Commission reporting software is a type of software that helps businesses track and manage their sales commissions. This type of software can be used to automate the calculation and accurate commission tracking, as well as to generate reports that provide insights into sales performance and sales effective rates.
Commission reporting software can be helpful for businesses of all sizes, but it is especially beneficial for businesses with growing sales teams with multiple or complex compensation plans.
This type of software can help businesses to:
- Align revenue teams over sales compensation goals, strategies, and performance.
- Save time by automating the calculation and tracking of commissions.
- Generate reports that provide insights into sales performance.
- Improve transparency and accountability across your revenue team.
- Foster CRM hygiene by integrating data from a CRM (see: HubSpot commission tracking)
When choosing a commission reporting solution, it is important to consider the specific needs of your business. Some factors to consider include the size of your sales force, the complexity of your commission structure, and your budget.
If evaluating, here are some checklist items to pay attention to when looking at a sales incentive compensation platform:
- Tool accessibility
- Forecasting ability
- ASC 606 compliant
- Time to value
- Partner relationship
- Minimum user limits (or lack thereof)
- Scalability
- In-app community
- Pricing
- Implementation and service fees (or lack thereof)
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