How We Chose the Best Commission Software
Incentives or commissions encourage teams to perform better and reach those lofty financial goals. In some cases, a portion of an employee’s wages includes a percentage of the sales, while other companies establish it as the only form of income. There are tiered payment plans, each directed towards specific target levels.
Fortunately, there are systems available that can help you calculate and manage these incentives while scheduling payments at the right times. Here’s the methodology we used for selecting the best commission software of 2021.
Not all providers offer the same functionality as each is designed with a unique flavor. However, there are specific aspects that incentive systems must have to reach our list. We’ll assess each product later on whether these elements are present.
For now, here are the primary features we evaluated for the best commission software:
- Commission calculations
- Rules and conditions
The information you draw from commission software can be vital to the success of your business. You can generally integrate other business applications, or your incentive programs can link to other platforms.
You may find a few of these integrations helpful:
- Accounting tools, like ledgers, journals, and income statements
- Performance management
- Benchmarking and KPIs
Managing commissions is easier when you have something to measure. It helps to draw reports so you can see how well your business is doing and if you need to make any changes, specifically regarding KPIs, incentive rates, and sustainable goals.
Here’s a list of reporting tools the system may include:
- Monthly and quarterly assessments
- Commission overview