If your company already has a payroll software in place, then this step of setting up your sales commission plan should be easy. The right software for you will depend on company size if your HR team manages pay and benefits, and how much you’re willing to spend.
Websites like G2 and Capterra are credible peer-to-peer review sites that collect and share user reviews for business software, so you can hear about the benefits (and costs) of different software you’re considering by real users.
To find a software that will help across the board and make your life easier, look for the following features:
● Automates tax calculations. Most payroll software should do this — options like Gusto and Intuit QuickBooks Payroll automatically file your payroll taxes with corresponding government agencies when you run payroll with a click of a button. By filling the tax forms out for you and sending them straight to agencies, tax month will be a little less chaotic.
● Ensures paycheck accuracy. Pick a solution that checks for forgotten forms and signatures like employee I-9s, and W-2s are stored online. That way, you can access these forms anywhere, any time, and share them with anyone.
● Mitigates your manual calculations. Your software should auto-calculate in real-time with changing tax laws so that you aren’t doing any calculations by hand. More manual work means the more considerable margin of error — something that could cost thousands to millions of dollars, your employee satisfaction, and even client retention rates.
● Checks for errors. If you have hourly workers or tricky PTO plans, the software you choose will help (or make worse) how you track lunch, breaks, and vacation days.
● Integrates with 3rd parties. Look for a solution that integrates your benefits like health insurance, 401(k) and worker’s comp, PTO, and time tracking in one place — so you’re not doing data entry from one software to another and communication between the two is just a few clicks away. Make sure it is compatible with incentive compensation management software, and both systems can sync data — like maternity leave, changes in territories or jobs — seamlessly.
● Comprehensive. The point of this isn’t to give you more work. Good payroll software should have onboarding procedures for employees, so you’re not going through extensive training, automates and guides reps for pay stubs and W-2s, and gives automatic payday emails for every employee. Also remember that in the case of employee turnover, former employees should still be able to access their forms. Make sure that in the situation a former employee needs to access their paystubs, they can.
If you select a payroll software that’s not known for reliability, accuracy, or speed, be aware and communicate with your reps. Nobody wants to find out they’re not receiving this month’s compensation until next month because of calculation errors — and this will hurt their productivity and incentive to keep working hard for your company.
Already using a payroll software?
If you’ve already picked a payroll software and you’re looking for an incentive compensation management system instead, Performio integrates with any payroll software and helps you better manage compensation plans.
Perofrmio is built to adapt to your needs, not make you “fit” your systems into our infrastructure. You get automation and software for sales performance, incentive compensation, and analytic tools to accurately calculate and report sales commissions, no matter how complicated the compensation plan.
Plus, your reps will receive timely, easy-to-read reports and leader-board rankings. Your management team quickly learns what incentives are working and which are not, as well as how salespeople are performing. Miscalculations are mitigated, performance is elevated.
A SaaS-based system, Performio has saved more than 500,000 administrative hours and calculated more than a billion dollars in commissions.