Shopping around for an effective compensation management system? Learn what to look for in a real solution.
Benefits of a Robust Sales Compensation Management Solution for Finance and Accounting
A robust sales compensation management solution (SCMS) streamlines and simplifies your most important business ...
A robust sales compensation management solution (SCMS) streamlines and simplifies your most important business processes. From managing multiple compensation plans to ensuring your financial data is accurate, accessible, and easily auditable, an SCMS does it all. How can your accounting and finance departments benefit from this comprehensive business tool?
Reducing risk with accurate, reportable data
An automated, robust SCMS eliminates the unavoidable human error from manual data entry and keeps your compensation data trackable and reportable. Your HR, accounting, and finance departments now have access to a centralized data system that won’t be accidentally altered or deleted, like Excel spreadsheets or other archaic data trackers often are. Instead, each department has access to the reports they need, and they don’t have to take valuable time creating relevant reports themselves. With an automated SCMS, tasks that might have taken hours of employee time before, now take just a few seconds and a few clicks. And with hundreds of reporting options to choose from, you and your managers will always have access to the right data at the right time.
A cloud based SCMS also makes data sharing easier and more secure. Managed in a secure cloud, a SCMS lets you restrict access to authorized users and keeps sensitive data out of the wrong hands. An automated SCMS helps your company maintain reliable and accurate insights and adapts to your changing business scenarios. In short, it’s a compensation management system capable of scaling with your business while keeping your data transparent and secure.
Automating processes saves time and effort
There’s a reason more businesses are switching to automated compensation management systems. Time-intensive, manual data tracking no longer works for a forward-thinking business. They want their data at their fingertips and easily accessible for employees, freeing up their time for more important things, such as evaluating metrics for driving business growth and employee performance. Data gives HR the analytics necessary to spot trouble spots and trends and address pay discrepancies. The data turns month- and year-end closing into a cinch for your accounting and finance departments. And it’s the data that tells you which compensation plans are working, what products are selling, and where to focus attention to better support your sales team.
A robust SCMS system automates data mining and tracking — processes previously done manually, often taking days, or even weeks, to accomplish. Instead of focusing on routine administrative tasks like these, your managers can focus on the big picture, such as ensuring your compensation plans are enough to attract and keep top talent. With compensation automation, you get to enjoy a smoother process flow between departments and more streamlined workflows that make everyone’s job easier.
Making compensation data more accessible
Compensation isn’t one-size-fits-all for every employee, and your SCMS needs to be able to track differences. Both compensatory and non-compensatory metrics can be tracked with ease using compensation automation. A SCMS lets you quickly track and report all the different types of compensation structures and manage them all in one centralized system. It’s this type of flexibility that lets you count the little things your reps do which lead to sales, including every time a rep goes above and beyond for a prospect or lead.
A SCMS lets your accounting and sales departments track these moments as data units, so you can view them as success drivers even when they don’t count as actual sales — or result in a rep’s commission. A comprehensive SCMS turns moments like these into trackable metrics, enabling you to count them towards an employee’s overall performance for annual reviews and reevaluation of their compensation plan.