All types of commissions
The software you choose should be able to track all sales commission and bonuses. It should be able to handle variable commission rates, such as a 10% sales commission for sales outside a certain geographic area, a 25% commission for B2B sales, and a 30% commission for sales over $20,000.
Your sales commission software should provide a commission calendar, so you can schedule commission payments. This is especially important for sales commissions that are paid at the close of a quarter.
Potential commission discrepancies should be identified in the software, so you don’t have to waste time manually calculating commissions. The software should also generate commission reports, so you can see what salespeople have sold and how much commission they earned.
Commissions for all kinds of products & services
The software should be able to handle sales commissions for any type of product or service, not just simple products. Your staff should be able to enter a product or service into the software, and the software will track the sales commission for that product or service.
The software should be able to handle commission cycles for multiple products and services that are sold at different times of the year. For example, you might sell product A in January, product B in March, and product C in May. You should be able to set the commission rates for each product or service, and the software will track the commissions for each product or service.
The software should be able to handle commissions for different types of product or services. For example, you might have a product with a base price and a profit margin and a product with a base price and a base commission. The software should be able to handle commission rates for both products.
All kinds of sales channels
The software should be able to handle commissions for different sales channels. For example, you might sell product A through a direct sales force, a distributor, and a reseller. The software should be able to track the sales commission for each sales channel. The software should be able to handle commissions for services, including one time services, monthly services, and annual services.
The software should be able to handle commissions for direct sales, inside sales, and outside sales. The software should be able to handle commissions for different types of sales. For example, commission rates might be different for business-to-business sales, business-to-consumer sales, and sales to government agencies.
All kinds of salespeople
The software should be able to handle commissions for different types of salespeople. For example, commission rates might be different for first-line salespeople, inside salespeople, and outside salespeople.
The software should be able to handle commission rates for different types of salespeople, such as salespeople who have been with the company for a long time, salespeople who are new hires, and salespeople who are sales leaders.
The software should be able to handle commissioned salespeople, non-commissioned salespeople, and sales staff that can earn commissions as well as base salaries. The software should be able to handle commissions for sales staff that can earn commissions as well as base salaries, such as a salesperson who earns a salary of $50,000 and can earn a 5% commission on sales up to $100,000 in a year.
The software should be able to handle commissions for different types of salespeople based on the amount they sell. For example, you might pay each salesperson an extra 5% per year they have been with the company if their annual volume exceeds certain levels.
The software should be able to track discounts against products or services so your sales staff doesn’t receive a higher commission than is due because of product or service discounts. For example, you might offer 10% discounts on all products purchased during January 2021 and then reduce purchases by 10%. This would result in lower overall purchases but wouldn’t impact your commission rates because you are giving up some revenue from discounting and shouldn’t expect any more compensation just because potential customers are purchasing less often. Your sales commission tracking software should identify this situation so you don’t overcompensate your employees when this happens.
All kinds of customers
The software should be able to handle commission rates for returning customers. For example, you might offer a 10% discount on products purchased by customers who have been with the company for over 5 years and another 10% discount on products purchased by customers who have been with the company for over 15 years. You might even specify that if a customer has been with the company for more than 20 years, they can purchase at cost plus 50%. The sales commission tracking software should be able to track these discounts against actual purchases so your sales staff doesn’t receive higher commissions than is due because of price discounts or other incentives offered to long-time customers. If you give away free product as well as offering discounts against regular prices, then you would need additional support from your sales commission tracking software in order to ensure proper compensation of all employees involved in selling this product.
The software should be able to handle deductions from commissions when returns are made after an initial sale was made based on inaccurate information such as incorrect pricing or incorrect delivery date. While refunds will typically result in lower overall revenue and therefore reduced payment of commissions, it doesn’t make sense to penalize people based on someone else’s mistake that resulted in lost revenue and return costs after they already worked hard getting the original order processed correctly!
Easy to use
The software should be easy enough for any member of your team (including non-technical members) to use without having extensive training sessions or technical support calls while using it (such as being required manually enter data into various fields). It also needs good documentation but shouldn’t require lengthy tutorials before anyone can begin entering data into it — keep things simple so everyone knows what they are supposed do without requiring time-consuming instructions about how everything works!
The ability for users within your organization — especially management — not only see easily understand what each person is doing within their area but also monitor progress towards goal attainment is vital if oversight is necessary either way though may not always possible depending upon capacity levels hence sometimes fall back upon manual processes which help build confidence level whether internal capacity available or otherwise just remember reports have purpose/value regardless most times.
The software should be easy to use — all functions should be accessible through a single user interface. It shouldn’t require your employees to switch between multiple screens in order to complete tasks, such as entering sales, setting commission rates, and generating commission reports. It shouldn’t take a long time for the software to record every sale (and failure of some sales). The process should be quick enough that you can quickly review past sales results. For example, if you have hundreds of thousands of records in your database, it might take several hours or even days for the software to generate reports on specific data points within those records. This could prevent you from identifying problems in a timely manner so they can be fixed before they cause additional problems down the road!
With Elevate, you can plan, design & manage both commission plans as well as quota-based plans with the utmost ease.
Elevate aspires to bring transparency in sales compensation. Sales reps can view all details regarding their commissions’ payout, quota attainment & revenue goals. Leaders can track the performance of every team member, manage product-based & territory-based revenue targets.