Sales compensation software automates the accounting and administration of commissions and incentive plans based on several customizable rules such as employee role, tenure, or sale type. The software also provides salespeople a detailed look into past earnings and forecasted revenue. This provides salespeople with compensation calculations based on potential closed deals, which allows salespeople to plan for different compensation scenarios. This can help motivate and incentivize salespeople to understand true earning potential.
Sales compensation software is utilized by sales, accounting, and administration teams. Since sales compensation structures often differ from those of the rest of a business, these tools promote less time-consuming and error-prone accounting practices. This software is usually implemented as part of a broader compensation software infrastructure. This might include payroll, accounting, or billing software.
Many sales compensation tools also integrate with other sales tools such as sales performance management software, sales analytics software, or sales gamification software.
To qualify for inclusion in the Sales Compensation category, a product must:
- Enable the customization and administration of sales-based compensation plans
- Produce reports for sales performance analysis
- Integrate with sales, administration, and accounting tools
