When businesses implement commission software like Core Commissions, it automates commissions, of course. However, so many other benefits come with this application. Sales organizations often overlook these added benefits.
When taken as a whole, Core Commissions gives way more bang for your buck than you may anticipate. If you’re looking for solutions for more than just commissions, let us show you what we can accomplish for you.
With all the tasks Core Commissions automates and simplifies, it’ll be smooth sailing for much of your accounting and finance teams.
ASC 606 Compliance
When introduced a few years ago, the Accounting Standards Codification (ASC) changed commission accounting for many businesses. Topic 606 in that set of standards outlined a 5-step process businesses needed to use in order to recognize revenue. Today, sales organizations continue to struggle with compliance and get up to speed with these standards. An effective commission solution eases that process.
Core Commissions assists clients in implementing ASC 606 regulations. Our automation recognizes the dates of contracts however you need them — whether when initiated or completed. That information can then be incorporated into revenue however needed and applied to commissions or any other calculations necessary.
Sales Performance Tracking
What does commission data track really? It’s sales performance. Commissions reward the performance of your sales team. That means the data you need to review performance already exists in your commission application.
Thanks to our automated reporting tools, businesses have the ability to build out reports that showcase performance metrics. It allows executives to review and set quotas and goals, in fact.
Payment Transparency for Sales
With ease of reporting through commission software, sales reps or agents get direct access to their own performance as well. Administrators can choose to share regular reports or, as with Core, give them the ability to log into a web sales portal where they can view their earnings and metrics in real-time.
Sales Report Building
When leadership wants a snapshot of how well sales of products or services are faring, a good commission solution offers that. As we’ve mentioned, all that information exists in the application already so it just needs to be incorporated into the right report.
Core’s drag-and-drop tools and report templates give administrators the ability to build whatever report is needed. Drill down to a single product and its sales over time or compare multiple products and services.
Communication Across Sales
Getting information in front of employees gets tricky the larger your team grows. If you’ve given your sales team a destination where they can review earnings and commissions, that’s a great place to find them.
The Core web sales portal offered to agents, reps, and other employees displays messages through banners. Additionally, administrators use a bulk email distribution function that can automatically send reports and other information as needed.
Sales Compensation Disputes
Once commissions are paid, sales reps and agents may have questions. With a solid commission application, those employees get a direct line to their administrator. Core’s dispute management feature even allows those employees to submit questions and concerns and get updates on the progress of their dispute.
Implementing a tool like this prevents disputes from turning into larger problems. Employees get answers efficiently and businesses have a streamlined way to answer them. It keeps everyone on both sides of the discussion happy.
Businesses already track sales and other relevant numbers in a commission application. The tools easily apply to expense tracking as well. As reps report sales and other necessary data, they can also report expenses. The tally would get added to any earnings report as an additional line item, removing any extra expense tracking tasks that you’re doing now.
Merging Data & Joining Records
With all the information you’re pumping into your commission solution, you have a huge opportunity to clean it all up. Many of Core’s clients use the application to match up line items on statements with the appropriate agent. Additionally, the application will automatically find duplicate entries or find missing entries. The tool is so powerful that it can be a central hub for all of your necessary data but it can also help you clean it up and update it regularly.
If you’re looking for a solution that can do so much more than commission automation, we’ve got you covered. Contact us to set up a demo and we’ll show you how Core Commissions can solve so many of your pain points — commission or otherwise.