Motivating sales representatives through rewards and incentives is a traditional way of boosting their business morale. Most often this is calculated on spreadsheets or domestic software. Foreseeing this risk, NetSuite provides a well crafted and flexible NetSuite Incentive Management module to automate the commission management. This module can be easily added into your NetSuite cloud ERP environment and integrate into the sales operations.
The incentive management system assists business organizations in designing, monitoring, maintaining, and executing the sales commission or incentive plans. It eliminates the complexity of creating and tracking multi-tiered commission plans. With NetSuite incentive management, The salespersons can easily track their incentives through automated commission reporting as the ERP adds employee commission details to prebuilt sales data. This in turn can motivate employees to work in association with business goals.
Top 7 Features of NetSuite Incentive Management
Unlike other incentive management systems, NetSuite provides quite many features for its users.
1. Easy Integration
Once purchased, the NetSuite Incentive Management module can be integrated easily into your sales operations and activate this feature in the NetSuite environment. This module gives the organization the versatility to modify it according to the business process and change whenever it is necessary.
2. Commission Management Under Single Solution
NetSuite can make all the incentive management activities under one umbrella. This makes it easy for every official like the executives, sales managers, and finance managers to monitor and control all the compensation rules and schedules in a familiar interface. The system makes it easy to structure the commission based on different parameters like; the volume of sales, sales of services, profit from sales, or percentage of sales goals.
3. Multiple Scale Options
NetSuite provides refined rule management to make sure that the structuring of commissions and payments is tailored to their specific needs. The incentive is evaluated on different scales like linear scale, marginal scale, target factor scale, or no scale at all.
4. Flexibility In Approval
NetSuite Incentive Management offers multiple methods for processing and approving commission payments. The incentive calculations can be initiated when a customer is invoiced or after the payment. In this cloud ERP, the commission calculation can be triggered by an approved sales order. Commission amounts can go through the sales manager’s approval or both sales manager and accounting approval. NetSuite also provides an option for manual overrides during the commission approval.
5. Effortless Tracking And Monitoring
NetSuite has a complete set of analytics and real-time reporting tools that helps the salespeople to track their earnings accurately. They can also access the sales commission summary completely integrated into their sales dashboards. These tools are effective in analyzing sales trends, quote performance, and much essential information.
6. Manage Partner Commissions
NetSuite Incentive Management helps to calculate and report the partner commission as well as royalties. This is calculated using the same parameters used for the employees as well as using the custom criteria for additional flexibility.
7. Setup Split Commissions
Different parties of the same sales transactions can split their commissions based on their contribution to the sales value.
Benefits of NetSuite Incentive Management
The Netsuite Incentive Management module assists the companies to motivate their salespersons and enhance their performance with sales incentives. They can track their earnings, and these can be set to work aligning with the goals set by the organization. This system is flexible enough that it helps you to design the commission structure tailored to your business needs. The organization can define its commission rules and ensure the smooth working of the process.
NetSuite incentive management system ensures better visibility for both the sales team and finance professionals. This results in effortless reporting as well as elimination of tedious manual paperwork, faster and error-free updates. The financial professionals have easy access to different reports like Overview Reports, Commission, Commissions on A/P Aging Reports, Paid Employee Commissions Reports, and more. These reports can help them to monitor the latest sales trends and make plans for better performance.
If you are spending too much time with manual calculations or struggling with large quantities of commission information, adding NetSuite Incentive management into your existing Netsuite can save your effort. You can enhance your visibility in your sales commission information through NetSuite. Feel free to connect with the experts of Jobin and Jismi IT Services at any time. We can help to keep your headache at bay.