Stop Wasting Time with Commissions Calculations – Learn How
Companies that process commissions, royalties, bonuses, rebates, and spiffs typically rely on in-house Excel systems to handle their commissions calculations, but that’s a mistake.
You already know that using Excel-based systems to calculate commissions can result in frustrating headaches and errors, but you may not know what to do to fix the problems. This is why the experts at EthoTech have released a webinar to help you understand where your time is going when it comes to calculating commissions, and how you can take back that time. Watch the webinar now.
Video Summary – Skip Forward to the Parts You’re Most Curious About
In this video, commissions expert Stephanie Rasmussen explains why you feel there’s never enough time to process commissions and offers suggestions on what you can do to improve the process in Microsoft Dynamics GP. Feel free to skip forward to the parts you’re most curious about.
1. Manipulating Data in Excel (watch)
It is quick and easy to enter data into Excel, which is why Finance departments initially choose to process their commissions with the popular spreadsheet program. However, the commissions calculation process extends far beyond data entry.
Updating and syncing new Excel data with your ERP is typically a huge timewaster in many Finance departments especially because, as soon as you find yourself splitting commissions or voiding documents, your overtime multiplies. Variable compensation management software for your Dynamics ERP can help.
- How Commission Plan solves this issue (watch)
- Different reasons to split a commission on an invoice (watch)
- Split commission assignment options (e.g., customer, territory, item, or user-defined) (watch)
- Tip: See what happens when a sales document is deleted (watch)
2. Making One-Off Adjustments (watch)
One-time agreements, special commissions rates, or a one-off change of salesperson are all exceptions to the rule but, as you know, exceptions happen with regularity.
It can be a time-consuming headache to sort through a range of one-off commissions calculations, but the real pressure comes from the clock. You can’t slow down your commissions payments – you need to process payroll on time.
- How Commission Plan solves this issue (watch)
- How to switch a salesperson (watch)
- How to change a commission calculation (watch)
- Tip: Quick ways to tell if you or your staff made a manual override (watch)
- Make corrections to incorrectly paid commissions (watch)
- Tip: Learn how to make permanent salesperson changes in your system and discover how much time it takes for those changes to show up (watch)
3. Handling Different Programs & Reductions (watch)
Perhaps your company has different programs for royalties for various authors or inventors, or maybe you offer different commission rates for inside versus outside sales reps. Maybe you need to reduce commissions for events like invoice aging.
Handling these changes with Excel requires you to quadruple-check your work, which wastes a lot of time.
- Create different rates schedules by grouping like people or items into Plans, which are like Classes in Dynamics GP (watch)
- Tip: Find out how you can mix and match your varying commission calculations so you can meet goals and motivate your sales team (watch)
- Reduce commissions for terms discounts, write offs, credit card payments, embedded freight, or other reasons (watch)
4. Closing the Period (watch)
Closing the period is one of the biggest areas that can hit snags when paying your commissions, however, this process needs to be fast and transparent.
It is difficult to meet those requirements when every period forces you to access multiple sheets so you can analyze current transactions, decide if a payment is due, and determine bonus amounts or draws. The complexity gets even worse once you start working with varying pay periods!
- View and work with commission statuses, based on rules (watch)
- See how long it takes to flow commission data into Dynamics GP’s General Ledger, Accounts Payable, and Payroll transactions automatically – don’t blink, it’s fast! (watch)
- View reports
- Batch Total report (watch)
- Payroll Service report (watch)
- Detail Per Salesperson ID / Per Document report (watch)
5. Reporting to Stakeholders (watch)
Commissions calculations are not yet finished when the checks are cut and reports are printed – you also have to distribute those reports to stakeholders including supervisors, managers, salespeople, and distributor reps. These stakeholders need this data to do their jobs effectively, yet copying and pasting reports over and over and sending those reports over email can be a timewasting pain in the neck.
- How Commission Plan solves this issue (watch)
- Automate report distribution to reps and stakeholders (watch)
- Tip: See the range of sorting options you have for what data to send where (watch)
Find Your Solution and Stop Wasting Time
As you can see, this webinar from EthoTech includes a lot of great tips.
Whether your biggest timewaster lies in splitting commissions, making one-off adjustments, reducing commission amounts, closing the period, or following through by reporting on critical data, EthoTech has a way to solve your issues quickly and easily.
Watch the webinar: “The 5 Biggest Timewasters with Commissions Calculations & What to Do About Them”
Since 2002, companies across every sector have relied on EthoTech for the right tool for tracking, calculating, and paying variable compensation. We provide solutions, integration, and support that is focused solely on integrated variable compensation software for Microsoft Dynamics GP and Microsoft Dynamics 365 Business Central. It’s all we do, and we do it better than anyone. Contact EthoTech to learn more.
Want to know if your company would benefit from variable compensation software? We developed this simple matrix to help you discover if variable compensation software is right for your company.