Commission Tracking

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How to Successfully Prevent and Handle Employee Payroll Disputes

Employers have a responsibility to make sure that their employees are paid fairly and within a timely manner. Naturally, you may take great strides to make sure that everyone is paid according to their agreement, but payroll disputes are a common issue for employers. Knowing how to reduce pay disputes helps your business avoid potential fines and retain more employees.

Build Trust With Accurate and Timely Payments

Payroll disputes sometimes snowball. Once one employee has an issue, others may quickly begin to look for problems that may or may not exist. One important way to be sure that you know how to reduce pay disputes is to put all of your information into one place. Using an online platform that stores and analyzes all of your sales commission data in one place makes it less likely that your company will make a single mistake.

Provide Clear and Transparent Sales and Commission Reports

People who work on commission sometimes track their sales, which can lead to discrepancy questions when their calculations don’t add up to what your company pays out. Providing your employees with a clear report at each major payroll marker helps them to see exactly why they are being paid a certain amount.

Aim to Provide Swift and Fair Resolutions

Swift resolutions tend to be beneficial for everyone involved. Your employees will work harder when they feel secure about their compensation. Your company benefits from avoiding lengthy and costly payroll disputes. Having organized records of each sale and the commission calculations helps your team resolve disputes before they escalate to higher levels.

Making sure that your employees are paid fairly and in a timely manner is one of your biggest priorities. Using technology helps you to avoid common payroll discrepancies that arise when people attempt to use paper and pencil recording and calculation methods. By heading off payroll problems before they start, you can keep your employees happy and avoid potential legal issues within your company.

Read a similar blog about sales software here at this page.

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Why Sales Quotas Work

When we define sticking points within the realm of sales, what’s the first thing that comes to our collective minds? For most, our answer revolves around unruly clients, individuals who disregard your pitch or the inability to communicate effectively about your product or service.

And while we feel the collective pain that these issues cause both young and seasoned sales professionals, there’s an underlying component in our industry that people often skip over in conversation: setting tangible goals. If you’re scratching your head in confusion, let’s clear some things up.

Quotas Provide a Roadmap to Success

The biggest killer of motivation in new salespeople is their lack of direction. You know how it goes: It’s your first day on the job, and you want to make a good impression with your colleagues and managers, but you don’t know where to get started. While the initial leap into the sales force is half the battle, having sustainable quotas is the “secret sauce” for massive success.

To put it simply, each sales organization needs definable metrics that their employees should meet at the end of each day, week, month and quarter. More importantly, quotas naturally give staff members the critical information they need to know about how to spend their time in the office more efficiently.

Let’s all be honest with ourselves for a moment: How often do we get stuck in an endless cycle of procrastination rather than making a sales call or sending follow-up emails? When we’re setting sales quotas that are time sensitive, attainable and concise, we’re more likely to rise to the challenge and harness our untapped potential.

How to Get More Out of Your Sales Career

If you’re struggling with advancing your sales skills and want to know how to get started, here’s how to get the ball rolling in your favor:

Set unwavering personal standards for yourself

Define a specific timeline and stick to your guns

Monitor and modify activity quotas to use your time more effectively

Generate a goal of a certain number of sales calls, emails and texts each day

Help other sales professionals achieve their goals

When you become someone who demands the best out of yourself, you strengthen your natural leadership skills, and more importantly, you motivate your coworkers to strive for more. If you want to establish your organization as a force to be reckoned with, setting sales quotas is a no-brainer.

Read a similar article about ASC 606 here at this page.

