enhancing customer satisfaction and controlling costs in today's competitive market. The... Read more
RPM Telco is a cloud-based solution designed to help telecom businesses streamline operations and automate calculation of commission. It allows organizations to track active deals and manage orders from submission to commissioning. RPM... Read more
NextAgency is an agency management solution designed to help small to midsize healthcare and life insurance businesses manage benefits administration, employees, commission, claims and more. NextHR includes NextBroker module that... Read more
Core Commission is an on-premise and cloud-based solution that enables businesses to automate commission calculating processes using various tools. It comes with an extract, transform, load (ETL) module, which allows users to transform... Read more
SAP Commissions is a cloud-based incentive and compensation management software for businesses of all sizes. It allows organizations to design, modify and manage custom compensation plans to improve employee engagement, loyalty, revenue... Read more
EvolveNXT is a cloud-based solution designed to help insurance businesses streamline processes related to lead management, commission distribution, agent onboarding, document creation and more. The EvolveDocs module allows managers... Read more
NOBL is a cloud-based accounting and solvency solution that helps property and casualty (P&C) insurance brokers manage premium/return of premium funds as per government regulations. It utilizes automated billing and follow-up procedures... Read more
Varicent helps businesses accurately track, manage, and report on sales processes through the Sales Performance Management (SPM) solution. This solution helps businesses realize bottom-line efficiencies and top-line results through... Read more
Commissions motivate sales representatives to perform better and achieve sales goals. They are usually included as a part of a sales rep's total compensation and, in some cases, their entire compensation is in the form of commission.
Since a number of criteria determine the commission to be paid out, such as the commission plan (tiered, split, or flat rate), commission quota, and applicable taxes, this process can be fairly complex and possibly inaccurate, if handled manually.
To ensure accurate and timely commission payments, businesses can use commission software. The tool automates commission calculation and helps make timely payments to reps.
Here's what we'll cover:
- What is commission software?
- Common features of commission software
- What type of buyer are you?
- Key considerations when buying commission software
What is commission software?
Commission software helps automate the calculation and tracking of commissions based on a business' commission model and other defined metrics, such as frequency and taxes.
The software ensures the accuracy of the commissions and helps make the process transparent.
Commission statement in QCommission (Source)
Common features of commission software
In this section, we will look at some of the most common features of commission software. These features will help you understand the basic capabilities a solution must offer for effective commission management.
|Commission calculation||Set rules and calculate the commission for each sales rep. Define parameters and metrics for the calculation, such as goal fulfillment, applicable taxes, and maximum limits. Calculate commissions as per the preferred commission model—flat rate, split, or tiered.|
|Commission tracking||Track commissions, bonuses, and overrides through detailed reports. Set the commission expectations for a certain period and track if the actual commission payouts align with these.|
|Commission scheduling||Create commission schedules for sales reps. Schedule commissions as per the organization's payment frequency such as weekly, monthly, or quarterly.|
|Incentives management||Define rules for incentive approval and payouts. Set the frequency for incentive calculation such as monthly or quarterly.|
What type of buyer are you?
There are three types of buyers of commission software. They differ based on the size of their operation and sales force.
- Sales departments that use multiple calculation models: Sales departments often use a mix of commission plans, such as flat rate, split, or tiered, which makes the process complex. To factor in all the different methods of commission calculation, while ensuring accuracy, these departments can use commission software.
- Sales departments that seek CRM integration for commission management: Sales departments may use customer relationship management (CRM) tools to manage their workflow. However, most of these tools don’t offer commission management capabilities. Therefore, sales teams try to integrate their CRM tools with commission software to calculate and manage commissions.
Benefits of commission software
The following are the key benefits of commission software. These benefits enlist the business functions that are positively impacted by commission software and how they may improve.
- Reduced errors in commission calculation: Calculating commissions manually on Excel sheets increases the probability of errors. However, automating the calculations ensures accuracy and saves the time and effort that otherwise goes into rectifying errors.
- Improved productivity: Timely and accurate commissions keep reps motivated to perform better, directly impacting productivity. Further, the transparency of processes allows reps to focus on sales instead of struggling to identify the parameters that impact their commissions.
Key considerations when buying commission software
As the last step to selecting a commission software, keep a few additional factors in mind. These will help you select a tool that is best suited to your business goals.
- Total cost of ownership (TCO): Whether you buy one commission system off-the-shelf or customize one to your unique needs, considering the total cost of ownership is crucial. Buyers tend to think that a customized solution that offers only selected modules will cost less, however that's not the case every time. If the customized solution needs to be modified in future, additional costs involved in the exercise may add up to be more than the total ownership cost of a packaged application.
- Integration: The data residing in your commission software may be of use to other business applications such as accounting software, payroll software, and performance management software. Check with the vendor if the commission management software allows integrations with other software.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.