What is Sales Compensation Software?
Sales compensation software refers to the automatisation of a company’s accounting and administration. It factors in incentive plans and commissions and allows you to customise different elements including employee role, sale type or tenure.
The software allows a comprehensive picture for salespeople, allowing them to see what they have earned in the past as well as forecasted revenue. Subsequently, this allows them to plan and strategise for different scenarios.
Who Uses Sales Compensation Software?
This type of software is primarily used by a company’s sales, accounting and administration teams. It is designed to help these teams maximise their time-efficiency and accuracy for accounting practices. Often, the software integrates with other softwares including accounting, billing or payroll.
Top 5 Sales Compensation Software Programmes
1. Spiff
Spiff aims to take away the time-consuming nature of commission calculation. It automates processes including modelling, updating, managing spreadsheets and integrated software. It helps revenue management be efficient and easy to manage. Using real-time transparency, it allows commission plans to be made with the most up-to-date software so that Sales teams can make informed decisions and strategise accordingly. It prides itself on being one of the industry’s fastest purchase to performance times. Additionally, it seamlessly integrates with CRM, Payment Processors and ERP.
Features of Spiff include:
- Sales Rep Portal
- Management Portal
- Administration Tools
2. Varicent
- Sales Rep Portal
- Management Portal (including Sales Reports, Commission Splits, Workflow & Approvals)
- Performance & Reliability
- Administration (including Sales Hierarchy Management, Dashboards, Comp Modelling)
- Custom Reports
3. QuotaPath
QuotaPath is designed by salespeople for salespeople, allowing them to automate and track commission. They understand the importance of automatised processes and personalised dashboards. Their real-time data allows for a holistic and accurate bigger picture which gives rise to more accurate decision-making. QuotaPath prides itself on its user-friendliness, seamless CRM integration and personalised dashboards. With QuotaPath, a company can streamline processes, measure performance and make sure that everyone from sales reps to executives to the operations team is aligned.
- Commission Calculator & Estimator
- Commission Splits & Overdrafts
- Personalised Reports & Dashboards
- Individual & Team Performance Reports
4. CaptivateIQ
- Planning Documents and Agreements
- Monitor Sales Rep Performance
- Sales Hierarchy Management
- Commission Splits & Overrides
5. Xactly Incent
Xactly Incent equips companies with robust features in order to design, implement and manage their compensation programmes. The software aims to increase company revenues by helping them save time with optimised plans, greater accuracy and improved efficiency. Their powerful calculations engine simplifies even the most complex formulas quickly and flexibly as well as integrating with existing softwares for a holistic approach.
Features of Xactly Incent include:
- Sales Hierarchy Management
- Platform Customisation
- Commission Estimator, Splits & Overrides
- Quota Assignments / Management
Who is Sales Compensation Software for?
Sales commission software is a tool which helps to automate commission calculation. It is designed for sales reps across sectors in order to help them save time and errors when calculating commission. Sales reps can also choose their preferred commission plan (tiered, split, flat rate) as well as other criteria which can help them save time on administration.
What Does Sales Compensation Software Usually Include?
To be defined as Sales Compensation software, a product needs to:
- Produce analysis for sales performance reports
- Allow for customisation and administration of sales-based compensation plans
- Integrate with other sales, administration and accounting tools
How Much Does Sales Compensation Software Cost?
The cost of sales compensation software varies from platform to platform. Some services offer a free version or a free trial through which companies can test the product before committing to a subscription. Spiff, for example, has price plans which are based on monthly usage and start at a price of $99 per month.
Do I Need Sales Compensation Software?
Key factors to consider include:
- Who will be using the software?
- Incentive compensation
- The timeline of the rollout
- Customer support
The correct sales compensation solution should provide additional benefits such as data integrity, user-friendliness, clear communications, flexible automated workflows, third party data integration and automation of complex compensation calculations.
