How to select your commission tracking software
Right now, tech companies are going through mass layoffs due to the emerging recession. However, maximizing your business’ return on investments is the best way to retain a talented sales team and deepen profits. According to TechRepublic, technology, like commission tracking software, can play a key role in helping executives optimize risk and follow through on business strategy adjustments.
For instance, data science platforms can strengthen automation, connect disparate tech stacks, and detect both risks and opportunities via machine learning.
And while the commissions software space is but a fraction of the size of big data, the role this technology can play in bolstering sales, increasing bottom lines, and even retaining talent hasn’t gone unnoticed.
The industry has caught on, and a rise in commissions management solutions has hit the market in the past 5 years. (QuotaPath included!)
But, we recognize that we’re not alone in the market.
So, as you’re evaluating which commissions management services platform to use, consider the following.
Do you want compensation plan software that will allow you to add plans and adjustments as you scale?
QuotaPath makes it easy to quickly add new members of the team, build out new comp plans, and drop in changes all one your own. But should you need us, we’re quick to respond.
Does the platform provide executive- and rep-level reporting on pipeline forecast and quota attainment?
Find a tool that automatically generates accurate forecasts based on your CRM so that business leaders can understand their sales team’s projections.
Is it compliant with ASC 606 regulations?
This is new to the SaaS world, and if you’re not careful, it could be something you overlook when looking for commission tracking software. This new regulation requires revenue recognition standards for all businesses that enter into contracts. QuotaPath has the power to provide accounting teams with the ability to recognize commission expenses immediately.
How long will it take your team to get your system up and running? When will your team be trained on it, and how soon can it run commissions for you?
Here, we provide the fastest onboarding process in the biz without sacrificing quality.
How difficult will it be to get in touch with your vendor after signing on the dotted line?
We’ve heard horror stories of customers falling through the onboarding cracks at competitors. Or that they were unable to get ahold of anyone when they needed help adding a new plan, running a payout, or making a comp plan adjustment. Our response time is less than 90 seconds. Time us! We also offer sales compensation consulting at no additional cost to double-check your comp plan designs.
No minimum user limit
300 reps? Great. 4 reps? Also great.
QuotaPath doesn’t require a minimum number of users. Whether you’re a multi-continental, multi-product, multi-industry sales organization, or a startup with your first 2 reps, we got you.
Find a solution that Finance, RevOps, and especially your Reps will love to use.
We created QuotaPath to help reps better understand their comp plans and when and how they get paid. Our user interface is easy to navigate so they can see their goals, accelerators, and bonuses, and how close they are to hitting those milestones.
Can teams collaborate within the platform?
In early 2022, QuotaPath released Deal Flagging. This feature allows users to dispute any discrepancies that would immediately be escalated to an admin. Finance and Accounting can then address any questions within QuotaPath.
Think about how easy the solution would be to show someone on your team.
Our Director of Product said, “Our entire UX approach and philosophy focus on the idea that whatever we’re building shouldn’t require lots of training. We want our users to log in for the first time and already have a general understanding of how to use it.”
If not, take this checklist to your next demo to make sure you’re getting exactly what you need.