New Maxio and QuotaPath integration automates commissions and expense recognition
Look out, world! There’s a new Maxio and QuotaPath integration in town. We’re thrilled to partner with the industry-lauded financial operations platform.
“Maxio’s partnership with QuotaPath will completely change the way finance and accounting teams calculate and account for the commissions their sales team earns,” said Barrow Hamilton, Chief Product Officer for Maxio.
Now, F&A teams that leverage Maxio and QuotaPath can add the QuotaPath Commissions Connector to fully automate the commissions’ management process. In return, F&A teams should expect about 17 hours a month back on their calendars for not having to do it manually.
- Say “goodbye” to manual spreadsheets, and say “hello” to more time back
- Avoid awkward conversations with sales reps over paycheck reconciliations
- Quickly and accurately account for expenses from a single system
- Automate commission calculations and accounting
- Stay GAAP compliant with expense recognition
Our Founder and COO Cole Evetts echoed Hamilton’s excitement.
“Our partnership and integration with Maxio represent a huge milestone for QuotaPath,” said Cole. “This allows us to bridge the gap between two massively important steps in the commissions’ process. We’re able to provide a single source of truth that connects sales, operations, and now finance and accounting. Build, automate, and track your team’s commissions in QuotaPath. Then, seamlessly sync to Maxio to utilize their Expense Recognition engine.”
First, with the QuotaPath Commissions Connector, teams can design custom compensation plans within QuotaPath. Next, add deals within QuotaPath or feed them through a CRM integration via HubSpot, Salesforce, or Close.
Then, when a rep closes a deal, QuotaPath’s platform will recognize the Closed/Won opportunity and move it to a queue for earnings approval. Once the manager approves the deal, it shifts over to QuotaPath’s Payouts function, where the earnings from the deal get scheduled for rep payment.
This step sets off the integration, which syncs the commission data from QuotaPath into Expense Recognition by Maxio.
From Expense Recognition in Maxio, F&A teams can select how they’d like to account for sales commissions and set up recognition periods. Then the automation kicks in. What follows is ASC-606 compliant accounting of commissions, prepaid expenses, fixed assets, and reseller agreements.
Additionally, F&A teams can lean on Expense Recognition by Maxio to generate reports that break down how each rep is accounted for. They can also consolidate journal entries for the general ledger to stay GAAP compliant.
Finance and accounting teams, you are the real MVPs. With our new partnership with Maxio, we hope to give you some time back by making it easier and more accurate to account for all earned commissions.
To learn more, schedule a time to chat with one of our friendly team members.