Can Your Commission Payment Plan Get Past the Final Four? Find Out.
Handling variable compensation payments is a critical function for most businesses, but even all-star accounting teams need a great commission payment plan playbook to stay on top of their game every month.
Watch EthoTech’s latest webinar, “March Madness: The Final Four Variable Compensation Feature Countdown,” and see how your team can knock out the Final Four obstacles on the way to success. It’s time to make a slam dunk for your variable compensation payments process: Watch the webinar now.
Video Summary – Skip Forward to the Parts You’re Most Curious About
Variable comp payments each month can feel as hectic as the early rounds of March Madness. In this video, commissions expert Stephanie Rasmussen explains 4 critical tips that will help you get through the Final Four and make every month your shining moment for commissions success.
Feel free to skip forward to the parts you’re most curious about.
Tip #1 – Have the Right Players in the Game (skip to section)
When you have multiple salespeople, manager overrides, inventor royalties, and customer rebates to track as part of your commissions process, it can feel like you have too many players in the game at once.
Using Commission Plan for Microsoft Dynamics GP for your commissions process helps ensure you always have the right players in the game and — more importantly — on your sales documents.
- Understand the process: Assigning multiple salesperson IDs to items, territories, and customers, so they default on the invoice (watch)
- Tip: Learn why to add GP’s “territory” field to your commission payment plan (watch)
- Tip: Discover how to restrict commissions for certain items (watch)
- See the entire play in action (watch)
- Making one-off exceptions (watch)
Tip #2 – Succeed with Complex Plays (skip to section)
It’s important to know which scenarios generate commission for each of your team players. This can get difficult when you have complex plays where inside sales and outsider reps for manufacturers work on a deal that features different rates for different items (such as royalties on different products), along with rebates for customers. (Whew!)
Fortunately, Commission Plan software helps you track every move in those complex plays with ease, so you can issue accurate variable comp payments on time every time.
- See this full complex play from start to finish (watch)
- Tip: See how to set up rate schedules for each salesperson plan (watch)
- Tip: Learn why manual calculations can crumple your commission payment plan playbook (watch)
Tip #3 – Keep Track of Your Player Stats (skip to section)
Do you feel like your current tools are blocking you from easily distributing reports for pre-approval, encouraging sales follow-ups, or sending reports at each period close? Distributing those important player stats is critical to your success because they empower your team to make crucial mid-season adjustments and better focus on the company’s goals.
Commission calculation software like Commission Plan for Dynamics GP helps you make sure you can keep an eye on your player stats throughout the season.
- Understand how the Commission Plan report window makes the distribution process easier (watch)
- See the full play in action (watch)
- Tip: Learn tricks to sort data from multiple inquiry and reporting options (watch)
Tip #4 – Avoid Buzzer Beaters with Time to Spare (skip to section)
Lack of insight is a huge timewaster in the variable compensation payments process, making it difficult to understand which commissions are ready to be paid or to determine how much commission each earner has accrued.
If your accounting team is sick and tired of betting the success of each period close on a last-minute buzzer-beater shot, the best thing you can do for them is give them the time and insight they need to win each game with time to spare.
It’s easy to get accurate insight well before commissions are due. It only takes seconds (literally) to collect data with Commission Plan:
- See how to easily track the status of commissions (watch)
- Time this play to understand how quickly you can gather info from multiple reports and process commissions (watch)
- Tip: Want to hone in on line-item details with commissions? See how to do that. (watch)
- Discover why better insight saves time in your close process (watch)
Build Your Best Commission Payment Plan with an Assist from EthoTech
The teams that make it through the Final Four are the ones that pair skilled players with expert support and coaching staff. You can do create this combination too.
As soon as you are ready to take advantage of your winning combination of talented staff plus expert support, reach out to EthoTech and learn how you can get an assist from Commission Plan software for Microsoft Dynamics GP.
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. It’s all we do, and we do it better than anyone. Contact EthoTech to learn more.