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5 Social Media Mistakes You're Probably Making

Job seekers are savvier about social media than you might think. In a 2019 survey conducted by employment screening services firm JDP, 84% of respondents said that they believed social media had an impact on hiring decisions. Perhaps as a result, 50% reported that they had removed old social media profiles or posts to safeguard their professional reputation read more

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Creating an Ideal Sales Commission Structure for Your Team

Devising a Sales Commission Structure

As a business owner or sales manager, one of the things that you will need to organize is a sales commission structure. When running a business, you will need to find a satisfactory way of compensating your employees as well as earning higher profits. Business owners and sales managers who are looking to devise a sales commission structure will need to focus on providing their sales representatives with regular motivation and incentives. They need to reward their sales reps for making sales and helping the company reach its goals. With a good commission structure, businesses will be able to retain a team of quality salespeople.

Giving Sales Reps a Percentage

One of the best ways to develop a commission structure is to provide sales reps with a percentage of their sales. It is a good idea to give sales reps between 10% and 30% of all sales revenues that they generate. This will provide them with a decent income as well as give them more motivation to perform at their best every day. By offering a good percentage of sales commissions to sales representatives, you will have the opportunity to boost the morale of your sales reps as well as earn sufficient profits at the same time.

Providing Bonuses

Another good way to structure sales commissions is to provide bonuses on a regular basis. A bonus is an extra amount of money you give a sales representative. These bonuses are often given to reps who reach high levels of performance and make more sales than expected. Offering bonuses will give sales reps plenty of incentive to make more sales and help your company generate more revenue.

Adding Commissions for Performance

Along with offering bonuses to sales reps, you can also give them added commissions. You can increase the amount of commissions they get if they meet certain quotas. For instance, you can offer a 10% commission, and then if a rep makes 10 or more sales per week, their commission is raised to 20% of all sales generated. Providing added commissions will help motivate your sales reps and entice them to stay at your company.

Read a similar article about sales commission software here at this page.

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How To Improve Your Social Skills for Career Success

It’s increasingly common for jobs to require social skills—and that’s expected to grow, according to the Pew Research Center. In 2018, 42% of all workers held jobs in which social skills were most important. Meanwhile, the growth of employment with jobs in which social skills were most important grew 111% between 1980 and 2018 read more

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Why Manual Commission Tracking is a Thing of the Past

Your sales team is the profit drivers of a given industry. Their hard work makes your business possible on a day-to-day basis. Paying them fair and accurate commissions is part of doing business. However, manual commission tracking doesn't always serve your team well. Learn why manual commission tracking is a thing of the past as the 21st century carries on.

1. Time-Consuming Labor

Manual tracking takes time. Administrative employees must create spreadsheets, input formulas and keep up with the data input each day, week or quarter. With the hardware and software available to perform this work, manual inputting should be a thing of the past. It's the responsibility of the employer to update the company with the proper software that ultimately takes this task out of daily rotation among admin professionals.

2. Fraught With Errors

Regardless of how accurate your employees are, manual tracking is full of errors. There can be a mixture of both human and spreadsheet-formula errors, for instance. These errors add up to inaccurate commissions that either shortchange the salesperson or company.

These errors have culminated into real lawsuits against companies. Turning to a commission tracker is the smartest way to improve accuracy and avoid possible lawsuits.

3. Commission-Based Software on the Rise

There are plenty of software bundles geared toward the corporate world that have commissions built into them. Be wary of these all-in-one packages, however. Look for commission-based software that's a standalone product. This software is often specialized as commission trackers, which means that the effort was put into the coding for commissions alone. The product doesn't have to perform other functions that might minimize the accuracy of the commission tracker itself. With so much software available today, you can narrow down the perfect tracker for your company's unique needs.

4. More Affordable Than Before

Companies often procrastinate when it comes to purchasing new software. It's an investment that can cost thousands of dollars. Today's products, however, have varying price tags. Simply compare products before buying one. You can find an affordable product that greatly improves your calculations. The money invested into the tracker will ultimately pay for itself and improve profits over time as your sales team remains paid with precise numbers.

Make use of a software demonstration to see what a commission tracker can do for your business. You'll ultimately have happier workers and accurate sales numbers. Higher profits can be in your future as a result.

If you are looking for a commission reporting system, visit this website.