When you export data from Sage Intacct into Excel, the process of costly errors has already begun. Calculating sales commissions in Excel is time-consuming and managing incentive programs is difficult, especially with multiple compensation plans.
Anyone who has used spreadsheets to calculate sales commissions understands how slow and disconnected the process can be, leading to late or inaccurate payments. This creates tension among the sales team who become discouraged as they wait for their commissions payments.
Fortunately, there’s a better way to manage sales commissions using data from Sage Intacct. Limelight, an integrated platform connects to Sage Intacct to automate sales commissions, distribute payments, and manage multiple compensation plans and even provide forecasts.
Learn how you can save time, avoid disgruntled sales people, and quickly see multiple sales commission scenarios. Whether you're in health, tech, SaaS, insurance, pharmaceuticals - sales commissions can be automated.
1. Connect your Sage Intacct data to start planning
The key to having a better sales commissions process is to have all of your data in one place.
Organizations need software that automatically pull in necessary data from all areas of the business. Using software that can integrate with Sage Intacct and Salesforce saves your business time. Everything from consolidation to calculations can be automated, leaving you to spend the majority of your time analyzing what happened over the course of the month, quarter or year.
Once you have everything you need in one place, you can begin spending more time analyzing your sales information such as:
- Which sales members are bringing in the most revenue?
- How much are you paying them in commissions?
- What is the best way to incentivize them and increase productivity?
2. Work with sales numbers you can trust
Another issue when managing a sales commissions plan in Excel is data accuracy.
Think of all the different versions of a single spreadsheet that exist in your organization right now. One spreadsheet is created, then sent out to managers across the sales, HR and finance departments, who download the spreadsheet and make their own changes. With this step alone there are several versions of the same spreadsheet being worked on in isolation, and gathering this data and making sure it is accurate takes time.
With Limelight, departments and managers work with the latest set of data, versions and information reducing inaccuracies by working off outdated info.
With team members working on the same data in the same platform, they get a clearer sense of the entire sales commissions structure. Each team can see changes to data reflected in real-time, so they trust that their information is accurate and up to date.
3. Reduce time spent on calculating sales commissions
Companies spend too much time preparing sales commissions calculations in Excel. Generally spreadsheets are created to track one task, and as it expands more formulas are added that can complicate the process. All new data must be entered manually, taking up time in the busy work day. Add in the complex multi-tier structures found in most companies and Excel becomes a source of major frustration.
However, FP&A tools like Limelight employ automation to reduce the time that would be spent on gathering and consolidating data from various team members. Limelight’s integration with Sage Intacct provides executives, sales, finance and HR departments one workspace to manage and view commissions, compensation plans and forecasts.
Instead of emailing out spreadsheets or commission statements, accounting and sales teams can see their own vital information at any time in the platform. By eliminating tedious manual tasks and streamlining communication between different departments, you can quickly and accurately forecast new sales commissions structures.
4. Quickly model multiple sales commissions scenarios
As a result of the time-consuming nature of tracking and calculating sale commissions, some businesses are not able to create plans that better suit their needs. The difficulty of first developing the plan and then administering is often too great for the company to face, so they rely on outdated and manually focused systems.
Automation allows businesses to design and implement plans much faster than before. They are now awarded the freedom and flexibility to experiment with alternate plans using modern software such as Limelight. For example, if the rate of commissions changes, how will that affect a business’ bottom line. Teams can quickly model this scenario in Limelight to get an answer and make faster decisions.
With all transactions and calculations stored on one platform, businesses can create comprehensive reports based on sales commission information. A platform such as Limelight can provide information at a glance with dashboards, rankings and interactive reports. To see monthly sales by product or top sales reps by revenue, managers need only access their dashboard.
The ability to quickly model sales commissions plans before implementation is an enormous asset. Managers will be able to see which plans will work and respond accordingly.
5. Pay your sales team on time
Organizations that consistently pay their sales reps accurately and on time instill great trust in their sales team, encouraging them to close bigger deals faster. Sales reps want a clear picture of where they stand at any time. By automating the calculation process, the sales team can develop trust in a transparent and timely process.
Limelight, for example, can give sales reps information on their overall performance, how much money they are making, where their revenue is coming from, and expected commission outcome.
Today’s sales reps spend only 34% of their time selling. The rest of their time is taken up by data entry, quote generation and other manual tasks. Limelight can automate these tasks and enable sales teams to focus more on customers.
As an added bonus, with software automating sales commissions calculations, accounting can focus more on scenario modeling for the future. Automation eliminates calculation errors and ensures businesses are not overpaying.
Get software that does it all
Sage Intacct users looking to leave the manual process of Excel behind can look to Limelight.
Time that would be spent on gathering and consolidating data can now be allocated to analyzing commission structures and developing new plans. Centralizing data from Sage Intacct and other sources enables scenarios to be created quickly. Integrating Sage Intacct data eliminates errors and saves valuable time. Sales reps gain real-time access to their performance to facilitate greater productivity and boost morale.
Using Limelight, Sage Intacct users can react faster to trends and create sales commissions plans with confidence.
Watch this video to see how Limelight enhances sales commissions.