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SAP Commissions is a cloud-based incentive and compensation management software for businesses of all sizes. It allows organizations to design, modify and manage custom compensation plans to improve employee engagement, loyalty, r...Read more
QCommission is a cloud-based and on-premise sales commission solution for small to midsize businesses and larger enterprises. It helps users calculate salespeople’s compensation. QCommission allows users to calculate commissi...Read more
Xactly is a cloud-based solution, which allows businesses to manage processes related to commission expense accounting. Key features include status tracking, workflow configuration, process automation, compliance management and cu...Read more
NextAgency is the Nation's leading Insurance Agency Management Platform featuring CRM, marketing, and commission tracking tools. The software is designed for life and health agencies, but is easy to customize for your agency. Nex...Read more
Commission Tracker is an on-premise and cloud-based solution that enables insurance agencies to manage policies and calculate agents' commissions. Administrators can sort existing policies based on agents, carriers or clients and ...Read more
CommissionCalc is an on-premise solution designed to help small to medium businesses automate processes related to calculation of sales commissions. Key features include flat commissions, affiliate management, commission tracking,...Read more
Core Commission is an on-premise and cloud-based solution that enables businesses to automate commission calculating processes using various tools. It comes with an extract, transform, load (ETL) module, which allows users to tran...Read more
AgencyBloc is an agency management software for life and health insurance agencies looking for a more effective way to increase company's profitability, enhancing customer satisfaction and controlling costs in today's competitive ...Read more
CaptivateIQ is a sales commission and planning management software designed to help businesses of all sizes create, preview and launch custom commission plans and calculate payouts for sales teams. The platform enables administrat...Read more
CompensationXL is a cloud-based human resources (HR) solution. It allows users to create workbooks, which they can access online. The solution stores business rules and the data is fed automatically to human resources information ...Read more
TalentComp is a standalone compensation management solution suitable for businesses of all sizes. It can be deployed as a cloud-based or on-premise solution. TalentComp tracks employee compensation and performance history. In...Read more
Cloud-based residential real estate brokerage solution including robust real estate accounting, commission automation, transaction management, and more. Simplify and automate your office to move at the speed of the market. No mo...Read more
Commissions motivate sales representatives to perform better and achieve sales goals. They are usually included as a part of a sales rep's total compensation and, in some cases, their entire compensation is in the form of commission.
Since a number of criteria determine the commission to be paid out, such as the commission plan (tiered, split, or flat rate), commission quota, and applicable taxes, this process can be fairly complex and possibly inaccurate, if handled manually.
To ensure accurate and timely commission payments, businesses can use commission software. The tool automates commission calculation and helps make timely payments to reps.
Here's what we'll cover:
Commission software helps automate the calculation and tracking of commissions based on a business' commission model and other defined metrics, such as frequency and taxes.
The software ensures the accuracy of the commissions and helps make the process transparent.
Commission statement in QCommission (Source)
In this section, we will look at some of the most common features of commission software. These features will help you understand the basic capabilities a solution must offer for effective commission management.
Commission calculation | Set rules and calculate the commission for each sales rep. Define parameters and metrics for the calculation, such as goal fulfillment, applicable taxes, and maximum limits. Calculate commissions as per the preferred commission model—flat rate, split, or tiered. |
Commission tracking | Track commissions, bonuses, and overrides through detailed reports. Set the commission expectations for a certain period and track if the actual commission payouts align with these. |
Commission scheduling | Create commission schedules for sales reps. Schedule commissions as per the organization's payment frequency such as weekly, monthly, or quarterly. |
Incentives management | Define rules for incentive approval and payouts. Set the frequency for incentive calculation such as monthly or quarterly. |
There are three types of buyers of commission software. They differ based on the size of their operation and sales force.
The following are the key benefits of commission software. These benefits enlist the business functions that are positively impacted by commission software and how they may improve.
As the last step to selecting a commission software, keep a few additional factors in mind. These will help you select a tool that is best suited to your business goals.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.