Compensating your team in an accurate, transparent, and timely manner is of the utmost importance — and if you’re depending on manual spreadsheets or free online sales commission calculators alone, you could be leaving a lot on the table.
Sales commission calculators can be an important tool when it comes to calculating employee pay, especially as it applies to simple commission calculations. However, commission calculators are just a small part of a much larger equation.
In today’s article, we discuss the dangers of using manual spreadsheets, reveal the benefits of Sales Compensation Management Software (SCMS), and discuss how our solution helps organizations improve accuracy and transparency while reducing risk.
Let’s get started.
Drawbacks of only using a Sales Commission Calculator
Did you know that there is a 3-8% error rate when calculating and processing commissions? That adds up to an estimated loss of up to $80K for every $1M in sales commissions — all thanks to a dependence on ineffective, outdated, and manual processes.
Sadly, that’s just the tip of the iceberg for many companies that adopt a traditional approach to sales compensation management. Other drawbacks include:
Limited transparency for both your sales and accounting teams
Duplicative, incorrect, or missing data
Time-intensive & manual processes
Increased error rates and overpayments
Lack of real-time analytics & visibility
Higher churn rates and reduced employee engagement
Dependency on spreadsheet owner to pass their knowledge to the next owner
Luckily, there is a solution that’s right for every business: Sales Compensation Management Software.
Benefits of using Sales Compensation Management Software
Quality Sales Compensation Management Software can help your organization reduce its reliance on spreadsheets, automate critical business functions, and help improve sales performance across the board.
However, it’s important to remember that all SCMSs are not created equal. If you’re evaluating a Sales Compensation Management Software solution, make sure it can accomplish the following (all of which, and more, come standard with SalesVista).
Using SalesVista, you can:
Leverage real-time analytics to make better strategic decisions around sales, risk management, and other critical functions
Implement new compensation plans or update existing ones seamlessly, quickly, and effectively.
Incentivize your sales representatives with accurate and transparent commission payouts, aiding in employee talent acquisition and retention
Improve your organization’s finance and accounting controls using rules-based checkpoints.
More accurately forecast and budget using easily trackable and reliable insights
Enhance cross-function communications and collaboration across multiple teams
Build trust and confidence with easy-to-access and accurate data
Eliminate repetitive busy work by automating time-consuming tasks
SalesVista’s Sales Compensation Management Software is a whole lot more than a commission calculator. Organizations that use SalesVista’s software have seen a notable increase in sales, productivity, and growth — and we’d love to show you how we can deliver similar results to your business!
To get started, simply send us an email or request a demo of our product. Or for even more educational content on this topic, be sure to check out our free Ebook, Sales Compensation Management Software: From Commission Calculations to Enterprise Solutions.