Payouts: Never get payroll wrong again
Today we’re introducing a new section of our app called Payouts, and humble brag: it’s awesome. We think so and our early beta testers do too. We’ve heard everything from, “This is AMAZING.” to “Totally game-changing.” and “I love the exports.” And even a few expletives. ????
Payouts is a feature built with Sales Ops, Finance, and Accounting in mind. When we think about running payroll, there’s a lot of pain points that organizations experience when paying their reps.
- Organizations lack a place where they can store their team’s payout records.
- Payouts are handled in spreadsheets, so there’s no way for everyone to have visibility.
- Reps only see their total earned amount and don’t know what deals they are getting paid out on. They lack insights into when their commissions will actually be paid out.
- There’s no clear audit trail.
Payout is solving for all of these.
Let’s dive into some of the capabilities of this dynamic and collaborative feature.
Auditing, confirming & processing payouts
Clear audit trails make it easy for Sales Ops to review and approve deal earnings. We made this actionable and motivating. Our goal is to “Inbox Zero” your commissions, giving your team visibility into when they’ll get paid while still maintaining a level of control.
We know it’s hard to run commissions when deal data isn’t correct. Transparency means less work for Ops and more ownership for reps. Reps are incentivized to keep their CRM data up to date so there’s less overhead and more efficiency.
Scheduling payouts for your team
A seamless handoff to the Finance and Accounting team simplifies scheduling payouts. You can create multiple payouts on specific dates or installments to be paid over a period of time. Clawbacks make it easy to catch overpayments or resolve earned amount issues. If you need to create rules based on client agreements like paying 50% upfront and 50% when the client pays, it’s easy to do. It’s flexible and we provide options for payout schedules.
Plus, reps have their own dashboard to see what’s been scheduled for them and any earned amount that hasn’t been scheduled yet. They’ll know exactly what’s on their paycheck and its deals.
Closing the books
Clean record keeping is important for Accounting. With Payouts, you’ll have an organized and easily navigable view of payout records and their relation to rep’s earnings.
We offer easy exporting to run payroll. You can filter exports based on time, plans, payees, or export all data by rep and enter the data into your payroll processor. Close the books for the period, and you’re done!
The only crisis in accounting is paying payroll on time and QuotaPath completely solves this pain for paying commissions transparently for our client’s sales teams.
Payout records & reporting
Where we really differentiate from other commission tracking softwares is the ability to report payouts by Path. Since plans in QuotaPath are composed of Paths, which are different categories or components of a sales compensation plan, this allows us to uniquely report on the types of commissions being paid out. For example: commissions vs. bonuses, new business vs. renewals, or 1-year deals vs. multi-year deals. This is helpful for Finance to know what they are paying for each of the different types of revenue.
Made to fit your commission process
Think about it in terms of your company’s journey with commissions and payouts. Let’s say in a normal cycle month, commissions are run on the 15th.
- Sales Ops can approve deals and audit data before handing it off to Finance.
- On the 15th through the 20th, Finance has easy access to the team’s deals, earnings, and payout records. They can schedule out payouts for the 30th.
- Prior to the end of the month, reps can go in and and double check for accuracy.
- Finance can export the data so Accounting can run payroll through their payroll processor.
To sum it up, QuotaPath is the very first product to connect earnings all the way to payous, rooted in sales reps visibility.
Are you ready to get payroll done right? Are you looking to quit wasting time & money on inaccurate commission calculations? Then Payouts is for you. Take a deeper dive into how it works. Or give it a spin with a 14-day trial, all for free.
QuotaPath is the most adaptable compensation solution for sales reps to finance to everyone in between. Try it for free today!